From East to West Reeds Are The Best!
*Lower interest rates in the second quarter of 2014 failed to offset continued home price increases, lowering housing affordability statewide and in 19 of 26 counties in California, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
*The percentage of home buyers who could afford to purchase a median-priced, existing singlefamily home in California fell from 33 percent in the first quarter of 2014 to 30 percent in secondquarter 2014 and was down from 36 percent in second-quarter 2013, according to C.A.R.’s Traditional Housing Affordability Index (HAI).
*Home buyers needed to earn a minimum annual income of $93,590 to qualify for the purchase of a $457,140 statewide median-priced, existing single-family home in the second quarter of 2014. The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $2,340, assuming a 20 percent down payment and an effective composite interest rate of 4.32 percent.
Rich & Annie Reed
CalBRE# 01906230 & 01894384