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Housing Affordability Improves In Nevada Co

Prices are still high, but housing affordability has improved in Nevada County. The California Association of Realtors says 40-percent of local households could afford to purchase the 402-thousand dollar median-priced home in the first quarter of this year. That compares to 35-percent in the last quarter of 2018 and 37-percent a year ago. Teresa Dietrich, with the local association of realtors, says inventory has improved to over 500 homes, including more in the “affordable” category…

click to listen to Teresa Dietrich

Dietrich says it also appears that economic conditions have improved for many county residents…

click to listen to Teresa Dietrich

Dietrich also cites low interest rates and better loan packages available. The California Association of Realtors says a minimum annual income of 84-thousand-700 dollars was needed, in the first quarter, to make monthly payments of two-thousand-530 dollars, including principal, interest, and taxes, on a 30-year fixed-rate mortgage at a four-point-62 percent interest rate.

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