Thursday, May 22, 2008

Housing Affordability in California

The California Association of Realtors announced today, the resultsof the First-Time Buyer's Affordability Index for the first quarter of2008.

The affordability index rose 11 points, at 44%. Translate that tojust under half of consumers in California can afford to purchase anentry level home. The report goes on to say that the minimum incomeneeded to qualify for a mortgage in California was 30% lower than this time last year.

Meaning only $67,830 in annual income is needed to qualify foran entry level purchase, compared to the $97,000 that was required last year.

Great news for homebuyers, and an indicator that the Real Estate market in California is still going strong. to see the numbers and the full press release
visit or