Kansas City Traveler Frightened By LA Housing

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Associated Press Assistant Managing Editor Chris Lester visits Los Angeles and realizes how lucky homeowners like him in the midwest are when it comes to housing prices. One of his highlights, as published in The Kansas City Star:

A recent transferee to Los Angeles, who commutes 90 minutes one way in rush-hour traffic, explained why he’s a renter and not a buyer. His rent is roughly 60 percent of what it would take to buy a similar house, and he’s just waiting for the bubble to pop.

Smart guy.

-- The Boy in the Big Housing Bubble/Los Angeles and Beyond