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by CareyBot

Declining home prices boosted affordability during the second quarter, reducing the risk of price declines in 28 of the 50 largest metropolitan areas, according to an analysis by PMI Mortgage Insurance Co. PMI said its U.S. Market Risk Index -- which takes into account economic factors like home-price appreciation and volatility, affordability and employment -- fell for the first time in 2 1/2 years during the second quarter. While that's an encouraging sign that housing markets are beginning to correct, it's not evidence that they've hit bottom. Scores in many areas remain elevated, and risk remains high nationwide, said Mark Milner, PMI's chief risk officer. "We have seen a significant slowdown in price appreciation nationwide, and appreciation has gone negative in some areas," Milner...