Stanislaus County Sees Jump in Housing Affordability Rating By Andrew Katakis
October 5, 2012 § Leave a comment
In an unexpected benefit to the housing slump affecting the real estate market, Stanislaus County now ranks among the nation’s top-20 metropolitan areas in terms of housing affordability.
According to a recent report in the Modesto Bee, median home prices stood at $129,000 at the beginning of 2012. As a result, more than 90 percent of the homes sold in the region qualify as “affordable” for middle-income families.
The real estate market continues to move through a correction. However, several promising signs present hope for improvement. These include slower rates of foreclosure and an unemployment rate that appears to have stabilized. In addition, figures reported by DataQuick show an increase in sales during the first six months of 2012 as compared to the previous year.
Lower mortgage payments represent another promising sign for future sales. At $893 a month, the typical payment stands at its lowest point since 1988, when adjusted for inflation.
About Andrew Katakis: A native of Turlock, California, Andrew Katakis brings more than 20 years of real estate expertise to his service on behalf of the communities of Stanislaus County and beyond.