Monday Morning Cup of Coffee: Judge deals major blow to investors in GSE lawsuit

Monday Morning Cup of Coffee: Judge deals major blow to investors in GSE lawsuit

Fed mortgage stability monitoring nothing more than a myth?

This chart proves mortgage credit availability isn’t improving

Isn't get worse, either

Zillow: Top 10 markets to buy and sell your home now

California takes over one list
W S
Lending

It's California vs. the Nation in housing affordability

5 most affordable and unaffordable markets

San Francisco - Bridge
/ Print / Reprints /
| Share More
/ Text Size+

Although America has 50 states, when you look at housing affordability you can more effectively split the U.S. as California versus everyone else.

According to Freddie Mac’s latest U.S. Economic & Housing Outlook for February, Frank Nothaft, Freddie Mac vice president and chief economist, said, “Rising home prices and interest rates along with little-to-no income growth has resulted in a substantial erosion of homebuyer affordability over the past year.”

“Therefore, jobs and income growth are necessary for 2014 to turn in another gold-medal performance for the housing recovery," he added.

The enterprise included an interactive graphic showing housing affordability across America.

For this article's purpose, I followed the boundaries of a 4.29% mortgage rate, 10% down payment, 2.18% taxes and insurance, no change in expected income and no change in house price index. However, all of these elements are interchangeable.

So are you in an unaffordable market? If you live in California, or anywhere in the West coast, the answer is likely a yes.

Click below to access the 5 most affordable and unaffordable housing markets.

Recent Articles by Brena Swanson

Comments powered by Disqus