Real Estate Advisor asked:


The price of housing is a major challenge in the United States. Some estimates note that more than 50% of the population cannot afford a median priced home. According to National Association of Home Builders (NAHB), of the total number of new and existing homes sold nationwide during the third quarter, only 40.4 percent were affordable for families earning the median U.S. income of $59,600.

But it is good news that housing affordability on the national level has not changed much in the third quarter in spite of a rise in the mortgage interest rates during the last quarter. This was because many markets saw a slight decrease in their home prices, which helped offset the rise in mortgage rates.

Indianapolis (Indiana) is the most affordable city for homes in America, based on the 2006 third quarter report of the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The city achieved this status for the fifth consecutive quarter.

Of the total number of housing units sold in Indianapolis during the third quarter, 86 percent of homes were priced at or below the U.S. median household income of $65,100. Homes in this metro area had a median sales price of $122,000, which is slightly higher from $120,000 of the previous quarter.

It is interesting to note that the most affordable U.S. cities for homes, condos and other real estate are largely from the northern industrial metro areas. The other larger cities that top the list for affordable homes in the third quarter after Indianapolis are Youngstown-Warren-Boardman (Ohio-Pennsylvania); Detroit-Livonia-Dearborn (Michigan); Buffalo-Niagara Falls (New York); and Grand Rapids and Wyoming (Michigan).

The report also lists the top seven smaller cities in America that have the most affordable housing markets. These are: Bay City in Michigan, Springfield in Ohio, Mansfield in Ohio, Lansing-East Lansing in Michigan, Lima in Ohio, Battle Creek in Michigan and Canton-Massillon in Ohio.

For both major metros and small metros, many of the least affordable cities are located in California. The least affordable major metro areas are Santa Ana-Anaheim-Irvine, Modesto, Stockton, and San Diego-Carlsbad-San Marcos, in that order. The least affordable smaller metros (less than 500,000 people) include: Salinas, Merced, Madera, Napa, and Santa Barbara-Santa Maria.

The good news for homebuyers is that there are many affordable cities in the United States. Moreover, even for cities that rated poorly for affordability, there may be some communities within the larger city that have affordable housing. For example, although the San Diego metro in California rated poorly overall for affordability, there are some communities in San Diego priced to meet the needs of lower-income home buyers. A good real estate agent can help you choose a community where you want to live based on your housing budget and needs.



Jessica

Real Estate Advisor asked:


COMMUNITY INFORMATION

Alpine is a community situated in the eastern region of San Diego County within the state of California. There are approximately 19,227 residents in this Zip code (91901) and 6,597 households. The median age of residents is 38.92 years.

TEMPERATURE

The temperature in Alpine is relatively moderate. The warmest time of year occurs in August during which temperatures reach an average high of 76°F. The coldest time of year occurs in January with average temperatures falling to 54°F.

HOME AND REAL ESTATE PRICES

The housing options in Alpine include single-family homes and properties, condominiums, townhouses, and apartments. The price of housing is as follows:

·One bedroom townhouse/condominium start in the low $200,000s.

·Two bedroom townhouse/condominium start in the low $200,000s.

·Three bedroom townhouse/condominium start in the mid $300,000s.

·Two bedroom single-family homes start in the mid $300,000s.

·Three bedroom single-family homes start in the mid $400,000s.

·Four bedroom single-family homes start in the high $500,000s.

REAL ESTATE MARKET TRENDS

As with most products and services in the United States, price shifts in the real estate industry are subject to the forces of supply and demand. Whether it’s a buyers market or a seller’s market, it is useful to evaluate home sales data for the most recent month available (June 2006), compared against the same period in the previous year (June 2005).

The median price of single-family homes in June 2006 was $597,500, which represents a 10.2% decline from the previous year. The number of homes sold in June 2006 was 17, which was down 37% from the previous year.

Homebuyers and home sellers should keep in mind that the data above is simply a snapshot in time. Therefore, the data must be evaluated over a longer duration to understand enduring market trends.



Rachel

Elizabeth Grant asked:


Buy to Let investment can yield a significant profit if undertaken in the right way at the right time and this is one of the reasons that Buy to Let investment has become increasingly popular in recent years. Low interest rates have made Buy to Let mortgages more affordable, and rental income has seemed more attractive than possible earnings on other investments. If you are thinking of investing in Buy to Let then why not have a look at some of our Buy to Let tips found below. Buy to Let Mortgage Tips

•The Application – One of the main differences you will come across when applying for a Buy to Let mortgage is that the mortgage lender will take into account the rental income you will receive as a result of the letting as well as your normal income. Some lenders will consider the rent money on its own whilst others will consider both the rental money and your salary. •Interest Rates – A Buy to Let mortgage may be more expensive than a standard mortgage. Generally Buy to Let mortgage rates have decreased as the amount of Buy to Let mortgages on the market have increased but on the whole the Buy to Let mortgage rates are still higher than the standard mortgage. •Deposit – Generally the amount of money required for the deposit on a Buy to Let mortgage is higher than with a standard residential one. On the whole the lenders will require a minimum of a 15% deposit. It is also worth noting that the more deposit you put down, the more competitive the proposed Buy to Let mortgage deal will be. •Rental Income – Many buy to Let mortgage lenders require that the projected rental income exceeds the mortgage payment by a minimum of 125%. This amount can sometimes go up as high as 150%. •Equity – If you already have a mortgage on the property that you are living in, and are considering taking out a Buy to Let mortgage on another property then it is worth bearing in mind that you may be able to free up some of the equity in your home to put down as a deposit on the property you are planning to let. It could be worth raising this with the mortgage broker you visit. •Profit – The biggest tip we can give you on how to ensure that you make the profit you require on your Buy to Let property is to regard the Buy to Let adventure as a long-term investment. If you are looking to make a quick buck then the Buy to Let market is not the one for you. •Tax Relief – Although there is no direct tax relief on a Buy to Let mortgage, you can offset interest payments on your mortgage against tax on rental income, along with other expenses such as agents’ fees and maintenance costs.



Mike

dzhu2005 asked:

For self employed people insured programs cmhc simplified or ges alternative equity programs the convential way with mainstream lenders.

The convential way with mainstream lenders.


Marilyn