Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

The National Association of Realtors' (NAR) Housing Affordability Index reached a record high this January, at 206.1. January 2012 is the first month since the index's inception in 1970 that the index has hit or passed 200, the group announced this week.The index, calculated monthly by NAR, is built from the relationship among three data points: median home price, median family income, and average mortgage interest rate. The higher the index score, the greater the affordability.The index aims to measure the affordability of a median-priced, existing single-family home by a median-income-earning family. An index of 100 represents a family's ability to exactly afford such a home, with a 20 percent down payment and mortgage payments at 25 percent of the family's gross income.Late 2011 saw ...