Pictured: Jean, Jennifer, Dan, Jordan (front) and Loma (far right)
CONGRATS LOMA ON YOUR NEW HOME!!
HOMEOWNERSHIP OUT OF REACH FOR WORKERS IN MANY U.S. METRO AREAS
Many American health care workers, including registered nurses and physical therapists, cannot afford to own a home in a majority of U.S. metropolitan areas, according to a joint study from the Center for Housing Policy and Homes for Working Families. The study, "Paycheck to Paycheck: Wages and the Cost of Housing in America," found that an annual income of $84,957 was needed to purchase a median-priced home of $248,000 during the third quarter of 2006.
With a median income of $37,127, licensed practical nurses are priced out of 187 of the 202 metropolitan areas included in the study. Additionally, registered nurses are priced out of 115 of 202 metro areas, while nursing aids and home health aides cannot afford to buy a home in any of the areas studied.
The analysis also found that housing affordability issues continue for other workers in the community, including police officers and teachers, who are priced out of 161 and 157 areas, respectively. Led by San Francisco, California metropolitan areas accounted for 23 of the 50 least affordable markets included in the report.
NATIONAL DATA SHOWS STEADY HOME SALES WILL CONTINUE
The decline in pending home sales from year ago levels continues to narrow, a sign that market stabilization will continue in the months ahead, according to a recent report from NAR.
The Association's Pending Home Sales Index (PHSI), which gauges home sales activity for upcoming months based on the number of transactions that have signed contracts but are not yet closed, stood at 107.0 in November. A PHSI of 100 or more generally indicates a high level of home sales activity. Over the last five months, year-to-year declines in the PHSI have gradually fallen from 16 percent in July to 11.4 percent in November."
Because there is a stronger parallel between changes in the index from a year ago and the actual pace of home sales in coming months, the index is pointing toward fairly stable home sales in the near future," said NAR Chief Economist David Lereah.
"That is another indicator that home sales likely bottomed-out in September."The PHSI declined across the nation in November compared with the readings a year ago. On a regional basis, the PHSI was highest in the South, where it declined 8.9 percent to 121.6. In the West, the index fell 15.9 percent to 106.6. The PHSI also declined in the Midwest and Northeast regions, falling to 101.7 and 85.5, respectively.
Fast Facts
Calif. median home price -
November 06:
$555,290
(Source: C.A.R.)
Calif. highest median home price
by C.A.R. region November 06:
Santa Barbara So. Coast $1,083,000
(Source: C.A.R.)
Calif. lowest median home price
by C.A.R. region November 06:
High Desert $332,340
(Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Third Quarter 06:
24 percent
(Source: C.A.R.)
Mortgage rates - week ending 1/4:
30-yr. fixed: 6.18%; Fees/points: 0.4%
15-yr. fixed: 5.94%; Fees/points: 0.4%
1-yr. adjustable: 5.42%; Fees/points: 0.6%
(Source: Freddie Mac)
All above articles taken from the California Association of Realtors Bulletin, dated January 10, 2007.
