---Housing Affordability! Consistent Record Levels----
News has been dominated by the low interest rates and efforts to stabilize home prices in order to push housing affordability in the third quarter to its highest levels in the past 20 years. So far, the third quarter has boasted some impressive statistics. 72.9% of all homes sold were affordable to families earning a median income of $64,200. This is the 11th quarter that affordability measure was above 70%.
"With interest rates at historically low levels and markets across the country beginning to improve, home ownership is within reach of more households than it has been for nearly two decades," Bob Nielsen, chairman of the National Association of Home Builders, said in a statement. "However, tough economic conditions — particularly in markets that experienced major changes in house prices and production — as well as extremely tight credit conditions confronting home buyers and builders continue to remain significant obstacles to many potential home sales."
Source: National Association of Home Builders/Wells Fargo Housing Opportunity Index