Nationwide, home affordability is up and growing, driven by low mortgage rates (but now rising a bit) and stabilizing incomes, thus giving consumers more buying power, according to a report published by the National Association of Realtors.

The NAR report cited an interesting example: "Assuming a 5 percent down payment, a 3.5 percent mortgage rate, and 25 percent of a gross income devoted to mortgage payments, a buyer would only need an income of $36,500 to buy a house at the median price. With a 10 percent down payment, the required salary falls to $34,600, and with a 20 percent down payment, it falls to $30,700."

In the first quarter of this year, the median family income nationwide was $62,200.

Housing affordability remains high despite recent reports that show home prices in 150 U.S. cities saw their biggest year-over-year gains in more than seven years, according to NAR's most recent report. The median price of a single-family, existing home was $176,600 in the first quarter of this year, an increase of 11.3 percent from year ago levels, NAR notes.

Areas with strong job growth are posting some of the largest home price gains.

Q: Are a growing number of new homes being built?

A: Nationwide, single family building permits increased 27 percent from a year ago in the first quarter of this year to the highest first-quarter total since 2008, according to a RealtyTrac report.

Meanwhile, foreclosure starts in the first quarter decreased 27 percent from a year ago to the lowest quarterly level since the second quarter of 2006.

The majority of building permits in the first quarter were for single-family homes (64 percent of total permits), followed by 5-plus unit multi-family properties (33 percent). Overall multi-family building permits increased 23 percent from a year ago.

It's interesting to note that since the supply of distressed homes and existing-homes for sale has fallen, there's more room for the new home sales market to expand. The Census Bureau reported new home sales have increased 19 percent from a year ago in March.

Most new home sales are concentrated in hard-hit suburban metro areas, which bring an economic stimulus to areas devastated by the housing recession.

Q: What do housing industry leaders think about the proposed elimination of mortgage interest deductions?

A: Their view is summed up by the following statement from the National Association of Home Builders: "Americans overwhelmingly oppose any action by Congress to tamper with the mortgage interest deduction, but it could be eliminated or scaled back as Congress and the Administration are looking at tax increases in light of deficit concerns.

"The consequences would be devastating for home owners, the housing market and the nation's economy."

Q: When does the new Streamlined Modification Program take effect?

A: July 1 is the announced implementation date. However, in some cases Fannie Mae and Freddie Mac are offering the new Streamlined Modification Program to distressed borrowers before that effective date.

As part of the program, Fannie Mae and Freddie Mac borrowers who are at least 90 days delinquent but no more than 720 days past due may be eligible for a modification that does not require the borrower to submit financial or hardship documentation.

Q: Are Realtors' income rising in today's improved market?

A: Yes, their income is rising along with the number of competitor brokers.

As the housing market improves, so has the income for Realtors, according to a report from the National Association of Realtors. Median gross income for Realtors increased 25 percent to $43,500 in 2012, up from $34,900 in 2011, the association reported.

Most NAR members (56 percent) are licensed as sales agents, while 27 percent are brokers. The findings are from the 2013 National Association of Realtors Member Profile, which surveyed 58,068 NAR members.

Q: Do most cases of real estate fraud involve distressed properties?

A: Yes, most mortgage fraud involves short sale and REO properties, according to Rob Hagberg, associate director of fraud investigations at Freddie Mac.

"This area is ripe with fraud," he said during a webinar hosted by CoreLogic. "While servicers and others in the industry have adapted to some fraud schemes and put measures in place to detect and prevent fraud, schemes continue to evolve as fraudsters find new ways to manipulate sales.

"Both short sale and REO fraud often require fraudsters to convince servicers a home is worth less than it actually is."

To find out more about Jim Woodard and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.