7 On Your Side
Home buying becomes more affordable
Buying a home is now more affordable than it has been in 20 years. Mortgage rates are down and salaries are up.
A report out on Thursday says more Americans can afford to buy homes now than in the past two decades. Nationwide, home prices are down 36 percent since their peak in 2006.
Mortgage rates fell to another record low of 3.79 percent this week and median incomes are actually up 10 percent.
Put it all together, it means more folks with average salaries can afford to buy a house. In the Bay Area, it's a little tougher. Home prices in April were 8.3 percent higher than last year.
housing market, 7 on your side, michael finney
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