Only some people benefit from housing market recovery (2)
USINFO | 2013-11-05 10:43

 

USC Lusk Center for Real Estate Director of Green (Richard Green) said the fact that many people spend 40 percent of their income on housing expenses.

According to Trulia, each region can pay by housing ratios vary greatly. In the South Bay and Western part of Los Angeles city, middle -income families affordable housing accounted for only 16% of homes for sale, Pasadena and the San Gabriel Valley is only 12%. But in Los Angeles city district, middle -income families affordable housing 30% .

Orange County household median income is higher, but affordable housing ratio is lower . Orange County median annual income of 71,983 yuan households currently only 23% of affordable homes for sale and low cost housing and more concentrated in the North Orange County .

In addition to increased housing prices and mortgage interest rates caused by low rate of affordable housing , the housing market is the main reason for less . Investment-oriented buyers snapped up including bank foreclosures , including low-cost housing , the rent or refurbished and then sold at high prices . Moreover, in many areas there is still a lot of low price drowning house, allowing homeowners difficult to attract buyers .

According to real estate research firm DataQuick 's statistics, in August USC price $ 300,000 total housing decreased by 24.9%.

Beacon Economics founder agency Thorne Berger (Christopher Thornberg) that the lack of affordable housing in California may drag on the economy. Businesses and governments must pay a higher salary to employees, resulting in decline in corporate profits and government spending increases. Manufacturing is also difficult to find workers . Ordinary citizens cannot afford housing had to choose to move out of California.

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