A city memo from this fall estimates a shortage of 16,000 affordable housing units. But resources to deal with that shortage have dwindled as well. In California, redevelopment funds from the state had been a reliable means of developing affordable housing, but when California was facing its severe budget deficits in the midst of the…
Tag: housing
How much income do you need to buy a home in the Bay Area?
The short answer is: a lot. And: probably more than you have if you live in the Bay Area. To cover principal and interest alone on a median-priced home in the greater Bay Area $682,410, you would need $115,510 in annual income. The monthly payment would be $2,695.23. To also cover taxes and insurance, you…
Thousands of Marylanders are losing homes in second wave of foreclosures – The Washington Post
Cities have been devastated by falling property taxes, fueled by both falling property values and a growing number of properties for which no property taxes are being paid. Property taxes continue to fall as the valuations catch up to the new market values, and now a long-predicted “second wave” of foreclosures is likely to damage…
Foreclosure Relief Money Diverted by Governors
Hundreds of millions of dollars meant to provide a little relief to the nation’s struggling homeowners is being diverted to plug state budget gaps. In a budget proposed this week, California joined more than a dozen states that want to help close gaping shortfalls using money paid by the nation’s biggest banks and earmarked for…