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by CareyBot

The percentage of households in California able to afford a median-priced home stood at 14 percent in November, a drop from 19 percent reported in November 2004, according to a report released this week by the California Association of Realtors trade group.   CAR's monthly housing affordability index measures the percentage of households that can afford to purchase a median-priced home in California. CAR 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 $548,400 in California in November was $133,390, based on an average effective mortgage interest rate of 6.26 percent and assuming a 20 p...