LA’s average home price hits a record high. The previous high was $550,000 in summer 2007. This May it reached $560,500 according to Corelogic. A recent survey said many buyers are convinced home prices will continue to rise. They want to get in now before prices are higher. Demand is driven by a steadily improving economy and few new homes on the market. Calif. Assoc. of Realtors economist Leslie Appelton Young adds “we just don’t build enough housing.” Construction has not been enough to keep up with job growth and population growth. At some point something will have to give. The number of people who can afford these mortgage payments is not indefinite.
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