Despite an increase in home prices, NAR’s Housing Affordability Index suggests the national median priced home was more affordable for a median income family by August 2012 than it was a year earlier.
The power of the American Dream reaches far beyond U.S. borders, into the hearts and minds of people in countries across the globe. According to the 2012 NAR Profile of International Home Buying Activity, foreign sales accounted for $82.5 billion for the past year ending March 2012, up from $66.4 billion in 2011.
In areas across the country, bidding wars are back. A recent Los Angeles Times article reports many housing markets have become much more competitive among would-be buyers.
According to an NAR analysis, the buyer’s market window is starting to shrink. Data from NAR surveys show houses are selling faster with less time on the market. These findings demonstrate a general balance between home buyers and sellers in much of the country.
According to the Federal Housing Administration’s first quarter report on Fannie Mae and Freddie Mac, the 12- month delinquency rate has returned to 2002 levels, meaning the percentage of people who’ve fallen behind on mortgages owned by those government-sponsored enterprises has declined considerably. This is great news for the housing market, but it seems current lending patterns aren’t adjusting to these trends.
Homeownership is one of the biggest investments people make in their lifetime. The desire to own is the primary reason for purchasing a slice of the American Dream among 60 percent of first-time buyers, according to the 2011 NAR Profile of Home Buyers and Sellers.