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A Market Update: Affordability is at an All-Time High

Buying a house is more affordable now than it has been in the past 40 years! This is according to the Beacon Economics’ new Home Affordability Index. Based on their August 2010 report, “prices are down approximately 25% from their peak, and mortgage financing rates are at all-time lows.” This could become a driver for increased demand, thereby reducing excess inventory, increasing prices, and generating new construction. The index argues that we are at or near the bottom nationally, and the market will begin to stabilize in the coming months.

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