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Friday, November 7, 2008
Is The LA Market Now Affordable?
Is the Los Angeles Metro market ready to bounce back? Maybe not, but the average purchase mortgage has decreased to a relatively affordable level. The chart below shows the monthly decrease in the Average Purchase Mortgage from January 2007 through September 2008.
Click on the image for larger view.
Click on the image for larger view.
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The median home price in Los Angeles County has declined from over $600k in 2005-2007 to $484k in August 2008. That reduction might appear to make more Los Angeles homes affordable. The volume of sales is very low. Even with the price reductions, the LA market, like many other places is not afordable enough for most people.
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