On Thursday February 18, 2010, 5:31 pm EST
In any aspect of home repairing the article below hit the press this week and regardless of flooring, plumbing, siding or cabinetry in today”s market the new rich will overcome all the economic woe’s to live the life that we are all supposed to live. Get your DIY tip today and save again for that sunny day that’s just on the horizon.
The real estate crisis has gutted house prices, tipped millions into foreclosure, and rattled the global economy to its core. But for many would-be home buyers, the historic boom and bust have been a blessing in disguise. During the first half of the previous decade, easy credit and speculative excitement worked to make houses increasingly expensive. By the fourth quarter of 2005, median home prices had reached 2.77 times median household incomes. That is sharply higher than the 1.92 average of the 15 years ending in 2003 and too expensive for many families. But the subsequent crash in home prices–values have fallen roughly 30 percent at the national level from their 2006 peaks–has helped restore affordability to this once inflated market. By the third quarter of 2009, the price-to-income ratio–a key measure of housing affordability–had fallen below its 15-year average, to 1.84 for the nation as a whole.