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Housing Affordability Index Hovers Near Highest Level in 18 Years

SATURDAY, SEPTEMBER 5 2009

Bolstered by affordable interest rates and low prices, nationwide housing affordability during the second quarter of 2009 continued to hover near its highest level since the series began 18 years ago. “The increase in home affordability, along with the $8,000 federal tax credit for home buyers, is stimulating demand, particularly among young, first-time buyers. However to keep the recent upturn in home sales going into next year, Congress will need to extend the tax credit for another year and make it available to all buyers in an effort to encourage activity in the trade-up market.” The tax credit that expires on Nov. 30, is currently limited to just buyers purchasing their first home or those who have not owned a home in the last 3 years.

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