[IMG]http://simplefeed.consumerreports.org/rsrc/i/1/_/by_the_numbers_housing_affordability_index_hits__6 81779913/4.gif?f=3dcb3160-01dc-11dc-32a2-0019bbc55f7f&s=AewyNia7NTvDvhaDemju5DEsbnVsbCwwLDA *[/IMG] By the Numbers: Housing Affordability Index hits record high. Should you dive in to the market?

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Level of the National Association of Realtor's Housing Affordability Index in February, up almost 1 point from January and more than 36.3 points from last February. The NAR says the index, which gauges affordability using home prices, mortgage-interest rates, and income, is the highest since it started tracking this information in 1970. The national median price of a home nationwide in February was $164,600, down from the July 2006 peak of $230,100.

According to the NAR, a family, earning ,700 a year could now afford a 5,000 home?up from 5,000 last year?assuming a 20 percent down payment and 25 percent of gross income going toward the principal and interest on the mortgage.


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