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by CareyBot

The median price of a single-family home in California is expected to rise 15 percent next year to $522,930, on the heels of a 22 percent rise in the median price from 2003 to 2004, the California Association of Realtors announced today. And housing affordability is expected to reach a record low in the state next year. "Home buyers next year will face slightly higher mortgage interest rates, approaching 7 percent by year's end, which will make it more difficult for many families in California to be able to afford a home," said Ann Pettijohn, association president. "Coupled with rising home prices, affordability in California will fall to an all-time annual low of 16 percent next year." The median price in the current year is expected to reach $454,720, and a shortage of housing is expect...