Nationwide housing affordability, affordable interest rates and low pricing are all factors. The report concludes that 70.1% of all new and existing homes sold July-September, 2009, were affordable to families earning the national median income of $64,000. This is down slightly from a near record in the second quarter and up from 56.1% in the third quarter of last year.
With the tax credit extended and expanded to appeal to a wider group of eligible home buyers, we hope to continue to see a sales trend continue to grow. Interest rates are now lower than the last quarter and the tax credit encourages more parties to enter into the the market, stimulating home sales, stabilizing prices and helping to cut inventory.
The most affordable major housing market is Indianapolis. Also near the top of the list for metro markets were Youngstown-Warren-Boardman, Ohio-Pa., and three Michigan metropolitan areas, Detroit-Livonia-Dearborn; Warren-Troy-Farmington Hills; and Grand Rapids-Wyoming.
Source: RIS Media Article - Nov. 23, 2009 Posted by Breckenridge Associates Real Estate on
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