As home prices and mortgage interest rates rise, potential homebuyers are finding that fewer homes are within their financial grasp, prompting parallels to the most recent housing bubble. A study by real estate portal Zillow has found that, for a full one-third of homes for sale nationwide in the fourth quarter, buyers would pay a larger percentage of their income toward a mortgage than in the pre-bubble era. Zillow analyzed fourth-quarter income, mortgage and home value data. The company measured affordability by comparing how the share of an area's median household income needed to cover the mortgage payment of a median-priced area home in the fourth quarter measured relative to the income-share needed to make a mortgage payment on a median-priced home in the same area between th...
Markets & Economy
Feb 20, 2014 by Teke Wiggin
Nov 14, 2013 by Andrea V. Brambila
Feb 11, 2014 by Teke Wiggin