Wisconsin Builders Association

Nationwide Housing Affordability Reaches New Record High

From National Association of Home Builders Tight Credit Remains Primary Obstacle for Buyers May 17, 2012 - Nationwide housing affordability hit a new record high for a second consecutive quarter in the first three months of this year, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today. Yet tight lending conditions continue to pose a major obstacle to many prospective home buyers. The latest HOI data reveal that 77.5 percent of all new and existing homes that were sold in this year’s first quarter were affordable to families earning the national median income of $65,000. This beats the previous record set in the final quarter of 2011, when 75.9 percent of homes sold were affordable to median-income earners. “Homes in this year’s first quarter were more affordable than they have been at any time in more than 20 years, yet many potential sales are not happening because of overly tight lending conditions that … [Read More...]