Housing-related costs outpace incomes, study shows
FROM OUR BLOGS
The Center for Housing Policy reports that from 1996 to 2006, mortgage payments rose 46%, utilities 43%, property taxes 66% and homeowners insurance 83%. Homeowner incomes increased only 36.3%.
OK, penny pinchers, it's not just your imagination. It has gotten increasingly expensive to own a home in relation to income, and mortgage payments are only part of the picture.
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A national study released Wednesday, "Stretched Thin: The Impact of Rising Housing Expenses on America's Owners and Renters," looks at the costs of housing beyond home loans from 1996 to 2006.
The Center for Housing Policy study found that all major types of homeowner-related expenses rose faster than incomes during that decade.
Among findings from the research affiliate of the National Housing Conference, mortgage payments rose 46%, utilities 43%, property taxes 66% and homeowner insurance 83%, while homeowner incomes increased only 36.3%.
Renters didn't fare much better. Rents rose 51% during the 10-year period studied, while renters' incomes rose only 31.4%.
Coldwell Banker starts 10-day sale
Macy's does it. So do the airlines. So why not real estate companies?
Hoping to jump-start sales in a comatose market, Coldwell Banker Residential Brokerage is running a 10-day "national sales event" through Oct. 19.
Participating sellers are reducing prices by about 8% to 10%. In the Greater L.A. region -- in Santa Barbara, Ventura, the South Bay, the Westside, Hancock Park and the San Fernando Valley -- reductions may be greater, a Coldwell Banker spokeswoman said.
To find the reduced-price listings, visit www.coldwellbanker.com/event or www.camoves.com, then click on the "10 Day Sales Event" link.
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Diane Wedner
Foreclosures up 923% from '06
The third-quarter foreclosure report released by PropertyShark.com last week paints another bleak picture.
Los Angeles County foreclosures, totaling 15,749 by its methodology, were up nearly 196% from the same quarter in 2007, when there were 5,322. And compared with the second quarter of '08, which had 14,505 foreclosures, they were up 9% in the third quarter.
If that's not dramatic enough for you, way back in the third quarter of 2006 the county recorded just 1,539 foreclosures. Two years later, in the same quarter, that number is up 923%.
The ZIP Codes with the most foreclosures were, in descending order: Palmdale 93550, Lancaster 93535, Sylmar 91342, Pacoima 91331, Palmdale 93552, Norwalk 90650, Palmdale 93551, Long Beach 90805, Lancaster 93534 and Quartz Hill 93536. For Palmdale 93550, that translates into 1 in every 45 homes.
Who was left holding the most bad loans in L.A. County? Countrywide Home Loans, followed by Washington Mutual.
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Lauren Beale
PropertyShark.comPropertyShark.com
- » Coldwell Banker - Oregon Real EstateThink of us when needing real estate assistance in Marion County, Oregon including Silverton, Salem and Molalla. Coldwell Banker associates.www.cbmwsilverton.com
- » Coldwell Banker Business CardsFind quality business identity cards at affordable prices.www.cuttingedgedesigns.us
- » Coldwell Banker Flex Realty Northwood OHIf your thinking of buying or selling a home, I've got the tools to help. View listing to find a home, or get a marketing plan to sell yours. Serving Northwood, and the Toledo, Ohio Area.www.timmccrory.com
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