California housing affordability stable
The California Association of Realtors® (C.A.R.) reports that "The percentage of households who could afford to buy an entry-level home in California stood at 25 percent in the first quarter of 2007, compared with 26 percent for the same period a year ago".
"The minimum household income needed to purchase an entry-level home at $480,670 in California in the first quarter of 2007 was $96,910, based on an adjustable interest rate of 6.3 percent and assuming a 10 percent down payment."
Named as the most affordable area was the High Desert region, and the least affordable area was Santa Barbara.
To read more: CAR Housing Affordability