Home Buying Easier: Californians found it slightly...

Home Buying Easier: Californians found it slightly easier to buy a home in June as the percentage of people in the state able to afford a median-priced home increased to 16% from 15% in May, the California Assn. of Realtors reported. It was the first increase this year in the trade group’s affordability index, which measures the number of households earning the income needed to qualify for a mortgage loan to purchase a median-priced, existing single-family detached home. That home sold for $200,445 in June, meaning that a household making a 20% down payment would need a minimum annual income of $68,326 to qualify for a 30-year mortgage loan and would face monthly payments of $1,708.