Housing Affordability Continues to Hover Near Highest Level in 18 Years...
RISMEDIA, August 21, 2009-Bolstered by affordable interest rates and low prices, nationwide housing affordability during the second quarter of 2009 continued to hover near 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 72.3% of all new and existing homes sold in the second quarter of 2009 were affordable to families earning the national median income of $64,000, down only slightly from the record-high 72.5% during the previous quarter and up from 55.0% during the second quarter of 2008.
"The increase in affordability-along with the $8,000 federal tax credit for home buyers-is stimulating demand, particularly among young, first-time buyers," said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. "But to keep the recent upturn in home sales going into next year, Congress will need to extend the tax credit for another year and make it available to all buyers in an effort to encourage activity in the trade-up market."
Robson noted that the tax credit, which expires on Nov. 30, is currently limited to just buyers purchasing their first home.
For more information, visit www.nahb.org
We are definitely fans of an extended tax credit plan here at RE/MAX Elite. You can count on us to stay on top of any breaking news, and pass it along to our Customers. If you have any questions, or if there is anything we can do for you right now, please don't hesitate to give us a call.
Respectfully,
Justin Brown, CDPE
Broker/Owner
RE/MAX Elite
Posted at 01:06PM Aug 21, 2009 by RE/MAX ELITE in Real Estate | Comments[0]
