[email protected] has shared: Real estate affordability sets record in Q1 | Inman News

[email protected] has shared: Real estate affordability sets record in Q1 | Inman News

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Real estate affordability sets record in Q1 | Inman News
Source: inman.com 

74.6% of homes affordable to median-income households. Housing affordability hit a new record high in the first quarter, surpassing the previous high set in fourth-quarter 2010, according to an index released by the National Association of Home Builders and Wells Fargo today. The Housing Opportunity Index found that 74.6 percent of new and existing homes sold in the first quarter were affordable to families earning the national median income of $64,400. That’s up from 73.9 percent in the fourth quarter of 2010, and it’s the highest level recorded in the more than 20 years the index has been measured. “With interest rates remaining at historically low levels, today’s report indicates that homeownership is within reach of more households than it has been for more than two decades,” said Bob Nielsen, chairman of the NAHB, in a statement. “While this is good news for consumers, homebuyers and builders continue to confront extremely tight credit conditions, and this remains a significant obstacle to many potential home sales.”

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Barbara Reaume

Barbara Reaume is a real estate expert working for Coldwell Banker Montecito. She started her career as a real estate agent in 1984 and offers over 3 decades of experience in real estate sales. Specialties include Montecito real estate, Santa Barbara real estate, Santa Barbara homes, real estate financing In Santa Barbara, Montecito relocation, Santa Barbara relocation, short sales and foreclosures. Do you have specific questions about buying or selling real estate in the Santa Barbara area? Ask to be setup on Barbara's email-based home search to get instant alerts on price reductions and new Santa Barbara homes for sale in the area. Contact Barbara Reaume by email ([email protected]), phone (805-610-5403) to find out the value of your home, discuss your options. Connect on Google+ https://plus.google.com/103753350598984606081/about

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