To be a little more specific, the nationwide housing affordability is continuing to hover near its highest level in 18 years, the record was set in the first quarter of 2009. It hasn’t actually surpassed the first quarter’s numbers, but it is very close. According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index, 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 (it was at 72.5% in the first quarter of 2009).
Housing affordability is a good thing, it means that more buyers are in the market. And these buyers should take advantage of the exceptional deals and buy a new home in Atlanta as opposed to a resale.
“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. “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
The NAHB is currently urging Congress to take action and extend the $8,000 home buyer tax credit as well as make it available to all homebuyers and not just first-timers. To ensure that the housing market continues to stabilize and doesn’t make another turn for the worse, contact your local congressman in support of the NAHB’s suggestions.