AFFORDABILITY DOWN IN STATE CALIFORNIA, COUNTY DROP 2 PERCENTAGE POINTS FROM '04.Byline: Gregory J. Wilcox Wilcox may refer to: Place names in the United States
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Housing affordability sank an annual 2 percentage points in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County in June but remained unchanged from May, a trade association said Thursday. Two months ago, only 16 percent of the state's households could afford a home priced at the median of $542,720, said the Los Angeles-based California Association of Realtors. In the big Los Angeles County market, 15 percent of households could afford a home priced at the median of $512,890. By comparison, affordability nationwide in June was 48 percent. Interest rates, which have remained near historical lows, have helped offset price increases. ``There is absolutely no doubt that (affordability) could have been much worse given the fact the interest rates ... fell a quarter percentage point from last year to this year,'' said Robert Kleinhenz, the association's deputy chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the . One again the High Desert, which includes the Antelope Valley This article is about the Los Angeles County region. For the census-designated place in Wyoming, see Antelope Valley-Crestview, Wyoming. The Antelope Valley , remained the state's most affordable region. Thirty-two percent of households could afford a house priced at the median of $290,510. The Santa Barbara Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. and northern wine country regions were the least affordable in the state at 7 percent, with median prices of $704,270 and $640,970, respectively. In June, the minimum household income needed to purchase a median-price home in California was $125,870, based on an average effective mortgage interest rate of 5.71 percent and assuming a 20 percent down payment. The minimum household income needed to purchase a median-price home at $219,000 in the U.S. in June 2005 was $50,790. Kleinhenz notes that market indicators run counter to the association affordability index. For example, sales statewide and in Los Angeles County are on a record pace despite high prices. Repeat buyers are helping the market churn churn: see butter. . ``A lot of people that are buying are coming out of a house and a lot of people are really only looking at their monthly mortgage payments,'' said Jack Kyser, chief economist at the Los Angeles County Economic Development Corp. Gregory J. Wilcox, (818) 713-3743 greg.wilcox(at)dailynews.com |
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