Six years after the financial crisis and California is still feeling the leftover ripple effects of loose lending standards and an overabundance of foreclosed homes. But things are looking up.
Looking at recent report headlines, California still has a few gems to give it hope going forward.
1. Housing affordability finally froze.
According to the latest report from the California Association of Realtors, after six consecutive quarters of declines, California’s housing affordability held steady in the fourth quarter of 2013, finally giving buyers a second to breathe.
The percentage of homebuyers who could afford to purchase a media-priced, existing single-family home in California remained unchanged from the pervious quarter at 32%, but was down from 48% last year, the CAR Traditional Housing Affordability Index.