L.A. HOUSING STILL NOT THAT AFFORDABLE LUXURY HOME VALUES REACH RECORD LEVELS IN STATE.Byline: GREGORY J. WILCOX Staff Writer The 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. area remained the nation's least affordable for house hunters House Hunters is an American television series that airs at 10:00pm nightly (and in reruns at various other times) on the cable television network Home & Garden Television, aka HGTV. in the third quarter, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a survey released Monday, while another showed luxury home values making modest gains to record levels in three of the state's major markets. This is the eighth consecutive quarter that Los Angeles remained the hardest place to buy a house, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI HOI Heart of Illinois HOI Hearts of Iron (video game) HOI Host Interface HOI Halls of Illusions (fansite) HOI Housing Opportunity Index HOI Handbook of Overhaul Instructions ). In the Los Angeles-Long Beach-Glendale market only 1.8 percent of new and existing homes sold during the third quarter were affordable to those earning the area's median family income of $56,200. The median sales price of all homes sold in the area during the period was $523,000. ``It's a very critical thing,'' said Jack Kyser, chief economist at the Los Angeles County Economic Development Corp. ``In all the uproar of the slowdown in housing this has sort of gone into the back of the room and nobody is discussing it.'' The California Building Industry Association's analysis of the index showed that affordability fell in 14 of the 28 California metro areas surveyed. In 20 metro areas less than 10 percent of the homes could be afforded by families earning the median income there. ``Despite all of the doom and gloom doom and gloom n. Gloom and doom. doom  -and-gloom adj. about housing prices dropping,
affordability has improved only slightly and only in some parts of the
state,'' Robert Rivinius, the association's president
said in a statement.
Indianapolis maintained its position as the nation's most affordable housing market for the fifth consecutive time. There just under 86 percent of homes sold in the third quarter were affordable to families earning the median household income The median household income is commonly used to provide data about geographic areas and divides households into two equal segments with the first half of households earning less than the median household income and the other half earning more. of $65,100. The index tracks the change in value of the same pool of properties. In the Los Angeles area some homes in Calabasas, La Canada Flintridge, Encino, North Hollywood and Studio City are included in the pool. ``There is more inventory. Things that are not perfectly priced last a long time on the market. But we are definitely not seeing a bursting of a bubble people have been prepared for for two years,'' said Katherine August-de Wilde, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. greg.wilcox(at)dailynews.com (818) 713-3743 |
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