Housing Affordability Remains at 20 Year Highs
Housing Affordability Remains at 20 Year Highs
Housing Affordability Remains at 20 Year Highs
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August 19, 2011 (Jeff Alan)

Housing affordability in the second quarter of 2011 remained near 20 year highs according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). Nearly three-fourths of all homes in the U.S. were affordable to families earning the national median income.

The newest data indicates that 72.6 percent of all homes in the second quarter of the year were affordable to families earning the national median income of 64,200. That was a decline from a record high of 74.6 percent in the first quarter of this year, but it was the 10th consecutive quarter that the HOI was above the 70 percent threshold.

“At a time when homeownership is within reach of more households than it has been for more than two decades and interest rates are at historically low levels, the sluggish economy and the extremely tight credit conditions confronting home buyers and builders remain significant obstacles to many potential home sales,” said Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. “That said, however, some housing markets across the country have stabilized and are beginning to show signs of a budding recovery.”

The most affordable major market area was the Youngstown-Warren-Boardman, Ohio-PA area where 93.7 percent of the homes were affordable to households earning the area’s median family income.

The other top areas in affordability were Syracuse, NY, Indianapolis-Carmel, IN, Dayton, OH, and Lakeland-Winter Haven, FL.

The major market areas that had the least affordable housing during the second quarter were New York-White Plains-Wayne, NJ-NY, San Francisco-San Mateo-Redwood City, CA, Santa Ana-Anaheim-Irvine, CA, Los Angeles-Long Beach-Glendale, CA, and Honolulu.

In the smaller housing markets, the most affordable area during the quarter were Kokomo, IN, Wheeling, WV-OH, Lansing-East Lansing, MI, Bay City, MI, and Sandusky, OH.

The least affordable smaller markets were Ocean City, NJ, Laredo, TX, Santa Cruz-Watsonville, CA, San Luis Obispo, Paso Robles, CA and Santa Barbara-Santa Maria-Goleta, Ca.

Tags: NAHB, Wells Fargo, housing affordability, national median income, HOI

Sources:
NAHB

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August 19, 2011 (Jeff Alan)

Housing affordability in the second quarter of 2011 remained near 20 year highs according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). Nearly three-fourths of all homes in the U.S. were affordable to families earning the national median income.

The newest data indicates that 72.6 percent of all homes in the second quarter of the year were affordable to families earning the national median income of 64,200. That was a decline from a record high of 74.6 percent in the first quarter of this year, but it was the 10th consecutive quarter that the HOI was above the 70 percent threshold.

“At a time when homeownership is within reach of more households than it has been for more than two decades and interest rates are at historically low levels, the sluggish economy and the extremely tight credit conditions confronting home buyers and builders remain significant obstacles to many potential home sales,” said Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. “That said, however, some housing markets across the country have stabilized and are beginning to show signs of a budding recovery.”

The most affordable major market area was the Youngstown-Warren-Boardman, Ohio-PA area where 93.7 percent of the homes were affordable to households earning the area’s median family income.

The other top areas in affordability were Syracuse, NY, Indianapolis-Carmel, IN, Dayton, OH, and Lakeland-Winter Haven, FL.

The major market areas that had the least affordable housing during the second quarter were New York-White Plains-Wayne, NJ-NY, San Francisco-San Mateo-Redwood City, CA, Santa Ana-Anaheim-Irvine, CA, Los Angeles-Long Beach-Glendale, CA, and Honolulu.

In the smaller housing markets, the most affordable area during the quarter were Kokomo, IN, Wheeling, WV-OH, Lansing-East Lansing, MI, Bay City, MI, and Sandusky, OH.

The least affordable smaller markets were Ocean City, NJ, Laredo, TX, Santa Cruz-Watsonville, CA, San Luis Obispo, Paso Robles, CA and Santa Barbara-Santa Maria-Goleta, Ca.

Tags: NAHB, Wells Fargo, housing affordability, national median income, HOI

Sources:
NAHB

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
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August 19, 2011 (Jeff Alan)

Housing affordability in the second quarter of 2011 remained near 20 year highs according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). Nearly three-fourths of all homes in the U.S. were affordable to families earning the national median income.

The newest data indicates that 72.6 percent of all homes in the second quarter of the year were affordable to families earning the national median income of 64,200. That was a decline from a record high of 74.6 percent in the first quarter of this year, but it was the 10th consecutive quarter that the HOI was above the 70 percent threshold.

“At a time when homeownership is within reach of more households than it has been for more than two decades and interest rates are at historically low levels, the sluggish economy and the extremely tight credit conditions confronting home buyers and builders remain significant obstacles to many potential home sales,” said Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. “That said, however, some housing markets across the country have stabilized and are beginning to show signs of a budding recovery.”

The most affordable major market area was the Youngstown-Warren-Boardman, Ohio-PA area where 93.7 percent of the homes were affordable to households earning the area’s median family income.

The other top areas in affordability were Syracuse, NY, Indianapolis-Carmel, IN, Dayton, OH, and Lakeland-Winter Haven, FL.

The major market areas that had the least affordable housing during the second quarter were New York-White Plains-Wayne, NJ-NY, San Francisco-San Mateo-Redwood City, CA, Santa Ana-Anaheim-Irvine, CA, Los Angeles-Long Beach-Glendale, CA, and Honolulu.

In the smaller housing markets, the most affordable area during the quarter were Kokomo, IN, Wheeling, WV-OH, Lansing-East Lansing, MI, Bay City, MI, and Sandusky, OH.

The least affordable smaller markets were Ocean City, NJ, Laredo, TX, Santa Cruz-Watsonville, CA, San Luis Obispo, Paso Robles, CA and Santa Barbara-Santa Maria-Goleta, Ca.

Tags: NAHB, Wells Fargo, housing affordability, national median income, HOI

Sources:
NAHB

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.