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Housing Affordability Hits New Highs
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You're Now Reading:
Housing Affordability Hits New Highs
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Housing Affordability Hits New Highs
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May 16, 2012 (Chris Moore)

Housing affordability has reached its highest level since 1970 according to the National Association of Realtors® (NAR) and with mortgage interest rates expected to remain low and home prices stabilizing, this year may be the most affordable housing market in over 40 years.

NAR’s Housing Affordability Index surpassed 200 for the first time its history, reaching a record high 205.9 in the first quarter of 2012. That was up from a downwardly revised 197.0 in the fourth quarter of 2011.

The Index uses a base value of 100 to represent the point where a median-income household has enough income to qualify for the purchase of a median-priced existing single family home. The conditions assume that the household would have a 20 percent down payment and be capable of devoting 25 percent of their income to their total mortgage payment.

If the value falls below 100, the less purchasing power the household would have, if it goes above 100, the greater the purchasing power of the household.

Since the Housing Affordability Index has surpassed 200, the typical household has roughly double the income they need to purchase a median-priced home. The median family income in the first quarter was 60,972 but it only took a qualifying income of $29,616 to purchase an existing single-family home at the current median price of $158,100.

Moe Veissi, president of NAR, stated, “For those with good credit, we’ve never seen better housing affordability conditions or market opportunities than we see at present. Although home prices are stabilizing and sales are rising, some buyers still have to jump through a lot of hoops to convince a lender that they are creditworthy, even for a mortgage that would be well within their means. This is especially true for self-employed buyers.”

With mortgage rates expected to remain low and home prices expected to remain soft, the affordability index is expected to remain near all-time highs through-out 2012.

Tags: NAR, housing affordability index, low mortgage rate, soft home prices, median-income, purchasing power

Source:
NAR

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WE VERIFY & TRANSMIT TO LENDERS
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Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
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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.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

May 16, 2012 (Chris Moore)

Housing affordability has reached its highest level since 1970 according to the National Association of Realtors® (NAR) and with mortgage interest rates expected to remain low and home prices stabilizing, this year may be the most affordable housing market in over 40 years.

NAR’s Housing Affordability Index surpassed 200 for the first time its history, reaching a record high 205.9 in the first quarter of 2012. That was up from a downwardly revised 197.0 in the fourth quarter of 2011.

The Index uses a base value of 100 to represent the point where a median-income household has enough income to qualify for the purchase of a median-priced existing single family home. The conditions assume that the household would have a 20 percent down payment and be capable of devoting 25 percent of their income to their total mortgage payment.

If the value falls below 100, the less purchasing power the household would have, if it goes above 100, the greater the purchasing power of the household.

Since the Housing Affordability Index has surpassed 200, the typical household has roughly double the income they need to purchase a median-priced home. The median family income in the first quarter was 60,972 but it only took a qualifying income of $29,616 to purchase an existing single-family home at the current median price of $158,100.

Moe Veissi, president of NAR, stated, “For those with good credit, we’ve never seen better housing affordability conditions or market opportunities than we see at present. Although home prices are stabilizing and sales are rising, some buyers still have to jump through a lot of hoops to convince a lender that they are creditworthy, even for a mortgage that would be well within their means. This is especially true for self-employed buyers.”

With mortgage rates expected to remain low and home prices expected to remain soft, the affordability index is expected to remain near all-time highs through-out 2012.

Tags: NAR, housing affordability index, low mortgage rate, soft home prices, median-income, purchasing power

Source:
NAR

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 LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
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.

May 16, 2012 (Chris Moore)

Housing affordability has reached its highest level since 1970 according to the National Association of Realtors® (NAR) and with mortgage interest rates expected to remain low and home prices stabilizing, this year may be the most affordable housing market in over 40 years.

NAR’s Housing Affordability Index surpassed 200 for the first time its history, reaching a record high 205.9 in the first quarter of 2012. That was up from a downwardly revised 197.0 in the fourth quarter of 2011.

The Index uses a base value of 100 to represent the point where a median-income household has enough income to qualify for the purchase of a median-priced existing single family home. The conditions assume that the household would have a 20 percent down payment and be capable of devoting 25 percent of their income to their total mortgage payment.

If the value falls below 100, the less purchasing power the household would have, if it goes above 100, the greater the purchasing power of the household.

Since the Housing Affordability Index has surpassed 200, the typical household has roughly double the income they need to purchase a median-priced home. The median family income in the first quarter was 60,972 but it only took a qualifying income of $29,616 to purchase an existing single-family home at the current median price of $158,100.

Moe Veissi, president of NAR, stated, “For those with good credit, we’ve never seen better housing affordability conditions or market opportunities than we see at present. Although home prices are stabilizing and sales are rising, some buyers still have to jump through a lot of hoops to convince a lender that they are creditworthy, even for a mortgage that would be well within their means. This is especially true for self-employed buyers.”

With mortgage rates expected to remain low and home prices expected to remain soft, the affordability index is expected to remain near all-time highs through-out 2012.

Tags: NAR, housing affordability index, low mortgage rate, soft home prices, median-income, purchasing power

Source:
NAR

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
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 LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
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.