The above graph tracks the monthly mortgage payment assuming the median new home price and the Freddie 30 year mortgage rate.
March, 2009: home price $209,700; rate 4.81%; payment $1,101.49
April, 2009: rate 4.86%; to keep the same payment, price needed to drop to $208,500 (data released shortly)
May, 2009: rate 5.29%: to keep the same payment, price needed to drop to $198,600
That would be a 4.75% price drop in 1 month. Still shootin' greens partner?
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