Something of note...

“When Greenspan takes the stage today [February 17], he will fail to mention the following disconnect. On Tuesday, the California Association of Realtors discussed the homebuyer income gap index. California households, with a median household income of $53,240, are $56,070 short of the $109,320 qualifying income needed to purchase a median priced home at $470,920 in the state. [In 2001, the median U.S. family’s pretax income was $39,900] The realtors’ homebuyer income gap index for California increased 41.6% during the fourth quarter of 2004 compared to the fourth quarter of 2003, when the gap stood at $39,610, the median household income was $51,860, and qualifying income needed to purchase a median-priced home at $390,250 was $91,460. At $84,690 the San Francisco Bay Area had the highest gap in the state since potential homebuyers had, in 2004, a median household income of $67,750 but needed qualifying income of $152,440 to purchase a median-priced home at $656,690.”

A snippet from the rather interesting Housing Bubble blog.