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If Interest Rates increase? Affordability, Qualifying for and Home Payments ALL RISE!

The latest numbers regarding California’s “Home Affordability” are un-settling. They tell the story of a market with big price appreciation and increasing interest rates. While our affordability hit just over 10% in California during the BIG PEAK market times of 2006/2007, when the market dropped we shot BACK up OVER 50%. Remember, the HIGHER number in the “Affordability Index” the MORE folks can buy a home. We have dropped DOWN to 36%. It’s going to KEEP going down due to market pressure but if rates tick up it could PLUMMET!

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