Nov
26

Nationwide Housing Affordability Improves

November 26, 2012

chicago real estate affordabilityChicago real estate is becoming more affordable for the average family. According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index, 74.1 percent of all homes sold in the past three months were considered affordable for families with a median income of $65,000.

The median price of all new homes sold in the third quarter of 2012 was $189,000, an increase from the 2011 number of $176,000, and the highest number since late 2008.

Even though home prices have continued to rise, the most recent housing affordability results show that the average American can easily purchase a home if they qualify for low mortgage rates. According to NAHB Chairman Barry Rutenberg, mortgage rates are at the lowest levels in nearly a decade!

New programs such as the Home Affordable Refinance Program are also making it easier for the average American to purchase a home. The Department of Housing and Urban Development is requiring first-time home buyers to enroll in eight credits worth of mortgage education classes in order to receive low cost financing.

On November 1, Fannie Mae and Freddie Mac enforced new guidelines that streamlined the short sale process, which is another reason why housing affordability has increased.

If mortgage rates continue to remain low, it looks as if home sales will continue to improve in 2013.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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