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Affordability Has Nothing to do with Home Prices or Rates -RealtyTrac

“A real estate market that should be flying high is
instead a real estate market that is faltering,” according to Brian Mushaney,
Executive Vice President, Data Solutions, for RealtyTrac. Writing in the
current issue of RealtyTrac’s Housing
News Report
he points to a market which he says should be a buyer’s
paradise in many ways, with property values well below historic affordability
levels, banks with tons of cash to loan, interest rates near their all-time
lows, and foreclosures abating.

 “So why,” he
asks, writing, “have home sales stalled in recent months?  It is an issue of affordability he says, but
not the way we usually think about it.

…(read more)

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