Housing Affordability Surges to Highest Level in 18 Years

I really do enjoy my Realtor affiliation with RIS Media!   Their information is so pertinent and informative that I thought I'd pass the good news along to you! 

Housing Affordability Surges to Highest Level in 18 Years

RISMEDIA, May 20, 2009-Nationwide housing affordability jumped 10 percentage points during the

first quarter of 2009 to its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 72.5% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income of $64,000, up from 62.4% during the previous quarter and up from 53.8% during the first quarter of 2008.

"Underlying the increase in affordability are lower home prices and record low interest rates. Combined with the $8,000 federal tax credit for first-time home buyers, consumers are beginning to return to the marketplace," said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.'

Sincerely,

Team Bizzy Bodies... Linda Coiro, Jean Floyd and Penny Ericksen, Keller Williams Realty Emerald Coast, Destin, Niceville, Ft. Walton Beach