In an article pulled from RISMEDIA, may 20th, 2009, nationwide housing affordability jumped 10 percentage points during the first quarter of 2009 to its highest level since the index began some 18 years ago. The National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) showed that 72.5% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income of $64,000, up from 62.4% during the previous quarter and up from 53.8% during the first quarter of 2008.
The underlying increase in affordablility was lower home prices and record low interest rates. This combined with the $8,000 federal tax credit for first-time home buyers, is causing consumers to return to the marketplace.
For more information about the Tupelo, Saltillo, and surrounding area real estate markets and for info about the $8,000 tax credit, call EXiT Realty Premier at 662.842.7653.
For additional information about housing affordability, visit www.hahb.org