Some banking professionals are blaming the unemployment rate for this record high. It was also revealed that most of the loans in foreclosure right now are prime fixed rate mortgages.
Most analysts and home builders aren't making too much of the new numbers because they believe that the market goes in and out of season and they think that we will pull out of this "slump".
On a lighter note, homes are at their most affordable in years. CNN Money states that the median income of families is about $64,000 per year and that if Americans used 28% of their income on housing they could afford 70% of the homes on the market in the third quarter. This is great news for those that just assumed they would never be able to afford a home. Last year at this same time only 56%.
If you are looking to relocate and think you may be interested in the Southern Utah area, we have many great values! Contact us today for more information!
