AFFORDABILITY SINKS 8 POINTS IN L.A. IN YEAR.Byline: Gregory J. Wilcox Staff Writer Housing affordability in 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 sank an annual 8 percentage points in January and declined 6 percentage points statewide as prices continued appreciating at a torrid pace, a trade group reported Thursday. Interest rates that remained below 6 percent kept the decline from being steeper, said the Los Angeles-based 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). Association of Realtors. And they contributed to keeping the month-to-month month-to-month adj. referring to a tenancy in which the tenant pays monthly rent and has no lease, and the tenancy can be terminated by the landlord at any time on thirty-days notice. (See: tenancy, landlord and tenant) change relatively in check. The association considers its Housing Affordability Index, which is the percentage of households that can afford the median-priced home in their community, the most fundamental gauge of housing well-being. During the first month of the year, the index stood at 22 percent for Los Angeles County and 23 percent statewide. The county figure declined 1 percentage point from December while the state's reading was unchanged. By comparison, affordability nationwide averaged 59 percent in January, unchanged from a year ago. The low point for affordability in the state was 14 percent in May 1989 and the high point was 44 percent in February 1997. ``We have a situation right now we've had for the last several months. The mortgage rate is not a whole lot different than what we had last 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 . But during the previous 12 months, the median price, the point at which half the units sell for more and half for less, soared 27.4 percent in the county and 20.7 percent statewide. It took a minimum household income of $94,020 to buy the median-priced home in California, assuming a 20 percent down payment and interest rate of 5.70 percent. A year earlier, the income requirement was $79,690 for a house priced at the median of $336,210 and the interest rate was 5.96 percent. Nationally the income requirement was $39,090 in January and the median price was $168,700. Once again the High Desert region, 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 , was the state's most affordable region. The Monterey region, where 14 percent of households could afford the median-priced home, was the state's least affordable region. The San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. is not that much of a bargain, either, as the median-priced single-family home hit a record $425,000 in February. ``It's a big cause for concern,'' said Jim Link, executive vice president of the Van Nuys-based Southland south·land or South·land n. A region in the south of a country or an area. south  land·er n.Noun 1. Regional Association of Realtors. ``The only reason it's not as bad as the late 1980s is because the low interest rates are keeping some first-time buyers first-time buyer n → persona que compra su primera vivienda first-time buyer n → personne achetant une maison ou un appartement pour la première fois first-time buyer in the ball game.'' Gregory J. Wilcox, (818) 713-3743 greg.wilcox(at)dailynews.com CAPTION(S): box Box: AFFORDABILITY DECLINES Source: California Association of Realtors |
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