The Joint Center for Housing Studies of Harvard University released a report of the state of home affordability. Households making between $45,000 and $60,000 suffered the greatest cost burden. Home values, especially in middle-class and minority neighborhoods, continue to fall with at least fifteen percent of properties that are worth less than the mortgages they secure. While the overall picture appears to be improving, with a two percentage point drop in delinquent loans in 2011, there are definitely pockets across the country that continue to fall into severe-cost burden as jobs in these communities are not recovering and incomes continue to decline.
Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.
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