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Historically High Affordability A Major Factor In Housing Rebound This Year
I remember the last big real estate boom in the late 1970's. I bought 6 houses in 1979 on contract at 10% interest with 10-year balloons. The market started to tank in 1980 and I just thought it was a short term downturn, kind of like 2007, well just like today, it wasn't a short term correction. 10-years later when I sold the last one I had to take a note back from the seller for the short fall in the net sales price. Even thought the affordability seems good today, the author didn't take into account property taxes and insurance, which at least in Oregon have continued to increase even as housing values decreased. There is no way that affordability is the best as it's been in 33 years when you add in taxes and insurance. My property tax bill is more than my house payment use to be back in the 1980's, not adding the utility and garbage bill.
May 22, 2012. 05:20 AM
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