Article: Low Mortgage Rates Keep Homes Affordable in Scottsdale, Ariz., Area.

By Michelle Swafford, The Tribune, Mesa, Ariz. Knight Ridder/Tribune Business News

Mar. 8--Scottsdale and East Valley home prices continued to escalate in 2002, but record-low mortgage rates are keeping homes affordable in most communities.

The Arizona Real Estate Center at Arizona State University recently released its affordability index, which shows how affordable homes are based on home prices and income levels. The Valley's affordability index remained at 124 for existing-homes in 2002. A household earning the median income could afford to purchase a median-priced home in an area if the index is at 100. Anything below 100 means the median ...

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