AFFORDABILITY INDEX AT ALL TIME HIGH IN ABQ

The National Association of Realtors on Housing Affordability study shows that NOW is the time to buy a house. The Housing Affordability index shows how well the person with an average income can qualify for the average home. The index shows that, with today’s low interest rates and housing prices, buying a home has never been more affordable.
As reported on March 3rd, “NAR’s Housing Affordability Index rose 13.6 percentage points in January to 166.8, a new record high. The HAI, a broad index of affordability using consistent values and assumptions over time, shows that the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970.” Additionally, another report just releases shows that New Mexico has money flowing unlike say, California. We’re cooking here!! And to top that Salary.com ranked Albuquerque in the top 5 cities to build wealth.
Lawrence Yun, NAR’s chief economist added, “Conditions have been aligning very favorably for home buyers with the exception of consumer confidence. But I am hopeful that sales will turn around by late spring and early summer because history suggests that home sales can rise even in times of job losses when housing affordability rises.”