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Real estate news with Jim Frimmer — San Diego's home affordability drops

San Diego's home affordability drops
Home prices in San Diego have been increasing steadily — with a couple of bumps here and there — since February 2009, and that is reflected in the Housing Opportunity Index released each quarter by Wells Fargo and the National Assocation of Home Builders.
The index tracks 226 markets and determines how many households earning the median income for that market could afford to buy a home in that quarter. In addition to the median income, the index takes into account current interest rates and standard underwriting standards, currently defined as a 10% down payment and a 28% debt-to-income ratio.
In the third quarter of 2010, San Diego's affordability was ranked as the 12th worst in the country. For comparison, San Diego was the 10th worst metro area in the second quarter of 2010 but the 19th worst in the third quarter of 2009.

As home prices rise, fewer people can afford a home, usually because they can't come up with that 10% down payment. For those with great credit scores, little debt, and good down payments, there are many options.
If you're trying to get started in a home, a condominium can often offer you ... more

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