CNBC spoke with Hovnanian President Ara Hovnanian about the state of U.S. home prices.
- 0:35 The beginning of the year had a significant rally for housing, but with the tax credit expiring and other bad news we slowed. Now the market is seeing new strengthening.
- 1:30 Affordability for homes on 30 year mortgages has never been better, with mortgage rates at 4.375%.
- 2:25 If you qualify for a FHA mortgage, you might only have a 3.5% down payment on a home of $700,000 in the most expensive markets.
- 2:40 It would be irresponsible to raise down payments now with the market so bad, but credit checks are more stringent than ever.
- 3:50 Home prices have held up in the past few months, even though buyers have been nervous to enter the market.
Business Insider Emails & Alerts
Site highlights each day to your inbox.