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| Greg Smith |
IRVINE, CA –— ATTOM
Data Solutions, the nation’s leading source for comprehensive housing data and
the new parent company of RealtyTrac, released its Q3 2016 Home Affordability
Index, which shows that 24 percent of U.S. county housing markets were less
affordable than their historic affordability averages in the third quarter, up
from 22 percent of markets in the previous quarter and up from 19 percent of markets
a year ago to the highest share of since Q3 2009 — when 47 percent of markets
were less affordable than their historic affordability averages.
The report analyzed median
home prices derived from publicly recorded sales deed data collected by ATTOM
Data Solutions and average wage data from the U.S. Bureau of Labor Statistics
in 414 U.S. counties with a combined population of more than 203 million.
“Affordability is always a challenge for buyers and with the recent appreciation we have been experiencing we are seeing a gap in the entry-level market that in past markets was met by attached dwellings (condos),” said Greg Smith, owner/broker at RE/MAX Alliance, covering the Denver market, where all five counties included in the report were less affordable than their historic norms.
Smith noted that the state’s condo-defect law has hobbled new construction of condos during the housing recovery.
“As a result of builder's risk and some predatory practices of attorneys, builders do not feel comfortable providing this product and as a result many first time buyers are finding it hard to enter the market, which can cause some ripples across the market as a whole.”
The report also breaks out
county-level closing costs, using settlement service rates, transfer taxes and
recording fees by ClosingCorp (see full methodology below).
For a complete copy of the company’s news
release, please contact:
Jennifer von Pohlmann
949.502.8300, ext. 139
