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» VISIT US ONLINE @ DSNEWS.COM 89 IN THE NEWS Despite Rising Home Prices, Housing Still Affordable ProTeck Valuation Services released its May Home Value Forecast (HVF), which detailed affordability indexes for Houston and Miami. e report found that although home prices have been rising steadily, hous- ing is still very affordable when considered on historical terms. ProTeck derives its affordability index by looking at the median income for a particular area as a ratio to the mortgage payment need- ed to purchase a median-priced home. An index score of above 100 reflects a household as earning the median income and with more than enough income to afford the mortgage for a median-priced home. Lower scores suggest more income is needed to cover mortgage expenses. "Although home prices have been rising steadily this past year, housing is still very affordable in historical terms," said Tom O'Grady, CEO. "Most markets still have a way to go to reach their previous peak. With some modest improvement in employment and still historically low mortgage rates, housing as a whole is affordable. e real problem for many potential homebuyers is other debt such as student loans for first-time buyers and tight credit." e company noted that Miami's afford- ability index is currently holding steady at 140. When prices peaked in Miami in 2007, the affordability index reached a low of 58, eventually rising to a peak of more than 160. "On the other hand, Houston, histori- cally very affordable, did not see the bubble of many other markets and with strong employment, housing has seen prices increase leading to a downturn in affordability," O'Grady said. He continued, "Over the last year, the affordability index went from 245 to 200, still very affordable—but some markets in good commuting distance to downtown have seen an even more dramatic increase in home values and a correlating drop in affordability." e company also released its analysis of the best and worst performing metros in the nation. For single-family home markets, top metros include Los Angeles-Long Beach- Glendale, California; Sacramento-Roseville- Tennessee RANK: 37 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate MAY 2014 3.22% 0.89% 6.6% YEAR AGO 3.35% 1.31% 8.4% YEAR-OVER-YEAR CHANGE -4.0% -31.9% -1.8% Top County HOUSTON COUNTY 90+ Day Foreclosure Delinquency Rate Rate MAY 2014 2.75% 2.62% YEAR AGO 2.33% 1.84% YEAR-OVER-YEAR CHANGE 18.3% 42.4% Top Core-Based Statistical Area MCMINNVILLE, TN 90+ Day Foreclosure Delinquency Rate Rate MAY 2014 3.58% 1.69% YEAR AGO 4.06% 1.95% YEAR-OVER-YEAR CHANGE -11.8% -13.3% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the May 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary May 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Tennessee All Stars Realty 2857 Shelby Street, Bartlett, TN 38134 901-674-7653 cell 901-387-1199 offi ce 901-432-5445 fax ritadriver1@gmail.com www.driverteam.net Rita Driver President – Principal Broker Texas RANK: 41 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate MAY 2014 2.18% 0.74% 5.1% YEAR AGO 2.16% 1.19% 6.4% YEAR-OVER-YEAR CHANGE 1.0% -37.9% -1.3% Top County HOUSTON COUNTY 90+ Day Foreclosure Delinquency Rate Rate MAY 2014 2.75% 2.62% YEAR AGO 2.33% 1.84% YEAR-OVER-YEAR CHANGE 18.3% 42.4% Top Core-Based Statistical Area SULPHUR SPRINGS, TX 90+ Day Foreclosure Delinquency Rate Rate MAY 2014 2.55% 2.06% YEAR AGO 2.33% 1.94% YEAR-OVER-YEAR CHANGE 9.1% 6.4% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the May 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary May 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Ruben M. Peña TC AUSTIN RESIDENTIAL GROUP, LLC 12950 Country Pkwy Suite 180 San Antonio, TX 78216 210.490.3948 ext. 1002 Offi ce 210.424.0420 Fax 210.710.2612 Cell www.tcaustinres.com Knowledge & Experience You Can Count On Percentage of Nashville homes built in the 1970s. Source: Trulia STAT INSIGHT 19.56%