What's Affordable?

A recent Wall Street Journal headline warned: Housing Affordability Hits 14-Year Low. But a closer look shows that some second home markets-- such as Santa Fe, NM, Medford, OR, St. George, UT and Phoenix, AZ still have homes close to the 100 % mark -- the level at which a family earning the median income can afford the median-priced home "based on traditional lending standards." What's more the report says creative mortgages and historically low rates mean many still have ways to join homeowners' ranks.