Joel Singer is the Chief Executive Officer of the California Association of Realtors. He has held the Association's top staff position since November 1989 after serving as C.A.R.'s chief economist and heading the Association's public affairs department.
It’s ironic that when the first Millennials were born, their Baby Boomer parents couldn’t afford a home either. Looking back to October 1981, interest rates on a 30-year, fixed-rate mortgage exceeded 18%. It wasn’t until rates fell below 10% in 1986, and to the 7% range in the early 2000s, that affordability ceased to be a major impediment to homeownership. Today, California’s housing affordability problem is back and here's why.