Housing Affordability Near Highest Level in 18 Years

According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), low interest rates and falling home prices are making home ownership more affordable.

The HOI showed that 72.3 percent of all new and existing homes sold in the second quarter of 2009 were affordable to families earning the national median income of $64,000, down only slightly from the record-high 72.5 percent during the previous quarter and up from 55.0 percent during the second quarter of 2008.

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