According to the U.S. Department of Housing and Urban Development (HUD), due to record low mortgage rates and falling home prices, home affordability has hit 1971 levels.
Bob Nielsen, chairman of the National Association of Home Builders, said in a statement, "With interest rates at historically low levels and markets across the country beginning to improve, home ownership is within reach of more households."
Today's homeowners are making close to double the median income needed to cover the cost of an average home and home sales have been increasing nationwide despite the fact that it's at a very slow and conservative pace.
The sentiment of many potential homebuyers today is their hope that lending and underwriting standards will ease because both are seen as the major roadblocks to the housing markets recovery.
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