964 Sq. Ft
I watched a real estate show on MSNBC a couple of weeks ago. They said that HALF of all new mortgages in CA are "creative", meaning they are interest-only loans, 60 year loans, etc. That's what happens to housing prices when half the people buying houses are willing to do stuff like that.
In 1997 we bought a 5 BR, 2-1/2 BA 3000 sqft house on 7.5 acres of agriculturally zoned (unlimited use) land for $160,000. Last year, our neighbor's house 1/2 the size of ours on 3 acres went for $280,000. I'll stay here thank you.
It also means that half the homebuyers probably don't belong there. A lot of that creative financing is ARM's which by year's end will break many substandard borrowers. There may be a REAL exodus then.