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Housing Western United States

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April 21, 1993 | DAVID W. MYERS, TIMES STAFF WRITER
New home construction in California and the rest of the Western United States surged nearly 18% in March from February, the government said Tuesday, but a huge drop in the weather-battered East pulled down construction activity nationwide by 4.6%. New homes began at a seasonally adjusted annual rate of 296,000 units in the West last month, up from February's 251,000-unit rate and well ahead of January's rain-soaked 219,000-unit pace, according to the Commerce Department.
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BUSINESS
May 12, 1993
Lower mortgage rates, falling home values and growing incomes made it easier for consumers in the West and the rest of the nation to buy a home in the first quarter of the year. When the affordability index stands at 100, a family earning the region's median income has exactly the amount needed to purchase a median-priced home with a 20% down payment. West First quarter '92: Median price: $147,200 Income needed to qualify for loan: $43,598 Affordability index: 85.
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BUSINESS
May 12, 1993
Lower mortgage rates, falling home values and growing incomes made it easier for consumers in the West and the rest of the nation to buy a home in the first quarter of the year. When the affordability index stands at 100, a family earning the region's median income has exactly the amount needed to purchase a median-priced home with a 20% down payment. West First quarter '92: Median price: $147,200 Income needed to qualify for loan: $43,598 Affordability index: 85.
BUSINESS
April 21, 1993 | DAVID W. MYERS, TIMES STAFF WRITER
New home construction in California and the rest of the Western United States surged nearly 18% in March from February, the government said Tuesday, but a huge drop in the weather-battered East pulled down construction activity nationwide by 4.6%. New homes began at a seasonally adjusted annual rate of 296,000 units in the West last month, up from February's 251,000-unit rate and well ahead of January's rain-soaked 219,000-unit pace, according to the Commerce Department.
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