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Old 05-22-2009, 11:01 AM
 
12,656 posts, read 20,095,663 times
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Alabama homes get more affordable, UAH study finds


Saturday, May 16, 2009 By GINA HANNAH
Times Business Writer gina.hannah@htimes.com

Alabama home prices, including those in Madison County, are more affordable than ever, according to a University of Alabama study released Friday.
The Alabama Housing Affordability Index for the first quarter reached 210.4, the highest number on record, according to the study.
The affordability index is defined as the ratio between a market's median income and the median home-selling price. An index of 100 means a family earning the median income has just enough money to qualify for a loan for that market's median-priced house.

Alabama homes get more affordable, UAH study finds - al.com
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Old 05-22-2009, 11:06 AM
 
Location: Las Flores, Orange County, CA
26,342 posts, read 88,903,342 times
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For current homeowners, is this bad news (housing values are going down), or is it good news (we are making more money)?

I think it is bad news from the data source referenced in the report.
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Old 05-22-2009, 11:19 AM
 
86 posts, read 175,329 times
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Looks like the formula's calculations benefited from various inputs all the way around, no wonder its at record levels (from the link):

"The increase was a result of falling interest rates, a drop in median home prices and an increase in median income for Alabama residents"
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Old 05-22-2009, 12:31 PM
 
7,459 posts, read 10,863,783 times
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Quote:
Originally Posted by A&M Bulldawg View Post
Alabama homes get more affordable, UAH study finds


Saturday, May 16, 2009 By GINA HANNAH
Times Business Writer gina.hannah@htimes.com

Alabama home prices, including those in Madison County, are more affordable than ever, according to a University of Alabama study released Friday.
The Alabama Housing Affordability Index for the first quarter reached 210.4, the highest number on record, according to the study.
The affordability index is defined as the ratio between a market's median income and the median home-selling price. An index of 100 means a family earning the median income has just enough money to qualify for a loan for that market's median-priced house.

Alabama homes get more affordable, UAH study finds - al.com
Does this apply to the Blacks only?
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Old 05-22-2009, 02:41 PM
 
17 posts, read 47,741 times
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Quote:
Originally Posted by HB2HSV View Post
Does this apply to the Blacks only?
Nope "white flight" took care of that years ago, but thanks for playing.
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Old 05-23-2009, 05:50 PM
 
298 posts, read 676,854 times
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I've always heard that your house should be 2-3 times your income, so according the the income listed in that article, the average Huntsville family should buy a house in the $134 - $200K range. For first time home buyers and people who took a loss on a house elsewhere the news about home prices sounds pretty good. For current homeowners, I think the good news is you haven't lost nearly as much equity as people in many other places.
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Old 05-23-2009, 06:09 PM
 
Location: Las Flores, Orange County, CA
26,342 posts, read 88,903,342 times
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Quote:
Originally Posted by HSVbulldawg View Post
you haven't lost nearly as much equity as people in many other places.
Here's a great example, from Ladera Ranch in South Orange County, CA:

This poor guy bought this home for $1.3M in 2004;
Now he's selling it for $800K:

24 Winslow St, Ladera Ranch, CA 92694 | MLS# S550961

(By the way, please take note NAMLS; the address, square footage, and recent sales' data are made available.)

Last edited by Charles; 05-23-2009 at 06:19 PM..
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Old 05-23-2009, 06:24 PM
 
298 posts, read 676,854 times
Reputation: 181
Quote:
Originally Posted by Charles View Post
Here's a great example, from Ladera Ranch in South Orange County, CA:

This poor guy bought this home for $1.3M in 2004;
Now he's selling it for $800K:

24 Winslow St, Ladera Ranch, CA 92694 | MLS# S550961

(By the way, please take note NAMLS; the address, square footage, and recent sales' data are made available.)
That is painful just to read about. We need the hunstville mls to include data like that. I wonder what it would take to get that info here on the public listings.
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Old 05-23-2009, 06:55 PM
 
Location: Las Flores, Orange County, CA
26,342 posts, read 88,903,342 times
Reputation: 17697
Quote:
Originally Posted by HSVbulldawg View Post
That is painful just to read about. We need the hunstville mls to include data like that. I wonder what it would take to get that info here on the public listings.

My understanding is the NAMLS (North Alabama MLS) voted to not include these data. Information is power. Those with the information have the power.
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Old 05-26-2009, 12:28 PM
 
Location: Madison, Alabama
956 posts, read 2,362,288 times
Reputation: 276
If I remember correctly, we are voting on that issue again in late summer? We are such an internet driven society, and with a large majority of our population being "techie", I was surprised when so many voted "no". Keep your fingers crossed that it passes next time!
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