Homes are biggest bargain since 2004

Wednesday, May 28th, 2008 | Investment, Money, Real Estate

Falling prices opened up home buying for many more Americans.

By Les Christie, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) — With prices crashing around the nation, home price affordability has improved dramatically in many U.S. cities.

As a result, 53.8% of all new and existing homes sold nationwide during the first three months of 2008 were affordable to families earning the median household income of $61,500, according to the latest Housing Opportunity Index released Tuesday by Wells Fargo and the National Association of Home Builders (NAHB).More .

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