November 29, 2008

At least we’re Top 10….

S.D. home prices fall but sales are brisk
While nearly 39 percent of San Diego homes sold were affordable in the third quarter, the New York City area was deemed the least affordable with only 10.6 percent of homes sold at a median $500,000 and within reach of the median-income household earning $63,000.

Four of the least-affordable markets were in California: San Luis Obispo, 13.4 percent; San Francisco, 16.6 percent; Los Angeles, 20.7 percent; and Napa, 23.2 percent.

To be clear, these are definitely tough times. With house prices not going up as fast anymore, there’s definitely some gloom. It saddens me that we still can’t beat New York City in unaffordability, but we sure beat them in median incomeĀ  (wtf, $63k? cafeteria chefs make more than that here!)! And, it should hearten some that we are at least in the Top 10 for being unaffordable.

Mixed signs for sure.

Comments (3) -- Posted by: burbed @ 5:11 am

3 Responses to “At least we’re Top 10….”

  1. anon Says:

    Rise so high, yet so far to fall
    A plan of dignity and balance for all
    Political breakthrough, euphoria’s high
    More borrowed money, more borrowed time
    Backed in a corner, caught up in the race
    Means to an end, ended in disgrace
    Perspective is lost in the spirit of the chase

    Foreclosure of a dream
    Those visions never seen
    Until all is lost, personal Holocaust
    Foreclosure of a dream

  2. bob Says:

    Yes… Indeed it is miserably sad that houses aren’t outpacing incomes by a 10:1 margin, Sunday morning TV fodder is no longer non-stop house flipping infomercials, dumps like Phoenix and Las Vegas aren’t ” the fastest growing cities in America” , and every damned person you meet at a cocktail party didn’t just take out 4 loans along with and ARM, IO, and Option-Arm to squeeze into some cramped little house they have no interest in actually paying for. So sad!

  3. madhaus Says:

    burbed, I don’t think “we” made it into the top ten at all. Is “SF” even part of the RBA anymore? Seriously? And is Santa Clara County part of whatever Dataquick means by “SF”? Both the California and Bay Area reports neglected that little affordability number.

    The Mercury News report was last updated 9/30 which means it’s about a month out of date. Wonder when that’s going to get dumped from their site.

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