«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.
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 ®.
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 consecutive quarter, says the latest Housing Affordability Index released by RBC Economics.
WASHINGTON (March 6, 2012)-
Housing affordability conditions have reached the highest level since recordkeeping began in 1970, according to the National Association of Realtors ®.
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.
«
Housing affordability conditions are at a record high and there is a pent - up demand from buyers who've been on the sidelines, but contract failures have been running unusually high.
However, given the historically favorable
housing affordability conditions, most single - income buyers could also purchase a home and stay well within their means, if lending requirements were more sensible,» Bishop says.
Home sales are certainly receiving a boost from continued improved
housing affordability conditions.
«
Housing affordability conditions have been at a record high this year, rents are rising and homes are selling for less than the cost of construction in most of the country,» he said.
«
Housing affordability conditions, based on the relationship between median home prices, mortgage interest rates, and median family income, have been at a record high this year,» Yun said.
«With home prices in a broad trough and historically low mortgage interest rates, high
housing affordability conditions and rising rents could stimulate a more rapid sales recovery if banks get back into the business of lending to more creditworthy borrowers,» Yun said.