These are short excerpts from the week’s real estate news.
Home Buying Most Affordable in Decades
CNNMoney article says that buying a home now is more affordable than it has been in the last twenty years. The National Association of Home Builders/Wells Fargo Housing Opportunity Index hit a record level of affordability due to low home prices and rock-bottom mortgage rates.
Home affordability at this extremely high level isn’t translating into sales though. The tough mortgage market and people’s inability to afford down payments make it impossible for a large portion of potential home buyers to purchase even if they are inclined to do so.
30-Year Mortgage Rate Holds at Record Low