Friday, October 25, 2013

Home affordability sinks as housing slows

Here's the story from CNBC.

Rising home prices and higher mortgage rates are a toxic cocktail for homebuyers, pushing affordability down dramatically.
Prices are up more than 12 percent from a year ago, according to several reports, and the average rate on the 30-year fixed is a full percentage point higher than it was last spring. It is now far harder for the average U.S. household to afford a home.
“If you hear a voice within you say ‘you cannot paint,’ then by all means paint and that voice will be silenced.” –- Vincent Van Gogh


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