“Our market is one of the better markets in the nation,” said US REO Partners member Fred Law, broker/owner at Law Real Estate, based in the Salt Lake City suburb of Draper, Utah. “We didn’t have the major downturn here. We have an excellent workforce and good economy.” Yet Law pointed out that while his market looks solid on the surface, there are fissures within that create grief.
“Our average home price has been around $235,000 to $240,000,” Law continued. “But many buyers cannot afford to pay that anymore. And rental values are rising here because a lot of people cannot qualify or get a loan.”
Rising rents are the proverbial fuel to the flames, according to Stan Humphries, chief economist at Zillow. To read the full article “Has Affordability left the Housing Market”? with National Professional Mortgage Magazine read http://nationalmortgageprofessional.com/news/52926/has-affordability-left-housing-market#.VQNf8Sh9Nsg.mailto