Moody’s Analytics tracked the ratio of median home prices to annual household income in 74 markets and found housing affordability had returned to pre-bubble levels in 47 of those markets. Mark Zandi, chief economist at Moody’s, said, based on incomes, housing is as affordable as it gets, making it a good time to buy a home. During the housing bubble, prices rose faster than incomes and pushed the ratio to a peak of 2.3. As of last September, however, it dropped to 1.6, falling below the historical average of 1.9 between 1989 and 2003. More here, here, and here.