An article from CNNMoney.com, reports that according to the latest Housing Opportunity Index released by Wells Fargo and the National Association of Home Builders (NAHB), 53.8% of all new and existing homes sold nationwide during the first three months of 2008 were affordable to families earning the median household income of $61,500.  NAHB president, Sandy Dunn, said in a press release, "Three factors combined to substantially increase housing affordability.  Mortgage rates returning to near the record low levels of a few years ago, a $2,500 rise in family income nationwide (from 2007 to 2008) and lower house prices."
http://money.cnn.com/2008/05/20/real_estate/big_improvement_in_home_affordability/index.htm?postversion=2008052013

http://www.judesandvall.com