Housing affordability is the best it has been in 38 years, and the monthly cost of homeownership has fallen 43% from the peak in this housing cycle, according to research released this week by Real Estate Consulting.
"Once the word gets out that homeownership is less expensive than renting, which is now also true in 54 of the 88 markets where we track this information, we expect buying activity to increase substantially (even in a horrible economy)," the firm said in a newsletter sent out this week. The firm's clients include home builders, developers, lenders, equity investors and product manufacturers.
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