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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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