September 9th, 2005

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Want to know how bad housing prices are in California...

From the Orange County Business Journal


OC Home Affordability Index Holds


Percentage of Residents Who Could Afford a Median-Priced Home in OC in July Same From May and July 2004


Orange County Business Journal Staff


Orange County’s home affordability index was
unchanged in July, while the statewide index fell, the California
Association of Realtors said Thursday.

The percentage of residents here who could afford a median-priced home was 11% in July, the same as May and July 2004.

The
index is based on a median price of $706,820, up slightly from June and
9% higher than a year ago. The median price excludes condominiums.

Statewide,
16% of households could afford a median-priced home of $540,900 in
July, down from 19% a year earlier when the median price was $461,760.
The index was unchanged from June.

The minimum household income
needed to purchase a median-priced home in July was $125,670, based on
a mortgage rate of 5.7% and assuming a 20% down payment.

The High
Desert region was the most affordable at 30%. The least affordable
regions were Santa Barbara and the Northern Wine Country regions at 7%
each.