As of June, only 27 percent of all Santa Clara County households can afford the median priced home, according to the California Association of Realtors. That number could be smaller because CARs affordability index is based on a 7.26 percent mortgage interest rate. Today's rates are nearer 8 percent. The higher mortgage rates, which have all but wiped out the refinance market, continue to make homes even more expensive. It doesn't seem to matter.
Buyers just keep buying.
No matter what kind of doldrums we go through, as soon as we hit January, February and March, they will be amazing months,'' said Doug Tobin, president of the Santa Clara County Association of Realtors. The information you receive on-line from Mercury Center is protected by the copyright laws of the United States. The copyright laws prohibit any copying, redistributing, retransmitting, or repurposing of any copyright-protected material.