Sentences with phrase «affordability conditions»
The phrase "affordability conditions" refers to the ability of someone to afford or pay for something. It means that the conditions or factors related to the cost or price of something are reasonable or manageable for individuals or households. It indicates whether something is affordable or not for people based on their financial situation. Full definition
«Even with rising home prices, we'll continue to see favorable housing affordability conditions over the coming year, but they won't last forever,» he said.
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The region's housing affordability conditions improved quite noticeably in the second quarter thanks to lower mortgage rates and subdued price pressures.
Also: Sales of previously owned homes dipped slightly, housing affordability conditions slipped, and a new medical study finds electric power lines less harmful than assumed.
The good news is home construction is rising and low mortgage rates are continuing to keep affordability conditions at historically favorable levels.
«With record high housing affordability conditions thus far in 2011, we'd normally expect to see stronger home sales,» he said.
«With record - high housing affordability conditions thus far in 2011, we'd normally expect to see stronger home sales,» he said.
«Mortgage rates have subsided in recent months, which has only somewhat helped take away some of the sting prospective buyers are experiencing with the deteriorating affordability conditions in many areas,» says Yun.
Lawrence Yun, NAR chief economist, says contract activity is fading this spring because significantly weak supply levels are spurring deteriorating affordability conditions.
«Affordability conditions remain favorable in most of the country, and we're still dealing with a large pent - up demand,» said Lawrence Yun, NAR chief economist.
«If mortgage rates start to rise heading into next year, prospective buyers could face weakening affordability conditions in their market unless supply dramatically improves,» added Yun.
The Quarterly Housing Affordability Index measures whether or not a typical family qualifies for a mortgage loan on a typical home at the national and regional levels based on quarterly price and income data, as well as a look at affordability conditions for first time buyers.
«We need to remove the road blocks to the housing recovery for people who are trying to take advantage of excellent affordability conditions,» Yun added.
The West region, however, could experience slowing job growth as affordability conditions worsen from the ongoing inventory shortages that are driving up prices.
NAR President Ron Phipps, broker - president of Phipps Realty in Warwick, R.I., said buyers are responding to very good affordability conditions despite tight mortgage credit.
«The price decline could be diminishing, as buyers recognize great bargain prices and the highest affordability conditions in 40 years; this will help mitigate further price drops,» Yun said.
Tight inventory and weaker affordability conditions are prompting consumers to doubt that now is a good time to buy a home, says NAR Chief Economist Lawrence Yun.
The Quarterly Housing Affordability Index measures whether or not a typical family qualifies for a mortgage loan on a typical home at the national and regional levels based on quarterly price and income data, as well as a look at affordability conditions for first time buyers.
«With price appreciation likely to continue at the same pace — and even higher in some markets — incomes need to rise even more to keep affordability conditions from declining further.»
The inputs spit out a number that describes the «positive» or «negative» real estate affordability conditions based on the benchmark of the exact «average» situation: the median income family's ability to afford the median income house.
«Even with rising home prices, we'll continue to see favorable housing affordability conditions over the coming year, but they won't last forever,» Thomas said.
NAR President Moe Veissi, broker - owner of Veissi & Associates Inc., in Miami, said affordability conditions are a big factor in rising sales.
Boosted by steady economic growth, low unemployment, and strong affordability conditions, December sales of existing single - family homes hit a record - high seasonally adjusted annual rate of 5.03 million units, 3.1 percent higher than the revised November figure of 4.88 million units.
«Even with limited choices, it appears some of the rise in contract signings could be from buyers wanting to take advantage of current affordability conditions before mortgage interest rates move higher,» he said.
Single - family housing affordability: Lack of inventory, higher rents and home prices, difficulty saving for a down payment and investors weighing on supply levels by scooping up single - family homes have all lead to many markets experiencing decaying affordability conditions.
Otherwise sales could slow if affordability conditions worsen.»
Even with tighter inventory, a pent - up demand and favorable affordability conditions bode well for the market.
NAR President Gary Thomas, broker - owner of Evergreen Realty in Villa Park, Calif., says the minor erosion in affordability conditions moving forward could be mitigated by bank and regulatory policies.
Despite rising mortgage rates during the past month, which have affected refinance originations, affordability conditions remain high and should not present a significant obstacle to potential homebuyers.
«Homes for sale are going under contract a week faster than a year ago, which is quite remarkable given weakening affordability conditions and extremely tight supply.
«With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain — primarily because some buyers are finding it too difficult to obtain a mortgage.
However, British Columbia, Alberta, Saskatchewan, and most types of housing in Atlantic Canada, continue to see deteriorating affordability conditions, says RBC.
«The recovery is occurring despite excessively tight credit conditions and higher downpayment requirements, which are negating the impact of record high affordability conditions,» Yun says.
Housing affordability conditions for all buyers reached a milestone in the first quarter, according to the National Association of Realtors ®.
WASHINGTON, D.C. — Housing affordability conditions slipped slightly in the second quarter of this year, but overall conditions remain favorable, the NATIONAL ASSOCIATION OF REALTORS ® reports.
Tight inventory and weaker affordability conditions...
«All year, the relationship between home prices, mortgage interest rates and family income has been hovering at historic highs, meaning the best housing affordability conditions in a generation,» he said.
Stable borrowing rates and a slight decline in utility costs provided little relief to homeowners as Canada's housing affordability conditions deteriorated for the fourth...
«With lower rental vacancy rates and rising rents, combined with still historically favorable affordability conditions, more people are buying homes.
As a result, home shoppers have seen limited options, stiff competition and weakening affordability conditions.
«Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate and deteriorating affordability conditions.»
The end result was a slowdown in sales from earlier in the year, steadfast price growth and weakening affordability conditions.
«A continuation of last month's alleviating price growth, which was the slowest since last December (4.5 percent), would improve affordability conditions and be good news for the would - be buyers who have been held back by higher prices this year,» Yun says.
«Some of the improvement in August may result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations,» he said.
WASHINGTON (March 6, 2012)- Housing affordability conditions have reached the highest level since recordkeeping began in 1970, according to the National Association of Realtors ®.
With 11 months of data reported, 2012 will clearly go down as a record year for favorable housing affordability conditions, and a great year for buyers who could get a mortgage, according to the National Association of Realtors ®.
However, the extent to how fast this occurs will greatly depend on more entry - level housing supply coming onto the market and needed improvements in affordability conditions.»
Housing affordability conditions have reached the highest level since recordkeeping began in 1970, according to the National Association of Realtors ®.
Housing affordability conditions are forecast to remain favorable through next year, with the 30 - year fixed - rate mortgage staying near record lows for the balance of this year but gradually rising to 4 percent in the second half of 2013.
While the hope is that appreciating home values will start to entice more homeowners to sell, Yun says supply and affordability conditions won't meaningfully improve until homebuilders start ramping up production — especially of homes at lower price points.