In this difficult housing market, many recent home buyers are either behind in their payments or owe more money on the home than it is worth. For some homeowners behind in their payments, a job loss or other financial calamity accounts for their inability to pay. For other homeowners, it was that they were sold on a loan with an adjustable rate and often were not properly educated on the implications of the rate adjustment. For people behind in their payments and for which there is simply no way they can make … [Read more...]
Twin Cities Affordability Hits Highest Level in Nearly 4 Years!
February 14, 2008 by Leave a Comment
With the release of this week's Weekly Market Activity Report we find that the Twin Cities Housing Affordability Index hit a near 4-year high! The Housing Affordability Index takes into account interest rates, area median income, and median home sales price. With both sales prices and interest rates falling recently, we find the Index has increased quite substantially in recent months. Interest rates remain well below 6% and there are a lot of new houses coming on the market this time of year. While it … [Read more...]
