Nationwide Home Affordability Summary- February 2010 - Cottonwood CA Homes For Sale

Nationwide Home Affordability Summary - February 2010 - Cottonwood CA Homes For Sale

NATIONAL HOUSING AFFORDABILTY LEVELS REACH ALMOST 71%

According to the 18 year survey results Housing Affordability has reached near historic levels. The positive move in Affordability can be attributed to 1st Time Home Buyer Federal Tax Credits, low home prices and interest rates.

First here's the round up on the affordability levels for California Statewide and the North State:

CALIFORNIA:(California Association of REALTORS, Q4, 2009)

• 64% of homes sold were affordable for median income families
• Median home price $257,000 (CAR assumes 85% median price and 10% down)
  
• Median income $44,100

 NORTH STATE:

CHICO:

• Almost 66% of all homes sold were affordable for families earning the median income.
• Average home price $172,000
• Median income $55,700

REDDING:

• Almost 69% of  homes sold were affordable for families earning the median income
• Average home price $175,000
• Median income $55,700

Here are the affordability levels Nationwide with least and most affordable highlights:

NATIONWIDE:

• Almost 71% of all new and existing homes sold in the final quarter of 2009 were affordable for families earning median income of $64,000, slightly higher than the previous quarter and
  
• Near the record-high 72.5% set Q1, 2009.
  
• Affordability during the final quarter of the year was up from 62.4% Q4, 2008.
  

INDIANAPOLIS:

•  Most affordable major housing market Q4, 2009 ( 4.5 year market  position)
  
• Over 95% of all homes sold were affordable using a median family income of $68,100.
  
• Other most affordable major metro housing markets: Detroit-Livonia-Dearborn, MI.; Dayton, OH; Youngstown-Warren-Boardman,Akron OH.
  

KOKOMO:

•  98% of homes sold during the fourth quarter of 2009 were affordable for median-income earners.
  
• Other small housing markets with top index scores included Monroe, Flint,  Bay City,MI & Lima, OH
  

LEAST AFFORDABLE MAJOR HOUSING MARKETS:

• New York-White Plains-Wayne, N.Y.-N.J., Q4, 2009. (7 year market position)
  
• Less than 20% of all homes sold during the final quarter of 2009 were affordable using a median family income of $64,800.
  
• Other least affordable markets: San Francisco; Honolulu; Santa Ana-Anaheim-Irvine, CA. Los Angeles-Long Beach-Redwood City, CA. 

LEAST AFFORDABLE SMALL METRO MARKETS:

• San Luis Obispo-Paso Robles, Calif. was the least affordable of the small metro markets in the country.
  
• Other Least affordable: Santa Cruz-Watsonville,Napa, Santa Barbara, Santa Maria, Goleta, CA & Ocean City, N.J.;

source:National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) Q4, 2009

Buyers and Sellers Seeking Rope An Affordable COTTONWOOD HOMES FOR SALE Please Contact:

Phone: 530-347-6122                                                                                            Email: steve@chainrealestate.net

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