An Orange County home is nearly six times as affordable as a year ago - as measured by an index of the National Association of Home Builders and Wells Fargo Bank. Details:
- Still, just 28.5% of the homes sold in O.C. in the third quarter were affordable to the typical local household. (A year ago, 4.8% of the homes were "affordable.")
- A 32% price drop in O.C. homes clearly drove increased affordability. So did a 7% increase in local incomes, according to NAHB/Wells math.
- O.C.'s "affordability" was 11th wporst among 222 communities tracked by NAHB/Wells. New York City was worst at 10.6% affordability; Springfield, Ohio, was best at 92.9%.
"If there is a silver lining to this crisis, it would be that some housing markets have become more affordable with a larger inventory to choose from," said NAHB Chairman Sandy Dunn, a West Virginia builder. "But this is undeniably a crisis and Congress needs to act on housing stimulus to get the market moving again."
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