Housing Affordability Gains Slightly in Q4

U.S. housing affordability improved slightly in the fourth quarter of 2012, thanks to interest rates that held near historic lows and stabilization of property prices. Based on the National Association of Home Builders/Wells Fargo Housing Opportunity Index, 74.9 percent of homes sold during the three-month period were within financial reach of households earning the country’s median income of $65,000. The reading is up nearly a full percentage point from 74.1 percent of homes considered affordable during the 2012 third quarter. The most affordable housing markets were identified as Ogden-Clearfield, Utah; Dayton, Ohio; Indianapolis-Carmel, Ind.; Lakeland-Winter Haven, Fla.; and Syracuse, N.Y. San Francisco-San Mateo-Redwood City, Calif.; and New York-White Plains-Wayne, N.Y.-N.J., meanwhile, led the nation in terms of least affordable housing markets. | Read More