THE AFFORDABILITY BLUES 32% OF L.A. HOUSEHOLDS CAN BUY MEDIAN-PRICED HOME.Byline: Gregory J. Wilcox Staff Writer Rising housing prices continued to erode Erode (ĕrōd`), city (1991 urban agglomeration pop. 361,755), Tamil Nadu state, S India, on the Kaveri River. The city is located in a cotton-growing region, and its industries include cotton ginning and the manufacture of transport equipment. affordability during May across most sections of California, including 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, an industry tracker said Thursday. In Los Angeles County, only 32 percent of the households could afford the median-priced home costing $274,830 in May, down 5 percentage points from May 2001. Affordability increased 1 percentage point from April, 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. the California Association of Realtors. While affordability is declining, it is still much better than in the late 1980s, when it bottomed out in Los Angeles County at 15 percent in June and July of 1988. Affordability is measured by the percentage of households that can afford to buy a median-priced home, which is the point at which half the units sell for more and half for less. Statewide, 27 percent of households could afford the $321,130 it would have taken to purchase the median-priced home in May. That's down 7 percentage points on an annual basis and unchanged from April, the Los Angeles-based trade group said. During those 12 months, though, the median price statewide jumped 25.5 percent. ``Double-digit percentage increases in the cost of a home continue to impact the ability of many households to purchase a home in California,'' said association president Robert Bailey This article is about the American football player from Barbados. For the English cricketer, see Rob Bailey. Robert Martin Luther Bailey (born September 3, 1968 in Barbados) is a former American football cornerback who played eleven seasons for six teams, . The association believes its index is the most fundamental measure of housing well-being in the state. Both the state and county affordability indexes are well below the national average of 56 percent, which was unchanged on both a monthly and weekly basis. ``It's just indicative of the rising home prices all over the state, and the widening gap between the median price and the median income,'' said Jim Link, executive vice president of the 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, And at least one market watcher believes the situation is not as bad as Realtors' affordability index indicates. ``The picture is probably not quite as grim as the affordability numbers that come from the Realtors,'' said John Karevoll, a real estate market analyst at DataQuick Information System. Interest rates remain favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. , which is helping to keep monthly payments manageable despite the high unit price, he noted. 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 Corp., said the tight supply of homes will continue to drive prices. That won't change soon, either, since the construction of new homes in Los Angeles County is running about 25 percent under last year's level, he noted. ``Affordability remains a huge issue,'' he said. In the 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, area, affordability was the best in San Bernardino San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. County, where 52 percent of households could afford the median-priced home, 2 percentage points less than a year ago. CAPTION(S): chart Chart: (color) DECLINING AFFORDABILITY SOURCE: California Association of Realtors |
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