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Saturday, May 26, 2012

Is the Market Stabilizing?

 Home Inventories Fall by Nearly 20%
Home inventories of for-sale listings continue to fall, which may help raise overall housing prices as demand picks up.
“These key indicators continue to suggest the housing market may be at a turning point and headed towards a broad-based recovery,” REALTOR.com notes in a release on its April housing data. “Lower inventories, combined with faster moving markets and relatively stable median listing prices are indicative of the kind of balanced housing market that has not been seen in many years.”
 It has been my recent experience that homes in the 200K range are moving quickly here in the Aurora area.  

Monday, May 21, 2012

Housing Affordability Reaches Record Highs

According to NAR’s index, the median-income family earning under $61,000 could afford a home costing $325,000 — more than double the national median existing single-family home price of $158,100.
However, while affordability remains high, many home buyers are still being shut out of the market and are unable to take advantage of the deals due to tight lending conditions, housing experts say.
If you are ready to purchase a home, get pre-approved first.  This will let you know what you can afford and if a mortgage will be available to you before you start your home seach.