The news is good from NAR. They are telling everyone that home prices are more affordable today than in recent years. We also having been telling anyone who will listen the same information.
NAR's housing affordability index is 30.8 points higher in March 2009 than March 2008. The index helps determine housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and household income. The Pending Home Sales Index in the South rose 8.5 percent to 93.2 in March and is 7.7 percent above a year ago.
We are seeing positive signs everywhere and even though we still have a long way to go. These type of reports help in finding trends.
NAR President Charles McMillan, said the increase in buying power is quite remarkable. "Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment," he said. "For buyers who've been on the sidelines and have good jobs, the market has never looked more favorable. Homeownership has always offered immediate benefits and long-term value, but the advantages in today's market are unique."
Give us a call today, We have home buyer workshops in your area. Let us help you find your new home
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