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Housing Most Affordable in 25 years!!!! Yes, Right Now.

Right now, yes in the year 2008, is the most affordable time to purchase a house in the last 35 years...

Based info from the NAR (National Association of Realtors), every year, the combination of median single family home price, family income, qualifying income, interest rates = the Housing affordibility index.

Here is how it works, a score of 100 means a family has the exact amount of income to qualify for a home, a score of 120 means a family has 120% of the income needed, therefore making it actually more affordable & the home mortgage payment a smaller portion of their bills.. http://www.realtor.org/research/research/hameth

Right now the index is at 135!!!

So, we need to spread the word!!, there is no technical, financial, or analytical reason not to buy a home..

Not only is it the classic rallying cray of a "Great time to Buy" but its actually the "BEST time to Buy in out of the past 35 years"!!!!

Wow!! That is something to write home about... or at least to write to customers about homes about...

US HOUSING AFFORDABILITY INDEX

	Med-Price	Monthly	Princp.&	Median
	Single-Fam	Mortgage	Interest	as %	Family	Qualifying	Affordability Index
Year	Home	Rate	Payment	Income	Income	Income **	Composite	Fixed	ARM

1970	23,000	8.35	140	17	9,867	6,697		147.3	147.3	147.3
1971	24,800	7.67	141	16.5	10,285	6,770		151.9	151.9	151.9
1972	26,700	7.52	150	16.2	11,116	7,183		154.8	154.8	154.8	Best Affordability in 38 yrs
1973	28,900	8.01	170	16.9	12,051	8,151		147.9	147.9	147.9
1974	32,000	9.02	206	19.2	12,902	9,905		130.3	130.3	130.3
1975	35,300	9.21	232	20.2	13,719	11,112		123.5	123.5	123.5
1976	38,100	9.11	248	19.9	14,958	11,888		125.8	125.8	125.8
1977	42,900	9.02	277	20.7	16,010	13,279		120.6	120.6	120.6
1978	48,700	9.58	230	22.4	17,640	15,834		111.4	111.4	111.4
1979	55,700	10.92	422	25.7	19,680	20,240		97.2	97.2	97.2
1980	62,200	12.95	549	31.3	21,023	26,328		79.9	79.9	79.9
1981	66,400	15.12	677	36.3	22,388	32,485		68.9	68.9	68.9	Worst Affordability
1982	67,800	15.38	702	35.9	23,433	33,713		69.5	69.4	69.7	in 38 yrs
1983	70,300	12.85	616	30.1	24,580	29,546		83.2	82	85.6
1984	72,400	12.49	618	28.2	26,433	29,650		89.1	84.6	92.1
1985	75,500	11.74	609	26.2	27,735	29,243		94.8	89.6	100.6
1986	80,300	10.25	563	23	29,458	27,047		108.9	105.7	116.3
1987	85,600	9.28	565	22	30,853	27,113		114.2	107.6	122.4
1988	89,300	9.31	591	22.1	32,100	28,360		113.5	103.6	122
1989	94,600	10.11	670	23.5	34,213	32,160		106.4	102	112.4
1990	97,300	10.04	685	23.3	35,353	32,880		107.5	104.6	116.2
1991	102,700	9.3	679	22.7	35,939	32,592		110.3	107.4	121.3
1992	105,500	8.11	626	20.5	36,573	30,048		121.7	117.2	141.6
1993	109,100	7.16	590	19.2	36,959	28,320		130.5	125.6	151.6
1994	113,500	7.47	633	19.6	38,782	30,384		127.6	118.3	144.8
1995	117,000	7.85	677	20	40,611	32,496		125	119.5	135.4
1996	122,600	7.71	700	19.9	42,300	33,600		125.9	122.4	135
1997	129,000	7.68	734	19.8	44,568	35,232		126.5	123.6	137.1
1998	136,000	7.1	731	18.8	46,737	35,088		133.2	131.9	142.6
1999	141,200	7.33	777	19.1	48,831	37,296		130.9	128.4	141.7
2000	147,300	8.03	867	20.5	50,732	41,616		121.9	120.5	133.3
2001	156,600	7.03	836	19.5	51,407	40,128		128.1	128.1	137.3
2002	167,600	6.55	852	19.8	51,680	40,896		126.4	124.2	138.7
2003	180,200	5.74	840	19.1	52,680	40,320		130.7	128.2	141.8
2004	195,200	5.73	909	20.2	54,061	43,632		123.9	123.9	132.2
2005	219,000	5.91	1,040	22.4	55,823	49,920		111.8	110.1	115.6
2006	221,900	6.58	1,131	23.6	57,612	54,288		106.1	105.7	108.1	Worst Affordability since 1990 due to highest median home price in history
2007	217,800	6.52	1,104	22.4	59,224	52,992		111.8	111.7	113.9
2008	190,600	6.22	936	18.5	60,730	44,928		135.2	134.9	140.7	Best Affordability now in 35 years.