Franklin Avenue follows-up on a previous post about California's out-of-wack housing market that's causing heartburn for home buyers and the continuing impacts of Prop 13 that causes new homeowners in Glendale to pay more property taxes than mansion dwellers in Hancock Park.
...fresh word from the California Association of Realtors: New homeowners are screwed.Are we getting closer to tax payer revolt #2 - the anti-Prop 13?
According to the org: California households, with a median household income of $54,140, are $73,810 short of the $127,950 qualifying income needed to purchase a median-priced home at $545,910 in California, according to the California Association of Realtors (C.A.R.) Homebuyer Income Gap Index™ (HIGI) report for the third quarter of 2005, released today.
· House Poor [Franklin Avenue]