Posted on | November 12, 2012 |
Rising home prices offset lower interest rates, reducing housing affordability in California during the third quarter of 2012, a new report by California Association of Realtors says.
The Housing Affordability Index report, which measures housing well-being for home buyers in the state, says that 49 percent of home-buyers across the state could afford a median priced home in the third-quarter, down from 51 percent in the third-quarter of 2011.
Home buyers had to have a minimum income of $65,810 annually to qualify for a $339,860 home, the statewide median in the third quarter of 2012. That puts the monthly payment, with taxes and insurance, at $1,650 for a 30-year fixed-rate loan, assuming 20 percent is put down for the down payment and interest on the loan is set at 3.7 percent. The interest rate was 4.6 percent in the third quarter of 2011.
For the Inland region, affordability fell by 1 percentage point to 68 percent. While the affordability factor stayed the same in San Bernardino County year over year ? locked at 77 percent ? the percentage of home buyers in Riverside who could afford a median priced, existing single family home dropped year-over-year from 65 percent down to 63 percent.
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Source: http://blog.pe.com/real-estate/2012/11/12/real-estate-prices-up-affordability-down/
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