Mortgage payments 40% lower than at market peak

According to the latest Fiserv Case-Shiller index, the median mortgage payment for a single-family home is 40 percent lower today than it was at the market peak in 2006 — $700 per month compared to $1,140 just a few years ago.

Further, Fiserv predicts that housing prices will decline another 3.6 percent in the first part of 2012 before rebounding 2.4% in the second half of the year. (How it can be that specific is hard to guess.) This pushes back the firm’s predicted recovery time; its August report predicted “a broad-based recovery for housing that will begin in early 2012.”

Another result of the new mortgage math is that the ratio of a typical family’s monthly mortgage payment its income is the lowest on record.

Click here to read the details from Fiserv, and click here for more information about the indices.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
This entry was posted in The Buzz. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *