Housing Affordability in California Drops as Prices Increase

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LOS ANGELES (LATimes.com)-

California homes are getting less affordable as property values rise, a real estate group says, offsetting the benefit to home shoppers from low mortgage interest rates.

The California Assn. of Realtors estimated that 49% of homebuyers in the third quarter could afford a median-priced house in California, a decline from 51% last quarter.

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