Home AFFORDABILITY Reaches Record High

NAR: Single-family housing at most affordable since 1970

Monthly Housing Affordability Index hit all-time high in January (2012):

The Index, calculated monthly, aims to measure the affordability of a median-priced,
existing single-family home by a median-income earning family.  An index of 100
represents a family’s ability to exactly afford such a home… This past January,
the index exceeded the 200 mark.
By Jeff Zagoudis, Associate Editor
March 12, 2012
[NAR, Housing Affordability Index, January 2012, all time high]
January 2012 marked the first time NAR’s Housing Affordability Index
equaled or exceeded 200 since its inception in 1970.

Housing affordability hit its highest point since 1970 in January (of 2012) at 206.1,
according to the National Association of Realtors’ Housing Affordability Index.
This continued an upward trend that started toward the end of 2011, according to
Inman News.

The index has been steadily climbing since 2009, when it was at a level of 169.4. It finished 2010 at 174 even and climbed as high as 197.9 in 2011.

NAR calculates the index every month using current median home prices, median family income and average mortgage interest rates; a higher score mean greater affordability. The index was designed to measure the affordability of a median-priced, existing single-family home by a median-income-earning family.

A score of 100 indicates a family can exactly afford that type of home, including a 20 percent down payment and mortgage payments at 25 percent of the family’s gross income.

The January figure marks the first time the index has matched or exceeded 200 since NAR rolled it out in 1970.

Why Pay the Lender for taking your Mortgage Application? LET THE LENDER PAY YOU!

Dear Real Estate Professional –

Having trouble with the Seller paying  closing costs for your buyers?  Have the Lender pay them!  There’s no reason your buyer’s should “Have” to pay: Application fees, tax service fees,
processing fees, underwriting fees, points or origination fees…  Ask me how the
Lender can pay YOUR  buyers for their mortgage business while still receiving a
Low 30 year fixed rate, or 15 year fixed rate! At Priority Mortgage, we want
your business and can credit a mortgage applicant money toward their Appraisal
Fee, Title Fees, and even Property Tax and Home Owner’s Insurance escrows at
closing!

Allow my (almost) 25 years of mortgage experience work for
you!