Housing Affordability Reaches Records

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Daily Real Estate News | Tuesday, May 15, 2012

Housing affordability conditions for all buyers reached a milestone in the first quarter, according to the National Association of REALTORS®.

NAR’s composite quarterly Housing Affordability Index rose to a record high of 205.9 in first quarter, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power. This is the first time the quarterly index broke the 200 mark; recordkeeping began in 1970.

NAR President Moe Veissi said market conditions are optimal for home buyers. “For those with good credit, we’ve never seen better housing affordability conditions or market opportunities than we see at present,” he said. “Although home prices are stabilizing and sales are rising, some buyers still have to jump through a lot of hoops to convince a lender that they are creditworthy, even for a mortgage that would be well within their means. This is especially true for self-employed buyers.”

Veissi noted home sales would be much higher if lending standards would return to normal.

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Is Housing as Cheap as it’ll Ever Get?

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Home buyers who want a bargain may want to act now because the housing market is in the midst of a turnaround, economists say. Home prices have fallen and mortgage rates are hovering near record lows, pushing home affordability for the average family to record highs. Meanwhile, rents have been on the rise, making owning a home cheaper than renting in most areas of the country, according to recent surveys. But the housing deals aren’t expected to stick around much longer. An improving job market, a decrease in the number of home owners falling behind on their mortgage, and an anticipated improvement in access to mortgages is expected to help home prices start bouncing back by next year, economists say.

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Newsletter Campaign

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We have decided that in order to keep our clients and friends updated on what is happening in the Real Estate market we will periodically include articles of interest in our blog as well as include them in a newsletter.  We hope you find these articles helpful.


Rents Continue to Climb, Make Buying Even Better

As demand increases, rents continue to rise, increasing 5 percent over the past 12 months. Meanwhile, the asking prices for homes fell 0.7 percent in that time, according to a new report released Thursday by Trulia Inc.

Buying a home is more affordable than renting now in almost every part of the United States,” says Jed Kolko, Trulia’s chief economist.

The national vacancy rate for apartments during the first quarter fell to its lowest point since late 2001, according to a report by Reis Inc. Cities that have the lowest number of available rental units are seeing some of the largest increases in rents.

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Joie de Vivre!

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You can travel all around the world and many things and customs are different. Faucets can turn in opposite directions, people can drive on different sides of the road, and speak with different accents/languages……a thought just struck me though…that no matter where you are in the world, sport plays a big role in day to day living…No matter what season or time of day….

Where I come from it was Rugby, Soccer, Cricket, Golf…here it is Baseball, Football , Basketball and ice hockey….and of course golf. With all the different media at our disposal watching sport, or going to a game is probably a National pastime in most countries…

I love the way that sport unites people regardless of race, creed or color – AND even when they are supporting different teams….

I enjoy how easier people communicate with each other when they talk about their favorite player or when their team scores a goal , or loses to another team…How their eyes light up and their speech becomes animated… What’s more women are just as vocal –even if it is with the extra edge of being able to admire the physique or looks  of a particular player….and I love how young children dream of emulating  the star players…
Few things in life arouse more collective passion than a group of people coming together to watch a match…

How something so simple can create such exuberance and joie de vivre!

“Love is playing every game as if it’s your last.” … Michael Jordan 

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Spring is in the Air

  The winter has held on resolutely-stubbornly refusing to let go.. However, almost overnight…Spring has gently pushed in with a profusion of vivid Forsythia, fragile weeping cherry blossoms, majestic magnolia and sunny daffodils….Verdant hues are slowly unfolding…trees with tiny green buds and willow trees with lanky pale green fronds…the yellow coltsfoot spreading across fields at … Read moreSpring is in the Air