June 23, 2018

Housing affordability lowest since 2008

Bloomberg - Housing affordability dropped this quarter to the lowest since late 2008, according to data released this month by the National Association of Realtors.

... A separate report from ATTOM Data Solutions shows average wage earners would need to spend 31.2 percent of income to buy a median-priced home this quarter -- above the historic average of 29.6 percent.

Home price appreciation, coupled with rising mortgage rates, have pushed three-quarters of average wage earners out of the market with property costs rising faster than wages in 64 percent of regions surveyed, ATTOM reported.

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