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Share of “Affordable” Homes Falls to 10-Year Low

Housing affordability crept down again in the third quarter of 2018 reaching, according to the National Association of Home Builders (NAHB), a ten-year low.  The NAHB/Wells Fargo Housing Opportunity Index (HOI) indicates that 56.4 percent of new and existing homes that were sold nationwide during the quarter were affordable to families earning the U.S. median income of $71,000.  In the second quarter 57.1 percent of homes were affordable by this measure.  Affordability, according to the 2nd quarter reading, is the lowest since mid-2008.

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