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housing affordability index: Housing Affordability Sets A New Record In February - 04/01/09 12:11 PM
The National Association of REALTORS published their monthly Housing Affordability Index which showed that housing affordability reached yet another record high in February with a composite index of 173.5. This is up from the previous record high of 172.6 set last month, which was up from the record high of 153.2 set in December. Never before since 1973 when the NAR began tracking this data has housing been more affordable.
The index is a measure of the median priced single family home, the median family income, and the average 30-year fixed rate mortgage.
Yet despite this record high for housing affordability, home sales, both … (2 comments)
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housing affordability index: No, REALLY, it's not about housing affordability anymore - 02/03/09 03:37 PM
A couple of weeks ago I wrote a post titled, It's NOT about housing affordability. The basis of the post was that according to the NAR's housing affordability index, affordability in November of 2008 was the highest on record since 1973 when they began tracking the indicator. The NAR measures the relationship between the median existing single family home value, the median family income, and mortgage rates.
Housing affordability is one of those catch phrases that has been said for a long enough period of time that the assumption is that it must still be true, otherwise, why would everybody still … (0 comments)
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housing affordability index: It's NOT about housing affordability - 01/16/09 12:19 PM
For the past three years economists and the media have been proclaiming that homes were simply too expensive, that nobody could afford to buy a home, and that once housing became more affordable and home values declined, more Americans would be able to achieve the dream of homeownership.
Well, that "philosophy" isn't exactly working that well, if you've been watching the events of the past year unfold, there have been some very serious ancillary side effects to this somewhat lethal prescription for housing affordability.
According to the National Association of REALTORS and their housing affordability index, in November of 2008, before … (5 comments)
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Mark MacKenzie
Phoenix,
AZ
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Mark MacKenzie Real Estate Planning
Office Phone: (480) 600-0330
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