Housing Affordability Near Record-High for Sixth Consecutive Quarter

Bolstered by favorable interest rates and low home prices, housing affordability in the second quarter remained near its highest level of the past two decades, according to the Housing Opportunity Index developed by the National Association of Home Builders (NAHB) and Wells Fargo. It was the sixth consecutive quarter that the affordability index hovered near a record high.

The index indicated that 72.3 percent of all new and existing homes sold in the second quarter of 2010 were affordable to families earning the national median income of $64,400. The index for the second quarter was slightly more affordable than the previous quarter and almost equaled the record-high 72.5 percent set during the first quarter of 2009. Until 2009, the HOI rarely topped 67 percent and never reached 70 percent.

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