Personal Finance: Ownership dreams dying in California
Personal Finance: Ownership dreams dying in California
But affordable homes are still available here
ALEX VEIGA and
The Associated Press
DAVID PITTMAN
Tucson Citizen
The Associated Press
Ricardo Cavillo, 33 , his wife Patricia, 41, andtheir children Kimberly, 11 (left), Angie, 8, and Pablo, 10, live in a two-bedroom apartment in Fullerton, Calif. The bank said the Cavillos qualify only for a $200,000 mortgage, but the median home price far exceeds $500,000 in Orange County, where Ricardo works.
LOS ANGELES - Like so many California home hunters struggling to balance affordability with a humane commute, Patricia and Ricardo Cavillo suffer a fundamental disadvantage - because they don't own a home now, they're struggling to get the financial clout to buy at all.
The bank said the Cavillos qualify for a $200,000 mortgage, but the median home price far exceeds $500,000 in Orange County, where Ricardo works a $38,000-a-year manufacturing job and the couple currently rents. Even a small two-bedroom condominium rarely fetches less than $300,000.
"When I see the price of these homes, I get depressed," said Patricia Cavillo, 41, a homemaker and mother of three young children. "I think my dream won't become reality."
In Tucson, the median price of a resale home in Tucson was $155,000 last month, up 9.92 percent from July 2003.
Tucson Citizen article continued
Unfit for Command
Famous Quotes
But affordable homes are still available here
ALEX VEIGA and
The Associated Press
DAVID PITTMAN
Tucson Citizen
The Associated Press
Ricardo Cavillo, 33 , his wife Patricia, 41, andtheir children Kimberly, 11 (left), Angie, 8, and Pablo, 10, live in a two-bedroom apartment in Fullerton, Calif. The bank said the Cavillos qualify only for a $200,000 mortgage, but the median home price far exceeds $500,000 in Orange County, where Ricardo works.
LOS ANGELES - Like so many California home hunters struggling to balance affordability with a humane commute, Patricia and Ricardo Cavillo suffer a fundamental disadvantage - because they don't own a home now, they're struggling to get the financial clout to buy at all.
The bank said the Cavillos qualify for a $200,000 mortgage, but the median home price far exceeds $500,000 in Orange County, where Ricardo works a $38,000-a-year manufacturing job and the couple currently rents. Even a small two-bedroom condominium rarely fetches less than $300,000.
"When I see the price of these homes, I get depressed," said Patricia Cavillo, 41, a homemaker and mother of three young children. "I think my dream won't become reality."
In Tucson, the median price of a resale home in Tucson was $155,000 last month, up 9.92 percent from July 2003.
Tucson Citizen article continued
Unfit for Command
Famous Quotes
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