If you’re in the market for a house, now’s the time to start shopping in earnest. Prices are ridiculously low, and-if you could find a bank actually willing and able to offer a loan-you could possibly get the house of your dreams for a song.
According to the recently released National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI) for the third quarter, “the number of potential home buyers nationwide who can afford to buy new and existing homes has reached the highest level in more than four years.”
“If there is a silver lining to this crisis, it would be that some housing markets have become more affordable with a larger inventory to choose from,” said Sandy Dunn, NAHB chairman. “But this is undeniably a crisis and Congress needs to act on housing stimulus to get the market moving again.”
Indianapolis, Ind., and Youngstown, Ohio, were the two most affordable major housing markets in the third quarter, while the New York-White Plains-Wayne, N.Y.-N.J. area was at the bottom of the scale.