REAL ESTATE TOPICS
TALKING POINTS …
- There was decreased housing affordability in all regions of the state during the first quarter of 2014, according to the CALIFORNIA ASSOCIATION OF REALTORS®. The state’s housing affordability has dropped 23 percent since its peak in the first quarter of 2012, and has steadily declined since then as rising interest rates and increasing home prices contributed to the lack of affordability.
- Home buyers needed to earn a minimum annual income of $86,419 to qualify for the purchase of a $416,720 statewide median-priced, existing single-family home in the first quarter of 2014. The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $2,160, assuming a 20 percent down payment and an effective composite interest rate of 4.46 percent.
- Approximately 77 percent of the counties reviewed by C.A.R. experienced a quarter-over-quarter decline in affordability, and all counties realized a double-digit decline in year-over-year comparisons.
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