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August 23, 2005
Today's Housing Bubble Post: Risky Business
-- by Thomas Leavitt
Caught this article the other day, discussing a new study released by the Public Policy Institute of California, entitled: California's Newest Homeowners: Affording the Unaffordable.
News article pull quote: "Californians are increasingly affording the unaffordable by sinking more than half their incomes into mortgage payments, taking on enormous debt, forgoing downpayments and signing interest-only or adjustable-rate mortgages".
Executive summary pull quote: "The share of income spent on housing is higher for homeowners in California than in any other state."
Posted by Thomas Leavitt at August 23, 2005 3:27 AM
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