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C.A.R. REPORTS HOUSING AFFORDABILITY FALLS TO 18 PERCENT
IN AUGUST The percentage of households in California
able to afford a median-priced home stood at 18 percent in
August, a 5 percentage-point decrease compared with the same
period a year ago when the Index was at 23 percent, according
to a recent C.A.R. report. The August Housing Affordability
Index (HAI) declined 1 percentage-point compared with July,
when it stood at 19 percent. C.A.R.'s monthly housing affordability
index measures the percentage of households that can afford
to purchase a median-priced home in California. C.A.R. also
reports housing affordability indexes for regions and select
counties within the state. The index is the most fundamental
measure of housing well-being in the state. The minimum household
income needed to purchase a median-priced home at $474,370
in California in August was $111,180, based on an average
effective mortgage interest rate of 5.83 percent and assuming
a 20 percent downpayment. The minimum household income needed
to purchase a median-priced home was up from $93,790 in August
2003, when the median price of a home was $406,140 and the
prevailing interest rate was 5.66 percent. At 42 percent,
the High Desert region was the most affordable C.A.R. region
in the state, followed by the Sacramento and Central Valley
regions at 26 percent. The San Diego region was the least
affordable in the state at 10 percent, followed by the Orange
County region at 11 percent.
OCT. BUILDER CONFIDENCE AT HIGHEST LEVEL THIS YEAR
The National Association of Home Builders/Wells Fargo
Housing Market Index (HMI) rose five points to 72 in October
to its highest level this year, according to a National Association
of Home Builders (NAHB) report released this week. Analysts
credited robust buyer demand brought on by improving economic
conditions, low mortgage rates, and strong house-price performance
for the five point jump in October, compared with the previous
month. Home builders are asked to rate current sales of single-family
homes, and prospects for sales activity in the next six months,
as "good," "fair," or "poor," where any number over 50 indicates
that more builders view sales conditions as good than poor.
"Another factor that's undeniably contributing to builder
optimism is the large turnout of prospective buyers at model
homes and sales offices," said NAHB Chief Economist David
Seiders. "The HMI component gauging traffic of prospective
buyers has remained above 50 since May, which is a strong
run for that index and a positive sign for potential sales
activity." Each of the HMI's component indexes rose in October,
with the largest gains registered for current sales activity
(up five points to 78) and expected sales in the next six
months (up a remarkable nine points to 84). The component
gauging traffic of prospective buyers rose two points to 54.
RAND STUDY FINDS LINK BETWEEN SUBURBAN SPRAWL, HEALTH
People who live in areas with a high degree of suburban sprawl
are more likely to report chronic health problems such as
high blood pressure, arthritis, headaches and breathing difficulties
than people who live in less sprawling areas, according to
a recent report by the Rand Corp. The differences between
people living in the two types of areas remained, even when
researchers accounted for factors such as age, economic status,
race and the local environment. The findings suggest that
an adult who lives in a more sprawling city like Los Angeles
will have a health profile similar to someone four years older,
but otherwise similar, who lives in a more compact city such
as Seattle, according to researchers. Researchers also found
the unhealthful impacts of suburban sprawl disproportionately
affect the poor and the elderly, who often have fewer resources
to make up for the limitations created by their environment.
In contrast, the study found no link between suburban sprawl
and a greater incidence of mental health problems. Regions
that had the worst suburban sprawl include: the Riverside-San
Bernardino region of California; Atlanta; Winston-Salem, N.C.;
West Palm Beach, Fla.; Bridgeport-Danbury-Stamford, Conn.;
Knoxville, Tenn.; Rochester, N.Y.; and Detroit. Regions with
the least amount of suburban sprawl include: New York City;
San Francisco; Boston; Portland, Ore.; Miami; Denver; Chicago;
and Milwaukee.
Information provided by - C.A.R. Newsline is published by
the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association
representing more than 135,000 REALTORS® statewide
