By C.A.R. says affordability of starter homes doubles
A new report from the CALIFORNIA ASSOCIATION OF REALTORS@ says the percentage of households that could afford an entry-level home in California doubled in the second quarter of 2008 compared with the same time the previous year.
The association says the percentage of households that could afford a starter home was 48 percent, compared with 24 percent from the same period a year ago.
“The minimum housing income needed to purchase an entry-level home at $329,120 in California in the second quarter of 2008 was $62,870, based on an adjustable interest rate of 5.69 percent and assuming a 10 percent down payment,” C.A.R. reports this week.
C.A.R. says first-time buyers usually buy a house “equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $2,100 for the second quarter of 2008.”
Click here for the full report.
In other news, Tom Tognoli, Intero’s chief operating officer, will be speaking at RISMedia’s annual Leadership Conference next month. RISMedia says the two-day conference “focuses on building stronger real estate and relocation businesses and the future of our industry.” The conference will take place Sept. 3-4 at The Roosevelt Hotel in New York.
Click here for more information.
See Also
- California Association of REALTORS®
C.A.R. is one of the largest state trade organizations in the United States, with nearly 175,000 members dedicated to the advancement of professionalism in real estate. - RISMedia
RISMedia provides the real estate industry with news, research, and market analysis on trends affecting residential real estate. - Intero Real Estate Services- Find Real Estate, Property For Sale, Homes For Sale
Intero Real Estate Services is a premier real estate brokerage. Find real estate,properties and homes for sale in Arizona, California, Colorado, Florida, Hawaii, Nevada and Texas.
