Affordability returns to California real estate

CAR: 67% of households can afford entry-level home

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.

The Realtor group’s First-time Buyer Housing Affordability Index 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, according to a report released by California Association of Realtors.