Housing affordability: 1 in 3 aren't! (Chart)

Housing affordability: 1 in 3 aren't! (Chart)

Written by Michael Haltman Posted On Friday, 04 April 2014 05:12

From the Hallmark Abstract Service, New York blog.

As housing continues to heal from the financial crisis that had devastated real estate markets around the country, the question then becomes whether at some timewe reach a point where affordability becomes an issue!

We recently wrote an article here that had provided an interactive chart of the stability of housing markets on a state by state basis and, truth be told, the results were not stellar with only 11 stable and the rest in varying degrees of instability (How stable is your state’s housing market? (Interactive Chart).

So given the fact that in many cases the improvement in housing sales and prices may have been due to cash investors as opposed to buyers looking for a long-term place to live, at what point do non-investment fund buyers simply get priced out?

And, to make matters worse, a fact compounding the affordability problem at some point will be a move up in mortgage rates when Fed easing in the form of QE officially comes to an end.

So what is the deal with home affordability? This chart is from an article at HousingWire on the subject titled ’1 in 3 homes is unaffordable and a bubble is forming’ may help to clarity things!

But, at the same time, the data is not definitive as evidenced by the New York market which states that 41.8% of the homes are unaffordable by historic standards while the % of monthly income that needs to be devoted to housing is well below historic norms!

Home Affordability!

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Michael Haltman

Hallmark Abstract Service provides title insurance for both residential and commercial real estate transactions in New York State.

Hallmark Abstract President Michael Haltman is also extremely involved with the combat veterans 501(c)(3) Heroes To Heroes Foundation, serving as the Board Chair.

Hallmark Abstract Service

In 2008 we opened our doors focused on two primary goals:

Number one was to be a title insurance company that would provide clients with a superior finished product that completely protects their interests for what will likely be one of the largest transactions of their lifetime.

Number two was to insure that the experience of working with Hallmark Abstract Service was as easy and seamless as possible for all parties involved in the transaction!

From the number of satisfied clients who come back to Hallmark Abstract Service time after time for their title insurance needs, the evidence bears out that we have accomplished these two goals in the past and will maintain our client centric focus far into the future!

Michael Haltman

Post 1984 MBA in Finance from the State University of New York at Albany that concentrated on the tax-exempt market, Michael became a municipal bond analyst at Shearson/Lehman Brothers tasked with following general obligation issuers on the city and state level as well as housing bonds secured by mortgage pools.

This experience at Shearson/Lehman Brothers followed by stints at PaineWebber and Citigroup provided a broad framework and understanding of the real estate and mortgage markets.

As CEO of Exeter Commercial which underwrote and funded commercial mortgage loans as a correspondent lender, title insurance played a critical role in both the underwriting and closing process.

In 2008 recognizing both an opportunity and need, Hallmark Abstract Service was born.

www.hallmarkabstractllc.com

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