Indy Again Named Most Affordable Market 

On Nov. 27, the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released its third quarter 2007 findings naming Indianapolis the most affordable major market for the ninth consecutive time. Meanwhile, nationwide housing affordability rose on a year-over-year basis but was down slightly for the quarter due to higher mortgage rates.

According to the index, 87.5 percent of homes sold in Indianapolis in the third quarter were affordable to families earning the area's median household income of $63,800. One smaller metro market (fewer than 500,000 people) outranked all others in terms of housing affordability during the third quarter. This was Kokomo, Indiana, where 90.5 percent of all homes sold in the period were affordable to families earning that area's median household income of $59,700. Click here for more detail.

 

Indianapolis Ripe For A Rebound 

According to Business 2.0 Magazine, Indianapolis is ripe for a rebound in the near future.  The magazine in conjunction with Moody's Economy.com identified 10 markets that are expected to make turn around after a market slowdown.  Indianapolis ranked the second most likely to rebound with an anticipated 6.3 percent growth between 2008-09. The rankings were based on median sales price of single family homes and the anticipated percentage growth over a two year period.  The full list includes: 

 

1. Dallas Fort Worth - 6.4% / 2. Indianapolis - 6.3% / 3. New Orleans - 5.7% / 4. Atlanta - 5.6% / 5. Montgomery, Ala - 5.5 / 6. Memphis - 5.0% / 7. Mobile, Ala - 4.7% / 8. Austin, Texas - 4.7% / 9. Houston - 4.6% / 10. St. Louis - 4.0%.