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Report: Affordable Housing Markets Stabilizing

WASHINGTON, DC-Advocates warn that the industry and administration need to leverage price stabilization to ensure long-term affordability.

By Erika Morphy | Updated on August 07, 2009

WASHINGTON, DC-Housing markets in many cities are stabilizing, positioning the country for potential long-term housing affordability, according to a new report by the National Low Income Housing Coalition and the Center for Economic and Policy Research. The report also cautions that there are many pitfalls to this ideal story ending.

For starters, the economic downturn could worsen or last longer than expected, further eroding incomes. Also, it may be that policy makers and the market do not take advantage of stabilizing conditions to prepare for long-term affordability–a key factor in this analysis, NLICH analyst and report co-author Danilo Pelletiere, tells GlobeSt.com.

“Home prices have been falling and rents have remained stable, so it is not surprising that the two are on track to converge and we will be back–in terms of affordability–to where we were before the bubble.”

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