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Housing Affordability Good News
January 30, 2009- Today the National Association of Realtors announced their monthly (December) Housing Affordability Index level as being 158.8* which exceeds the all-time historic high of 155 set in 1973. This extraordinarily high level of affordability reflects the favorable impact that decreased housing prices and lower mortgage rates have had on housing affordability. Moreover, given the further decrease in housing prices and mortgage rates during January, it is almost certain that affordability levels will improve even further.
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Raleigh Named One of the Nation's Healthiest Markets
With most economists and builders expecting a national market decline this year, this may not seem like the best time to be selecting the "healthiest" markets in the country. But a close look at the numbers reveals that some markets have way outperformed others during the last four years and are likely to continue to do so this year. Raleigh is #6!
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Interest in Raleigh-Durham-Chapel Hill, NC Real Estate Market Heats Up
Real Estate listings in the Raleigh-Durham-Chapel Hill, NC market in December 2008 on Realtor.com experienced a dramatic year-over-year 18.2% increase in search activity, making it one of the nation's markets where search activity has grown the fastest.
http://carolinanewswire.com/news/News.cgi?database=0001news.db&command=viewone&id=562&op=t
What are real estate professionals saying to homebuyers and sellers about current market conditions?
The strengths that exist in the market - not the negative media hype. Below are positive angles that appeared recently in the media and underscore why it is a good time to buy real estate.
How the Stimulus Plan Benefits Homebuyers, According to the National Association of Realtors® (NAR), the American Recovery and Reinvestment Act of 2009 includes elements of NAR's housing agenda, including:
Homebuyer Tax Credit: The bill provides for an $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after Jan. 1, 2009 and before Dec. 1, 2009. The credit does not require repayment.
FHA, Fannie Mae and Freddie Mac Loan Limits: The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750.
For more information about what the bill means for the housing market, click here.
"American Recovery and Reinvestment Act of 2009," Realtor.org, Feb. 17, 2009.
Raleigh was named the #3 Hot Market by Money Magazine for "What You Can Get for $1 Million" when buying a home.
http://money.cnn.com/galleries/2009/moneymag/0902/gallery.million_homes.moneymag/3.html