Tuesday, August 16, 2005

Fading Dreams

A story on the fading dream of homeownership in Los Angeles's San Fernando Valley. It's in the Daily News of Los Angeles
While longtime homeowners worry the bubble will burst and they'll lose the value on their property from a hyper-inflating housing market, newcomers and renters look at that concern with envy.

For them, home prices setting records every month make it more and more difficult to see their dreams of home ownership become a reality.

In July, the median price for a typical San Fernando Valley house hit $600,000 for the first time. Just 11 percent of Los Angeles
County residents can afford that price tag.

And what will six-hundred grand buy you?

How about a three-bedroom 1947 North Hollywood house with a burnt front lawn? Or perhaps a two-bedroom Granada Hills starter home with less than 1,000 square feet?