Monday, July 12, 2004

Now that's what I call inflation!
Los Angeles County home prices set another record in June even as the supply of properties on the market grew.

The median price for a home in the county hit $414,000, up 32.3% from a year ago, DataQuick Information Systems, a La Jolla real estate data provider, reported today.

The rate of appreciation was the biggest year-over-year increase since DataQuick began tracking data in 1988.
DataQuick statistics show that in June alone Los Angeles County home prices jumped 5.08% -- annualized, that's 61%! Between October 2003 and March 2004, around 45% of all new mortgages in LA were adjustable rate. Can't wait for the 2004:II data to come out.

On the entertainment front, they're all grown up now and left home, but Brandon, Dylan, Kelly and the gang in Beverly Hills 90210 would have had to shell out $1.95 million for a house in May.

The metropolitan area wage data is old, but from May 2002 to May 2003 median wages in the Los Angeles-Long Beach PMSA grew a big 1.2%. Somehow I think the wage data won't be much different for the most recent year -- looking at the national picture, probably even worse.

Bubble, bubble, bubble.

1 Comments:

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