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"With interest rates at seven-year lows, families are finding affordability conditions ideal for purchasing their first home or moving up to a larger, more expensive home," Mr. Crellin said.
"Given the rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs," the group's chief economist, Lawrence Yun, said in a statement.
Sales of existing homes rose again in April with buyers motivated by the government tax credit, improving consumer confidence and favorable affordability conditions, according to the National Association of Realtors.
Yet here was Lawrence Yun, the association's chief economist, trying to turn lemons into lemonade: "Given the rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs," he said in a news release.
When automakers report U.S. auto sales next Tuesday, the numbers are expected to once again be negative amid fluctuating consumer confidence, the threat of import tariffs and worsening affordability conditions.
"Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery," Yun said.
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As living conditions, affordability and stability in privately rented homes continue to worsen, we are likely to see more people in the private rented sector request long-term, affordable social homes.
The cost of treatment and affordability of four conditions is shown in Figure 4.
Rafael E. Cestero, the city's housing commissioner, said that mortgages of many of the affordable rental buildings built in the 1980s were coming due, giving the city a chance to issue new ones with long-term affordability as a condition.
"The BBA data graphically highlight that housing market activity continues to be throttled by stretched affordability and tight lending conditions.
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