Affordability the key

Mortgage and Lending with Prime Time Lending

Affordability is one of the main contributors of the housing market decline.

The National Association of Realtors (NAR) released their Housing affordability Index last May which ( very simply put) compares family income versus mortgage amount. Which shows percentage increase of more than 12% from year ago. In some cases, like California and Arizona , the numbers are even higher.

We need to get back to affordable levels to 1) stimulate buying and 2) banks will feel comfortable lending again.

Then, and only, then will we see the stability and then eventual recovery of our Phoenix area real estate market for which we are eagerly awaiting.

Comments (1)

Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

We invite you back to ActiveRain in the year 2017!

Dec 30, 2016 09:37 PM