National housing affordability reaches highest level in 20 years; Syracuse ranked one of the top affordable major metro markets
Nationwide housing affordability during the fourth quarter of 2010 rose to its highest level in the 20 years since it has been measured, according to data from the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI).
Home sales rebounded in 49 states during the fourth quarter with 78 markets - just over half of the available metropolitan areas - experiencing price gains from a year ago, while most of the rest saw price weakness, according to the latest survey by the National Association of REALTORS®.
Continued government participation in the secondary mortgage market is essential to ensuring affordable and available home mortgages to qualified consumers when private lenders withdraw from the market, according to the National Association of Realtors®' recommendations for restructuring the government-sponsored enterprises (GSEs).
A significant majority of today's home owners and renters agree owning a home is a smart long-term decision. According to a survey released by the National Association of Realtors®, 95 percent of owners and 72 percent of renters believe over several years it makes more sense to own a home.
Onondaga County Legislator Judy Tassone installed the 2011 Directors and Presidents for the Greater Syracuse Association of REALTORS, Central New York Information Service, Home Builders & Remodelers of CNY and CNY Mortgage Bankers officers, held at the Genesee Grande on Friday, January 7th, 2011.
Over 270 were in attendance at this Celebration. Awards were handed out for; REALTOR of the Year, REALTOR Broker/Manager of the Year, Affiliate of the Year, Shining Star, and a special Lifetime Achievement Award.
"It's a common misperception that the mortgage interest deduction benefits primarily the wealthy, as argued in the Washington Post's January 1 editorial, 'Trim the Excessive Tax Subsidy for Real Estate.'
Existing-home sales got back on an upward path in November, resuming a growth trend since bottoming in July, according to the National Association of REALTORS (NAR).
Existing-home sales, which include single-family, townhomes, condominiums and co-ops, rose 5.6 percent to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October. November closings were 27.0 percent below the 6.49 million-unit pace in November 2009, which was the initial deadline for the first-time homebuyer tax credit.
This has been a year of real estate contrasts: While many consumers have taken advantage of historic buying opportunities and the market has seen a gradual stabilization of sales and prices, other challenges facing the nation have led some to question the value of home ownership for families, communities, and the country.
The desire to own a home hasn't been diminished by the downturn in the industry, according to a survey by Fannie Mae.
Of owners and renters surveyed, 51 percent say that the housing crisis has not affected their overall willingness to buy a home. About 27 percent say they are more likely to buy since the crisis, presumably because of lowered prices, and 19 percent say they are more likely to rent.