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Amber McCulloch's Blog

By Amber McCulloch 757.528.2278 | Managing Broker in Norfolk, VA

Home Affordability Offering Up 40-Year Deals (just spreading the word)

When I saw this, I just had to spread the word.  Let me know what you think...
Daily Real Estate News | Wednesday, January 11, 2012

Home affordability is at 1971 levels, due to falling home prices and record low mortgage rates, pushing home ownership in reach to more families, according to the U.S. Department of Housing and Urban Development (HUD).

Home owners are bringing in nearly double the median income they need to cover the cost of an average home, Housing Predictor reports. 

"With interest rates at historically low levels and markets across the country beginning to improve, home ownership is within reach of more households,” Bob Nielsen, chairman of the National Association of Home Builders, said in a statement.

Home sales have been ticking up, according to recent reports by the National Association of REALTORS®, the National Association of Home Builders, as well as the Obama administration’s December Housing Scorecard. 

However, some consumers are finding more stringent lending standards for getting a mortgage a roadblock to home ownership, and some housing experts have blamed tighter underwriting standards in recent years for continuing to hold back the housing market. 

Source: “Home Affordability Reaches 1971 Level,” HousingPredictor (Jan. 11, 2012)


Bob Glass Team, Amber McCulloch & Bob Glass
www.BobGlassHomes.com  See our Inventory: www.BobGlassTeam.com
Coldwell Banker Professional, REALTORS®
3300 Virginia Beach Blvd. #100, Virginia Beach, VA 23452
Licensed in VA

 

Comments

By Wes Black,  Thu Jan 12 2012, 15:34
It is indeed a great time to buy because of the affordability.

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