RICH LEAD CALIFORNIA HOUSING RECOVERY; STUDY: TOP INCOME AREAS SPUR THE BOOM.Byline: Gregory J. Wilcox Daily News Staff Writer Credit the rich for fueling California's latest great real estate boom. So concluded Anaheim-based real estate information provider Experian on Monday in an analysis of the state's mortgage lending market in major metropolitan areas. It was the first such study by Experian, so officials could not determine its historical significance, but it found wealthier areas are getting the most economic mileage from the current recovery, including loans for home purchases, refinancing Refinancing An extension and/or increase in amount of existing debt. and equity borrowing. The survey also found activity increased in low-income areas but at a far slower pace. One reason might be that there are fewer homes for sale in areas that are at the low end of the income spectrum, 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. Nima Nattagh, an Experian market analyst. ``You would expect that in some of the lower-income areas there would be more rental properties,'' said. Orange County is leading the way in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . In neighborhoods at the top 10 percent of the income ladder, sales increased 46.5 percent from 1996 to 1997, Experian said, while rising only 8.2 percent in neighborhoods in the bottom 10 percent of household income. 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, the nation's largest housing market, the sales increased 25.2 percent in the top-income markets and 12.9 percent in the lowest-income areas. Ventura County posted increases of 41.3 percent in top-income areas and 22.7 percent in the lowest-income zones. For the overall California market, mortgage lending for home purchases increased 16 percent between 1996 and 1997, led by a gain of more than 33 percent in the wealthiest neighborhoods. Those neighborhoods in the bottom 10 percent in terms of household income saw sales rise 19 percent. ``This housing recovery started at the upper end,'' said Jack Kyser, 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 for the Los Angeles County Economic Development Department. ``You were seeing good job gains in areas like motion picture production, nonbank non·bank adj. Of, relating to, or done by a business or an institution that is not a bank but performs similar services. financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and new technology.'' |
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