Thursday, July 28, 2005

CA Homes Least Affordable in US

The California Building Industry Association reported the findings of a study a couple months ago that said California was off the charts of affodability. This morning the association is expected to release its monthly housing starts for June. From the study in May:
Steve Doyle, president of the California Building Industry Association and a San Diego homebuilder, said the latest findings from the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) show conclusively just how bad the housing crisis is and why state lawmakers must act this year to remove the barriers keeping construction from keeping up with demand.

"The HOI found that during the first quarter of 2005, 21 of the top 25 least-affordable metro areas were in California. In fact, nine of the 10 least-affordable areas were in California, as were 17 of the 19 unaffordable markets," Doyle said.

"How much worse does the crisis have to get before we see reforms that actually encourage housing production instead of law after law that makes building houses more difficult and more expensive?"

Some intersting pdf links from the CBIA:
Top 40 Least Affordable Markets (pdf chart)

Sacramento Valley Region (pdf graph)

Central Coast Region (pdf graph)

San Francisco Bay Area Region (pdf graph)

Southern California Region (pdf graph)

San Joaquin Valley Region (pdf graph)