Local homes affordable; demand doesn’t follow


As a follow up to yesterday’s post, Waiting for the Bottom? Crains Chicago Business posted an article on the affordability index for Chicago homes that shows area houses and condos are more affordable now than they have been in a decade.

The National Assn. of Home Builders/Wells Fargo Housing Opportunity Index, a measure of affordability, has exceeded 68% in the Chicago area over the past seven quarters, a level it last attained in 1999.

Of course, the article noted that back then, betting a mortgage was a breeze.  And it seems consumers are still dubious that housing prices have bottomed out, though experts seem to agree we already have.

This should be an interesting Spring!