Home Prices “Floating out of Reach”

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Posted To: MND NewsWire

Areas deemed as having homes that were less affordable than their historic norms rose by 7 percentage points from the first quarter of 2015 to the first quarter of 2016 according to RealtyTrac. The company analyzed housing and income data for 456 counties nationwide and found that in 43 counties, 9 percent, buying a home was less affordable than the historically normal level for that county going back to the first quarter of 2005. In the first quarter of 2015 only 10 counties or 2 percent fell into that category. RealtyTrac defines affordability as the percentage of average wages needed to make monthly house payments on a median priced home in an area given a 3 percent down payment and the current 30-year fixed rate mortgage. The calculation does not include property taxes or insurance. At…(read more)

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