Unaffordable For You
NEW YORK (CNN/Money) - Although earnings have risen about 2.6 percent, housing is even less affordable for first-time buyers than it was a year ago, according to the latest findings from the National Association of Realtors.
The NAR found that the average price nationally for a starter home rose to $183,500 in the third quarter, up $23,500 in the past year.
With a 10 percent down payment and a mortgage rate of 5.83 percent (the average in the quarter), the monthly cost to finance the purchase of the average starter home would be $999 a month.
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The NAR found that the average price nationally for a starter home rose to $183,500 in the third quarter, up $23,500 in the past year.
With a 10 percent down payment and a mortgage rate of 5.83 percent (the average in the quarter), the monthly cost to finance the purchase of the average starter home would be $999 a month.
more...
posted by Little_Silvered at 5:44 PM
1 Comments:
Yeah real sane. 14% increase in starter homes.
And prices are just going to slow their appreciation.
YEAH RIGHT!
The Collapse has started.
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