Falling Home Prices Lead to More Buyers
From Realtor Magazine Online...
In the long run, falling home prices is a good thing, observers say, because it broadens affordability and increases the number of potential buyers."By my math, when housing was extremely affordable in 1998, it was an important reason for the boom that followed," says Richard DeKaser, chief economist at National City Corp., a bank holding company in Cleveland. "We're coming off a relatively unaffordable time, and so we're looking forward to a subdued housing market in the future."
Affordability varies from region to region. Homes in the Midwest, particularly in Illinois, Indiana, and Ohio, are very affordable, with the mortgage payment absorbing 17.4 percent of an individual's paycheck. Homes are a little less affordable in the South (21.4 percent) and the Northeast (24.8 percent). In the West, it takes almost 35 percent of an individual's income to meet the mortgage payment.
To learn more about Real Estate in your area contact Nolting Real Estate at 636-391-9997 and/or www.NoltingRealEstate.com.
In the long run, falling home prices is a good thing, observers say, because it broadens affordability and increases the number of potential buyers."By my math, when housing was extremely affordable in 1998, it was an important reason for the boom that followed," says Richard DeKaser, chief economist at National City Corp., a bank holding company in Cleveland. "We're coming off a relatively unaffordable time, and so we're looking forward to a subdued housing market in the future."
Affordability varies from region to region. Homes in the Midwest, particularly in Illinois, Indiana, and Ohio, are very affordable, with the mortgage payment absorbing 17.4 percent of an individual's paycheck. Homes are a little less affordable in the South (21.4 percent) and the Northeast (24.8 percent). In the West, it takes almost 35 percent of an individual's income to meet the mortgage payment.
To learn more about Real Estate in your area contact Nolting Real Estate at 636-391-9997 and/or www.NoltingRealEstate.com.
posted by Russell T. Nolting at
8:57 AM
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