Affordability Index says now is the time to buy

While some economists believe that further declines will happen many feel that the residential real estate market will be one of the first sectors to recover from the recession.  With record foreclosure rates forcing prices down and mortgage interest rates as low as ever homeownership is more affordable than ever before.  With prices falling new housing starts have fallen even further.  In Staten Island, Brooklyn and Queens the number of new building permits issued has fallen 50-70%.  In Manhattan dozens of new projects are being abandoned as developers wait for a sign that the market for luxury housing will improve.  With new housing stats falling once the current inventory is exhausted the normal rules of supply and demand will lead to an increase in market prices as the number of available new units will be way down.  Many defaulting homeowners were themselves first time homebuyers trying to get into starter homes.  Many of these homeowners were not as knowledgeable as they could have been and were more likely to underestimate the true consequences of sub prime loans with variable rates.  The National Board of Realtors affordability index is at an all time high.

Steven T. Decker is an experienced real estate lawyer, author and speaker. With over 20 years of experience, Steven represents individuals and investors in the purchase of residential and commercial real property. Steven is the author of "The Five Myths that can Ruin the Purchase of Your Home" and he is the publisher of the "New York Real Estate Law Blog". If you are buying or selling a home or commercial property in Staten Island, New York City or New Jersey contact Steven T. Decker, Esq. to discuss the services that he offers and how his legal representation will assist you.

IMPORTANT DISCLAIMER: The information contained on this website is provided for general educational purposes only, should not be relied on as legal advice and does not serve to create an attorney client relationship. In utilizing this website you acknowledge that there is no attorney client relationship between you and Steven T. Decker, Esq. and that the information contained on this site does not and cannot serve as a replacement for the competent legal advice of a licensed attorney in your state. The content of this website is subject to the Copyright of its author, Steven T. Decker, Esq.
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