Marty Millner
National Real Estate Update-Nationwide housing affordability up!
Nationwide housing affordability, bolstered by affordable interest rates and low house prices, hovered for the third consecutive quarter near its highest level since the series was first compiled 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released today.
The HOI showed that 70.1 percent of all new and existing homes sold in the third quarter of 2009 were affordable to families earning the national median income of $64,000, down slightly from a near-record 72.3 percent during the previous quarter and up from 56.1 percent during the third quarter of 2008.
”At a time when housing is at its most affordable, we applaud the recent actions taken by Congress and President Obama to stimulate housing by extending the federal tax credit beyond its Nov. 30 deadline and expanding it to a wider group of eligible home buyers,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. “With interest rates now lower than last quarter, the tax credit will encourage even more home buyers to enter the market and help stabilize housing and the economy by creating new jobs, stimulating home sales, reducing foreclosures, cutting excess inventories and stabilizing home prices.”
It is a great time locally, to take advantage of these programs. Please email or call me if you have any questions or would like to take advantage of the federal tax credit or low interest rates.
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Marty thanks for sharing such great news. The combination of tax credit incentives and low interest rates is bound to have a profound impact on stabilizing home prices and first time home buyers.
I’m not sure there could really be a better time to buy a home than now, even existing home buyers can now qualify for a federal tax credit.
Thanks again for posting!
Brian