Serving San Francisco, Marin County, and the Entire Bay Area
Videography * Photography * Web Design
|
| |
 | |
|
San Francisco Real Estate Blog. It's every bit as interesting as Curbed, the New York Real Estate blog.
-- Max Black - Prairie Fire Publisher: Bill Quick Editor: Jeff Brooks
We Highly Recommend These Websites
Latest Comments
Email us at:
Search
Archives
May 2009
April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008 April 2008 March 2008 February 2008 November 2007 October 2007 September 2007 August 2007 July 2007 June 2007 May 2007 April 2007 February 2007 October 2006 September 2006 August 2006 July 2006 June 2006 February 2006 January 2006
Recent Entries
SF Bay Area Resources
SF and Bay Area New Home Develpments
Bay Area Brokers Check San Francisco Schools SF Neighborhoods East Bay Neighborhoods Current Mortgage Rates
Links
California DRE Reference Book
California Department of Real Estate (DRE) San Francisco Multiple Listing Service Greater Bay Area MLS CCSF Real Estate Department Blackstone
Blogroll (Other Fine Blogs)
Categories
Site Design: Iceberg Productions
|
« Report: April Data Illustrate Real Estate Prices Starting to Rise | Main | Just on the Market - MIll Valley $999,000 » May 14, 2009Suddenly everyone can afford CalforinaQuick Facts: · C.A.R. First-time Buyer Housing Affordability Index stood at 69 percent in the first quarter of 2009 compared with 46 percent (revised) in the first quarter of 2008 · The median price of an entry-level home in California was $213,040 in the first quarter of 2009 · The estimated monthly payment including taxes and insurance was $1,270 in the first quarter of 2009 · The minimum household income needed to purchase an entry-level home in California in the first quarter of 2009 was $38,090
C.A.R. reports entry-level housing affordability reached 69 percent in the first quarter of 2009 The percentage of households that could afford to buy an entry-level home in California stood at 69 percent in the first quarter of 2009, compared with 46 percent (revised) for the same period a year ago, according to a report released today by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). C.A.R.’s First Time Buyer Housing Affordability Index (FTB-HAI) measures the percentage of households that can afford to purchase an entry-level home in California. C.A.R. also reports first-time buyer indexes for regions and select counties within the state. The Index is the most fundamental measure of housing well-being for first-time buyers in the state.
The minimum household income needed to purchase an entry-level home at $213,040 in California in the first quarter of 2009 was $38,090, based on an adjustable interest rate of 4.96 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $1,270 for the first quarter of 2009. At $38,090, the minimum qualifying income was 41 percent lower than a year earlier when households needed $65,030 to qualify for a loan on an entry-level home. Recent decreases in home prices and mortgage rates have brought affordability into better alignment with the income level of a typical California household, where the median household income is $61,030. The First-Time Buyer Housing Affordability Index also rose 7 percentage points in the first quarter of this year compared with the fourth quarter of 2008, due to a 14.1 percent decrease in the entry-level median home price. At 83 percent, the High Desert region was the most affordable area in the state. The San Luis Obispo County region was the least affordable in the state at 49 percent, followed by the Orange County region at 56 percent.
Posted by Jeff Brooks on May 14, 2009 12:00 PM | Permalink TrackBackTrackBack URL for this entry: |
