Monday, March 17, 2014 - Article by: Lender411 Member
According to the national Association of Home Builders Housing Opportunity Index, 64.7 percent of new and existing homes sold in October, November and December 2013, were affordable to families earning the U.S. median income of $ 64,400.
Housing affordability is stabilizing at a time when pent up demand and ongoing job growth are helping housing markets across the nation to gradually strengthen. while this bodes well for housing in 2014, builders continue to face challenges, including tight credit for home buyers home loans, inaccurate appraisals and a shortage of workers and buildable lots.
The five major metro areas with the lowest percentage of affordability to median income families were all in California.
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