Mortgage Payments Nearly Halved since 2006

NationalMortgageNews has informed FiServ chief economist David Stiff says actual improvement in housing prices is still a year away, when he expects prices to rise four percent. The Fiserv Case-Shiller house price index indicates prices will fall 2.7 percent through the third quarter 2012. Meanwhile, buying a home has become more affordable: Since the boom days of house prices in 2006, the monthly mortgage for a median-priced home has fallen 45 percent to $640. “Mortgage payments now account for 14% of monthly median family income, as households made more progress in repairing their balance sheets,” Stiff said.

(Graphic/photo credit: moneycontrol)

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