My Real Estate Blog

March 6th, 2009 7:29 AM

Here's a little-known fact: Housing may be more affordable now than at any recent time, thanks to lower prices and falling mortgage rates (now about 5 percent). The National Association of Realtors has an "affordability index" that estimates the family income needed to buy a median-price house, assuming a 20 percent down payment and monthly mortgage payments equal to 25 percent of income. Affordability is now the highest since the index's start in 1970.

Posted by Jim McCowan on March 6th, 2009 7:29 AMPost a Comment (0)
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