Homes are more affordable to more families, according to the latest index for the first quarter of 2011 that shows affordability reaching its highest level in more than 20 years.
Nearly 75 percent of all new and existing homes sold in the first quarter of 2011 were affordable to families earning the national median income of $64,400, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. The previous high was set in the fourth quarter of 2010 with 73.9 percent.
“With interest rates remaining at historically low levels, today’s report indicates that home ownership is within reach of more households than it has been for more than two decades,” says Bob Nielsen, chairman of the National Association of Home Builders. Continue reading Affordability Reaches Highest Level in 20 Years
For the sixth straight week, fixed mortgage rates inched down, reaching new lows for 2011. The 30-year fixed-rate mortgage averaged 4.60 percent this week while the 15-year mortgage averaged 3.78 percent, Freddie Mac reports in its weekly mortgage market survey.
Meanwhile, the National Association of Home Builders reported this week that home affordability reached its highest level in 20 years, making the purchasing power for home buyers even better during this traditionally prime buying season. Continue reading Buyers Better Hurry: Rates Reach New Lows
Lake Norman Foreclosure Homes
At the end of April 2011 there were 103 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, a 17% decrease from the 124 foreclosure, preforeclosure & short sale properties for sale in March 2011. Prices range from $27,209 for a double-wide to $1,499,000 for a waterfront home in Mooresville.
Twenty-one foreclosure/short sale homes closed in April 2011. This was an decrease of 13% from the 24 foreclosure homes sold in March 2011. The average home sold was a 3 bedroom/3 bath with 3,148 square feet and an average sale price of $336,190. The average sales price decreased $32,898 or 9% from the previous month. The average days on the market were 212, a 56 day increase from March 2011.
Thirty-two foreclosure and short sale properties are currently under contract, a 33% decrease from March 2011. Continue reading April 2011 Lake Norman Foreclosure Real Estate Market Update