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Mortgage Companies Raleigh NC - Home Affordability and how does it affect your Raleigh mortgage payments

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Mortgage Companies Raleigh NC have seen first hand the effects of home affordability in the Raleigh NC area. If you are considering buying a home in Raleigh and, like most people, require mortgage on your home, there is a great news for you: the Wall Street Journal conformed that home affordability returns to pre-bubble levels/

Your mortgage payment will be lower (you can find out what you can afford using our mortgage calculator on Raleigh homes).

Data provided by Moody’s Analytics track the ratio of median home prices to annual household incomes in 74 markets, including Raleigh NC. By that measure, housing affordability at the end of September had returned to or surpassed the average reached between 1989-2003 in 47 of those markets. Most economists believe the housing boom took off in 2003.

During the boom, lax lending and speculation pushed house-price inflation far beyond the modest rise in household income. Nationally, the ratio of home prices to annual household income reached a peak of 2.3 in late 2005. But by last September, it had fallen to 1.6, matching the lowest level in the 35 years the data have been collected and well below the historical average of 1.9 between 1989 and 2003.

“Based on incomes, this is as affordable as it gets,” said Mark Zandi, chief economist at Moody’s Analytics. “If you can get a loan, these are pretty good times to buy.”

But the bad news is that those price declines are leaving more borrowers underwater, or in homes worth less than the amount owed.

Nearly 27% of homeowners with a mortgage were underwater at the end of the fourth quarter, up from 23.2% in the previous quarter, according to data to be published Zillow, a real-estate website.

All in all mortgage affordability in Raleigh is at all times high and it makes sense to look into buying a new home in Raleigh NC, you should contact us. Mortgage Companies Raleigh NC are great source to check information related to home affordability.

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Edyta Rhodes has written 25 articles on Service 1st Mortgage

I am an experienced mortgage broker, Raleigh-based with access to top national lenders. I have over 10 years experience, so I know how to design your mortage loan to fit your overall financial picture. I guarantee to find the best mortgage rate for you. You can find out more about me on Google+ Or you can email me at erhodes@nc.rr.com

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