Thursday, February 12, 2004

California Association of Realtors (CAR) reports on housing

The C.A.R. reports that "The minimum household income needed to purchase a median-priced home at $404,520 in California in December was $94,730, based on a typical 30-year, fixed-rate mortgage at 5.82 percent and assuming a 20 percent downpayment."

And, housing affordability dropped a little:
The percentage of households in California able to afford a median-priced home stood at 23 percent in December, a 5 percentage-point decrease compared to the same period a year ago when the Index was at 28 percent, according to a recent C.A.R. report. "

The demand for condominiums and townhouses is increasing, probably due to the high price of houses. Buyers turn to condominiums and townhouses as affordable alternatives.

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