At least with the wave of foreclosures and declining home values, things are looking good for prospective home buyers. According to the New York Times, the Housing Affordability Index is at its highest level since data was first collected in 1971. For you math and economics junkies, the index stands at 158.8, meaning “a family earning the median income has 158.8 percent of the income needed to qualify for a mortgage on a median-priced home.” You can see a graph of the Housing Affordability Index standings over the years at the original article.

Credit: New York Times article