August 16th, 2013 9:27 AM by BILL WILBANKS
That's right! Housing appears to have finally hit bottom according to the index compiled by the National Association of Home Builders (NAHB) and Wells Fargo.
In late 2011 the housing affordability index peaked at 78% of homes sold were considered affordable.
Of all homes sold in January through March, (Q1) 2013 73.7% sold were considered affordable.
Finally, of all homes sold April through June (Q2) 2013 69.3% were considered affordable with a medium household income of $64,400.
We're losing affordability every day due to rising real estate prices and interest rates. Bottom has been bounced off of and today appears to be the day to buy...no matter what day it is. My own house has come about $40,000 off bottom and that's great if I wanted to sell. But the other side of the record is sales prices are going up if I want to turn around and buy and so is the down payment and payment as well.
If you plan on being in the buying market, you need to ask yourself how long can you afford to wait before you jump in?