Time To Buy. Monthly Mortgage Payments Almost 40% Cheaper Than 2006

November 20th, 2011

Perhaps it is time to find your NEW home at The Islands at Riverlake in Sacramento. If you are considering a purchase, now may be the best time to buy.

UCLA Anderson Economists forecast home prices on the rise up 52% in 2017 {Read the full article}

Housing affordability improved dramatically because of declines in both prices and mortgage interest rates, according to David Stiff, chief economist at Fiserv. “The monthly mortgage payment for a median-priced single-family home is now $700, compared to $1,140 in 2006 — a decline of nearly 40%,” he said in comments on the latest release from Fiserv. Home prices in the U.S. will decline 3.6% into mid-2012 and then rebound 2.4% in second half 2012 through the first half 2013, according to Fiserv Case-Shiller projections.

Price declines and low mortgage rates have resulted in a ratio of monthly mortgage payments to median family income that is the lowest on record based on Fiserv analytics.

Housing affordability improved dramatically because of declines in both prices and mortgage interest rates, according to David Stiff, chief economist at Fiserv (FISV: 57.13 +0.46%). “The monthly mortgage payment for a median-priced single-family home is now $700, compared to $1,140 in 2006 — a decline of nearly 40%,” he said in comments on the latest release from Fiserv.

Home prices in the U.S. will decline 3.6% into mid-2012 and then rebound 2.4% in second half 2012 through the first half 2013, according to Fiserv Case-Shiller projections.Fiserv’s indices look at home price trends in 384 U.S. markets. Prices fell in 340 markets, with 302 of them hitting new lows in the second quarter.

The National Association of Realtors found a similar trend. On Wednesday, the trade group revealed that the median price on existing home sales fell in most of the 150 metropolitan areas surveyed by the organization in the third quarter.

Price declines and low mortgage rates have resulted in a ratio of monthly mortgage payments to median family income that is the lowest on record based on Fiserv analytics. Stiff said national purchase mortgage payments now account for only 13% of monthly median family income, down from 23% in the first quarter of 2006, and the lowest percentage since 1971!  Source: Housing Wire, Justin T. Hilley | November 9, 2011 {Read the full article}

The Islands makes it easy to own a new home in the Greenhaven/Pocket neighborhood! Our location is highly desirable and offers the some of the best schools, culture, and proximity to employment in the Sacramento area.  The homes feature dramatic floor plans, stunning architecture and dazzling sunsets. And as a Riverlake resident, you will receive all the amenities of this mature, quiet lakeside community, including lake and clubhouse access.

Contact Christopher at the Sales Center for details.

The Islands at Riverlake
8002 Linda Isle Lane
Sacramento, CA 95831
Phone: (916) 422-2202

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