According to the latest NAHB/Wells Fargo Housing Opportunity Index (HOI) released show nationwide housing affordability during the second quarter of 2009 continued to hover near its highest level since the series began 18 years ago.
Here are additional excerpts from the HOI:
"The increase in affordability, along with the $8,000 federal tax credit for home buyers, is stimulating demand, particularly among young, first-time buyers," said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. "But to keep the recent upturn in home sales going into next year, Congress will need to extend the tax credit for another year and make it available to all buyers in an effort to encourage activity in the trade-up market."
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