According to the National Homebuilders Association, the affordability of housing Nationwide was close to its highest level in the third quarter of 2009. With low interest rates and low house prices, the affordability of housing increased for the third straight quarter and is nearing a historic level since the National Association of Homebuilders/Wells Fargo Housing Opportunity Index was first compiled in 1991. This is great news for those in the Atlanta real estate market searching for a new home.
The Housing Opportunity Index shows that 70.1 percent of new and existing homes sold in the third quarter of 2009 were affordable to people in the national median income of $64,000. This reflects a 14 percent increase from 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.”
Some of the most affordable housing can be found in Indianapolis. With almost 95 percent of the homes being affordable by families earning the areas median income of $68,100 Indianapolis ranks at the top of the list for major metropolitan areas. Some other areas with highly affordable homes include the Youngstown, Ohio area, and the metro areas of Detroit, Livonia and Dearborn, Michigan. Some smaller markets that proved even more affordable are Kokomo, Ind. Springfield, Ohio, and Bay City, Michigan.
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