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Record High Housing Affordability

posted by Stephen Katz @ 11:51 AM
Friday, March 9, 2012

According to the National Association of Realtors ® (NAR) housing affordability conditions have achieved a record high since recordkeeping began in 1970. January 2012’s Housing Affordability Index indicated the new high at 206.1;due to the higher index, we gain more household purchasing power.

The point where a median-income household has enough income to be eligible for the purchase of a median-priced home is defined as the index of 100; therefore, the typical family has almost double the income required to purchase a median-priced home. NAR projects the 2012 affordability index will be at an annual high, with minimum fluctuation in mortgage interest rates or home prices.

NAR President Moe Veissi reports, “For buyers who can qualify for a mortgage, now is a very good time to become a homeowner.” Housing affordability is soaring, but do not wait too long to purchase your home. NAR measured the home prices at an historic low and are expected to decline even further, but at a much slower rate than previous years. NAR seems to believe you can wait it out for a few more months, but the scenario could change when the unemployment numbers improve. “If access to credit improves, we could see a much more meaningful increase in home sales and broader stabilization in home prices with modest gains in areas with stronger job growth,” Vessi said.

Stephen Katz

(770) 309-0939 (direct) or (866) 742-8400 —

For the past 18 years, Stephen Katz has built a successful business almost entirely on referrals. As your mortgage consultant throughout the home loan process, Stephen will explain the pros and cons of all available mortgage programs and help you choose the financing option that is best suited to your needs.
Throughout the loan process, he will keep you informed and will respond quickly to your requests with answers and solutions.

Consistently a top producer, Stephen is a Mortgage Bankers Association “Diamond” Award winner, a Georgia Mortgage “Top Gun” and has closed almost half a billion dollars in loans. Put his knowledge and experience to work for you!

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