More Americans Find Themselves House-Poor...

More Americans find themselves house-poor , from the Arizona Republic , reports that homeowners in every state but Alaska spent more of their incomes on housing costs last year than at the start of the decade, according to data released by the Census Bureau. Nationwide, homeowners spent 20.9 percent of their incomes on housing costs last year, up from 18.7 percent in 1999. Arizonans spent 20.5 percent of their incomes on housing in 2005, up from 19.2 percent in 1999. In 2005, the median monthly housing costs in Arizona were, $1,194, up 16 percent from 1999. "It is now much more difficult for first-time home buyers to get into the market and for existing homeowners to trade up," said Mark Zandi, chief economist at Moody's Economy.com. "This decline in affordability is the catalyst for the current sharp decline in housing activity."

http://www.azcentral.com/arizonarepublic/business/articles/1003biz-housing1003.html