
Well, at last one good news.
As you might know, the real estate news is divided between all negative and those who look for the positive in it. Over at Seeking Alpha, Mark J. Perry posted about the affordability has climbed to a 4 year high. According to the National Association of Realtors’ Housing Affordability Index [HAI] from 2005 to Feburary 2008 (annual averages for 2005 and 2006, monthly in 2007 and 2008), based on the national median-priced home, median family income, and the 30-year fixed mortgage rate, the affordability ration climbed up.
I know a few will snicker at the thought of using NAR numbers but it’s one step in the right direction and as long as we don’t listen to NAR overused, overheard, under-performing predictions, why not?