NEWS | SAN DIEGO

California housing affordability index drops

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Higher home prices offset record-low interest rates and lowered housing affordability in California in the second quarter of 2012, according to data released Friday by the California Association of Realtors.

In San Diego County, the percentage of homebuyers who could afford to purchase a median-priced, existing single-family home fell to 44 percent in the second quarter, down from 46 percent in the first quarter of 2012 and down from 41 percent from the second quarter of 2011, according to the association’s Traditional Housing Affordability Index.

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in the state dropped to 51 percent in the second quarter, down 5 percent from the first quarter of 2012, but matching the 51 percent recorded at the same time last year.

The California Association of Realtors’ Traditional Housing Affordability Index measures the percentage of all households that can afford to purchase a median-priced, single-family home in California.

Home buyers needed to earn a minimum annual income of $62,390 to qualify for the purchase of a $316,230 statewide median-priced, existing single-family home in the second quarter of 2012.

The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $1,560, assuming a 20 percent down payment and an effective composite interest rate of 3.92 percent. The effective composite interest rate in the first quarter of 2012 was 4.16 percent and 4.85 percent in the second quarter of 2011.

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