Only 23% of California families could afford...

Only 23% of California families could afford the first-time purchase of a home at the state’s median price in September, the lowest level for the so-called affordability index in four years, the California Assn. of Realtors said. The index is down a point from last month and down seven points from a year ago. Just 23% of households earned the $54,000 a year needed to qualify for a conventional mortgage on a home at the statewide median price of $174,094. Nationally, 48% of families earned the $27,451 needed to qualify for a mortgage on a home at the median price of $88,500.