Housing Affordability Is Up As National Homeownership Month Begins

first_img Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland.  Print This Post Housing Affordability Is Up As National Homeownership Month Begins Previous: Counsel’s Corner: Defending Against Litigation Stemming From New Loss Mitigation Rules Next: Rating Criteria Published For State Housing Finance Agency MBS Pass-Through Bonds June 2, 2015 933 Views Tagged with: Housing Affordability Housing Market NAHB National Association of Home Builders National Homeownership Month Housing Affordability Housing Market NAHB National Association of Home Builders National Homeownership Month 2015-06-02 Brian Honea Housing affordability is up nationwide due to low interest rates and home prices as National Homeownership Month begins in June, according to a recent release from the National Association of Home Builders (NAHB).The latest NAHB/Wells Fargo Housing Opportunity Index released in mid-May reports that about two-thirds of new and existing homes sold in the first quarter of 2015 were affordable to families that earned $65,800, which is the U.S. median yearly income, according to NAHB. Meanwhile, the median home price nationwide dropped by $5,000 from the fourth quarter of last year to the first quarter of 2015 (from $215,000 down to $210,000) while interest rates dropped from 4.29 percent down to 4.03 percent during the same time frame.In addition to lower prices and interest rates, low-down payment programs offered by Fannie Mae and Freddie Mac can help creditworthy borrowers who cannot afford a large downpayment qualify for a mortgage. These programs offer downpayments as low as 3 percent for eligible first-time homebuyers.”Now is a great time for consumers to buy homes,” said NAHB Chairman Tom Woods, a home builder from Blue Springs, Missouri. “Both first-time and move-up buyers can take advantage of these favorable market conditions and start building their American Dream.”Homeownership carries with it financial benefits, according to the NAHB, since it is often a primary source of net worth and a step toward accumulating long-term personal financial assets. Homeowners can also deduct mortgage interest and property taxes paid from their taxable income, which can result in thousands of dollars in savings, particularly in the first few years of a mortgage when the largest percentage of the monthly mortgage payment is made up of interest.Benefits of homeownership are not just financial, however, according to Woods.“Homeownership builds stronger communities, provides a solid foundation for family and personal achievement and improves the quality of life for millions of people,” Woods said. The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Housing Affordability Is Up As National Homeownership Month Begins Servicers Navigate the Post-Pandemic World 2 days ago Share Savecenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days agolast_img

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