P. M. BRIEFING : Affordability Slips for Home Buyers
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<i> From Times wire services </i>
WASHINGTON — Increases in home prices and mortgage interest rates cut into home buyers’ purchasing power in January, the National Assn. of Realtors said today.
The realtors’ housing affordability index for January was 108, down from 111.2 in December. At 108, the index means a family earning the January median income of $32,207 had 108% of the income needed to qualify for a conventional loan covering 80% of a home priced at $91,500, the median price the association recorded for existing single-family homes in January.
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