Monthly Payments Lowered by 67%
April 14, 2009 by admin
Filed under Mortgages, Positive Real Estate
If you you could buy a valuable asset for what once cost 44% of your income now costs 25%, wouldn’t you buy? That is the line I can hear agents across the Country singing to their home buyer prospects.
According to the John Burns letter,the median-income household, which earns $52,800 per year, only needs 25% of their income to buy the median-priced single-family home of $164,600. In July 2006, that ratio was 44%.
Sell the payment as they say.
As Burns points out in other areas of the country the payment is even better. In Oakland, CA housing costs have declined 67% for the monthly payment.
http://www.realestateconsulting.com/
