Housing affordability reaches 70.1 in third quarter …

Housing affordability stood at 70.1 percent nationwide in the third quarter, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released last week.

The HOI showed that 70.1 percent of all new and existing homes sold in the third quarter of 2009 were affordable to families earning the national median income of $64,000, down slightly from a near-record 72.3 percent during the previous quarter and up from 56.1 percent during the third quarter of 2008.

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