“Nationwide housing affordability, bolstered by affordable interest rates and low house prices, hovered for the third consecutive quarter near its highest level since the series was first compiled 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 70.1% of all new and existing homes sold in the third quarter of 2009 were affordable to families earning the national median income of $64,000, down slightly from a near-record 72.3% during the previous quarter and up from 56.1% during the third quarter of 2008.” This according to RISMEDIA
In the Chico Area, the median price for a single family home purchased in the month of November became app. $46,000 more affordable, down from a high of $325,000 in November 2006 to the current month-to-date median of $279,000.
What does this mean in terms of monthly payments? At $325,000 a buyer obtaining an FHA loan with $9750 (3%) down at 5% interest had monthly principal and interest (P&I) payments of $1697.50. Today’s buyer at $279,000 can put down $1380 less and end up with payments of only $1452.80 on the same loan, a savings of $244 per month!
Click this Link for a look at what you can buy at the median price of $279,000 in the Chico Area today.
In the Chico Area, the median price for a single family home purchased in the month of November became app. $46,000 more affordable, down from a high of $325,000 in November 2006 to the current month-to-date median of $279,000.
What does this mean in terms of monthly payments? At $325,000 a buyer obtaining an FHA loan with $9750 (3%) down at 5% interest had monthly principal and interest (P&I) payments of $1697.50. Today’s buyer at $279,000 can put down $1380 less and end up with payments of only $1452.80 on the same loan, a savings of $244 per month!
Click this Link for a look at what you can buy at the median price of $279,000 in the Chico Area today.
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