Real estate recap: NAR housing affordability index hits all-time high … Survey: Americans growing more confident in housing recovery
Open house: The National Association of Realtors' housing affordability index confirms what its members have been saying for years: There's never been a better time to buy a home. The NAR index tracking median home price, median family income and the average mortgage rate reached the highest level in January—206.1—since its inception in 1970. It also marked the first time the index broke 200. NAR credits low mortgage rates and falling home values for the record high. An index of 100 means a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, accounting for a 20% down payment and 25% of gross income devoted to the mortgage principal and interest payments. NAR projects the index will remain high throughout 2012.
Perception is reality: Potential homebuyers and sellers are growing more confident that the U.S. real estate market will begin to recover as soon as next year, according to a new survey out today by Irvine, Cal.-based broker Prudential Real Estate. Bloomberg reports 60% of people surveyed last month had positive views about the housing market and 70% expected property values to improve over the next two years, according to the survey. About 63% of respondents say they consider real estate a good investment, up from 52% last year. It's the second consecutive year consumer confidence in housing has improved in the survey, signaling the property market may "finally be climbing out of its deep hole," says Stephen Van Anden, chief marketing officer for Prudential Real Estate. Check out the full story for more survey results here.
This week's poll question: Do you believe the U.S. real estate market at large will show significant signs of recovery this year?
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