Los Angeles Home Affordability

Earlier today, Inman News posted a story declaring that “Affordability returns to California real estate.” Riya V. Anandwala writes that, “The housing market in California gave a boost to first-time homebuyers, as more households in the state could afford an entry-level house in the second quarter compared to the same quarter last year, according to the latest affordability index released by the California Association of Realtors.”

Anandwala reports that “the Realtor group’s First-time Buyer Housing Affordability Index,” which measures the percentage of households that can afford to buy an entry-level home in California, “stood at 67 percent in the second quarter this year, up from 49 percent from the same time last year and down slightly from 69 percent in first-quarter 2009.”