The Winner: Los Angeles

January 29th, 2007

Of the ten least affordable areas in the U.S., California has seven of them! And then there’s good ‘ole Los Angeles, festering away at the very top.

My sister, Heather, happens to be a real estate agent. If you’re looking to get off the sinking ship in Southern California, and want to work with a trustworthy agent, let me know and I’ll put you in touch with her.

I tried to do that business a few years ago, and it’s so filthy. But if you have had to deal with real estate transactions, you already know this. (I barely lasted three weeks in the office and just stopped showing up when my fight or flight mechanisms started to kick in.) Heather is very honest and has high morals. I don’t know how she’s managing to stay in that thing…

DISCLOSURE STATEMENT: I have no reciprocal financial arrangement with Heather. She doesn’t even know I’ve written this. She doesn’t read Cryptogon.

Via: housingtracker.net:

Real estate markets are local entities, so the issues of affordability and valuation should be looked at with local data in mind. With the goal of providing measures for local residents to use to evaluate the current state of the real estate market in their metropolitan area, four measurements are provided for each city below. These measures are the percentage of median family income going towards the mortgage payment of a median priced single family home (assuming a 30 year fixed-rate loan with a 20% downpayment), the mortgage payment to median rent ratio (for a 3 bedroom rental home), the median single family home price to median family income ratio and the median single family home price to median rent ratio.

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One Response to “The Winner: Los Angeles”

  1. George Kenney says:
    January 31, 2007 at 8:01 am

    But the decline in the US Housing construction market has global impact, like to this NZ lumber mill

    http://www.nzherald.co.nz/section/1/story.cfm?c_id=1&objectid=10421507

    A town of less than 800 people is set to lose 99 jobs, after a sawmilling company announced yesterday it would close.

    The United States-owned mill focuses on producing housing materials for the American market.

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