CALIFORNIA | LOCAL
September 11, 2001 |
Overcoming an intense lobbying effort by the Hearst Corp. and real estate interests, the Assembly on Monday passed a measure that would close a loophole speculators have used to earn millions by threatening to build on scenic property. Called a solution to a practice characterized by critics as "environmental terrorism," the measure obtained the minimum 41 votes needed for approval. It now goes back to the Senate for a final vote.
July 6, 2001 |
The number of residents able to afford homes in California in May inched up 2 percentage points to 33% over the same period last year, the California Assn. of Realtors said. In Orange County only 23% of residents were able to afford homes, whereas in Los Angeles and Ventura counties, about 36% of residents could afford a median-priced home in May.
May 12, 2001 |
New homes have been one of the hottest segments of the housing market, but a growing number of builders in California are reporting an increase in the number of buyers canceling orders. The rise has been dramatic in Northern California, where fallout from the high-tech decline is spreading. But more home buyers in Southern California also are pulling out of deals to purchase new homes.
April 6, 2001 |
The percentage of California households able to afford median-priced homes increased from a year earlier for the first time in 23 months in February because of lower interest rates, according to an industry report. The California Assn. of Realtors' housing affordability index for February stood at 35%, up one point from February 2000. The index has been rising month-to-month since October. The percentage is still less than the national figure of 57%.
March 28, 2001 |
Some of California's largest and most well-known owners of commercial real estate have created a consortium to work with the Building Owners and Managers Assn. to respond to the state's energy crisis. The consortium--which is spearheaded by Arden Realty, Equity Office Properties Trust, Irvine Co. and TrizecHahn Corp.--is working with other groups on recommendations to boost energy efficiency in private and public buildings.
March 27, 2001 |
Sagging consumer confidence sent existing-home sales lower in February both nationally and in California, while median home prices on both fronts continued to rise, according to trade group reports. But analysts said the nation's housing market as a whole is still strong--bolstered in part by falling mortgage interest rates. Economists hope strong demand in the housing sector will continue to shore up the country's ailing economy.