Friday, May 22, 2009

Today's new word--less unaffordable

What ever happened to "affordable?" Now it's "less unaffordable"
    "It is well known that the largest percentage losses in house prices occurred early in the housing bubble in inland California, Sacramento and Riverside-San Bernardino, Las Vegas and Phoenix. These were the very southwestern areas that housing refugees fled to in search of less unaffordable housing in California’s coastal metropolitan areas (Los Angeles, San Francisco, San Diego and San Jose).

    Yet now the prices in these hyper-expensive markets are beginning to fall. Once considered widely immune from the severe housing slump, the San Francisco area now has muscled its way into the list of biggest losers. The newly published first quarter 2009 house price data from the National Association of Realtors indicates that prices are down 52.5 percent from the peak. Only Riverside-San Bernardino and Sacramento have experienced greater losses out of the 49 metropolitan areas with a population of more than 1,000,000 for which there is data (see table below). Other metropolitan areas that have seen prices drop more than 50 percent include Phoenix, Las Vegas and, for very different reasons, that rustbelt sad sack, Cleveland." Housing downturn update
We may have more relatives in California than Illinois--so we keep a close watch, and don't like what we see.

And of course, we like to eat, too. Environmentalists along with Mother Nature seem to be conspiring to bring down the agriculture industry in California. Governors of either party are helpless and hopeless. That's higher priced food for the rest of us, shipped from a "country" that won't use its own energy resources.

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