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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.

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