Rising home prices in California concern economists, prompt action by lenders
By Mark Glover | The Sacramento Bee
Housing affordability – or more precisely, the increasing lack of it – in California has prompted growing concern among economists and segments of the residential real estate industry.
Sung Won Sohn, a professor of economics at California State University, Channel Islands, said last week that “the average person, especially in the Bay Area and Southern California, is essentially priced out of the market. The only way they can buy a home is with a high-paying job or their parents helping them out.”