CAR.org - "Housing affordability at 23 percent, according to newly developed index gauging affordability for first-time buyers in California" (8-17-06)

"The percentage of first-time buyers in California able to afford a median-priced home stood at 23 percent in the second quarter of 2006, compared with 30 percent for the same period a year ago, according to a newly developed index released today by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)."

"C.A.R. developed the new index measuring affordability for first-time home buyers to better reflect the realities of today’s real estate market."