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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: LLCF who wrote (41058)	11/13/2005 10:48:58 PM
From: mishedlo	Read Replies (1) of 116555

home affordability falls again money.cnn.com <A new homebuyer would need income of $47,952 to qualify for such a mortgage, but the median income of first-time buyers was just $32,781 nationwide last quarter, yielding an affordability index value of 68.4 -- down from 74.8 a year ago and 80.9 for all of 2003. According to other surveys, home affordability has fallen even more drastically in some of the hottest U.S. markets. According to the California Association of Realtors, the situation is particularly dismal in that state. The CAR report, which covered all houses, not just starter homes, revealed that a homebuyer in the state would need annual income of $133,800 -- factoring in a 20 percent down payment and interest rate of 5.87 percent -- to afford a median home ($568,890 through August 31). Only about 14 percent of Californians had that much income. >

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