A combination of substantial declines in mortgage rates and the continued downward movement of home prices are leading to an unusually attractive affordability environment. The November Housing Affordability Index is up by 19 points over last month and is up 27.7 percent from last December's mark. This is the highest recorded HAI since the Minneapolis Area Association of Realtors began tracking the data in 1990. So why are so many sitting on the fence? Mortgage rates haven't been this low in 5 years.
Wednesday, December 31, 2008
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