Aurthor: Washington, March 06, 2012 Housing affordability conditions have reached the highest level since record keeping began in 1970, according to the National Association of Realtors®. NAR’s Housing Affordability Index rose to a record high 206.1 in January, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power. An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent down payment and 25 percent of gross income devoted to mortgage principal and interest payments. For first-time buyers making small down payments, the affordability levels are relatively lower. NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said this latest data underscores buyer opportunities in today’s market. “T...

The Home Ownership Resource Center is in a new, high-profile location in Fort Myers as it braces for a major reworking of the programs designed to save people from foreclosure. Formerly in four locations scattered around Lee County, the private, nonprofit agency moved two weeks ago into space it leases in the Fifth Third Bank building on Colonial Boulevard just west of Metro Parkway. Executive director Eddie Felton said the consolidation will let him operate more efficiently as the state prepares to roll out revised federal programs that will let more people qualify for help with foreclosure issues. Under the old setup, “My operations budget was killing me,” Felton said. “I feel really blessed” to have the new location. If the U.S. Treasury Department approves the state’s proposed revisions for the federal programs administered by the state, the changes will go into effect mid-June, said Cecka Rose Green, communications director for Florida Housing. Felton said the one he’s m...

June 1 marks the first day of the 2012 Atlantic hurricane season. And if Congress does not act, it could also be the day that millions of homeowners, renters, and businesses learn the hard way their property is not insured against the devastating floods that often follow a hurricane. But it's not just people who live in states affected by hurricanes who should be nervous. Flooding is one of the most common forms of natural disaster and affects nearly every region of the country—from the aftermath of blizzards in the Northeast, hurricanes along the Gulf Coast, river surges in the Midwest, or tsunamis on the West coast. What does this have to do with Congress? On May 31, the National Flood Insurance Program is set to expire. Congress established the program in 1968, as flood damage is not covered under a standard homeowners policy. Today the program provides federal flood protection to more than 5.6 million individuals and businesses across the nation, in more than 20,000 commun...