PMI Mortgage Insurance economists have stated that home prices in 35 states have over-corrected into very affordable price ranges. Income and home prices should grow at relatively similar rates, thus experts find disposable income to be a reasonable measure of home affordability. Referencing that disposable income measure, Colorado and 18 other states' home prices were found to have remained inline with disposable income. Even as home sales are predicted to increase, home prices overall are likely to see little change in 2011 as the Fed is unlikely to increase rates this year.
CBS Evening News ran a story tonight discussing the state of the US home market on this topic.
VIDEO OF INTEREST:
[Housing market, mortgage rates, home prices, home sales]
by Rebecca Jarvis & Erica Hill
CBS EVENING NEWS
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