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US Housing Affordability is Decent, Just Not in California
Friday, August 14, 2015
The affordability of homeownership dipped modestly in the
second quarter according to the National Association of Home Builders/Wells
Fargo Housing Opportunity Index (HOI). The
index edged down by 3.3 percentage points from the first quarter to 63.2.
The HOI is based on the percentage of homes sold during the
relevant period that are affordable to median-income earners. The current reading indicates that between
the beginning of April and the end of June 63.2 percent of new and existing
homes that sold could be considered affordable.
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