How California Home Prices Got Sky-High #realestate #wealth #asset

Source:  KPCC

Buying a first home in California can be a daunting task, as the average home price is roughly two-and-a-half times the national average in the Golden State.  With home prices in much of L.A. at pre-recession levels, or exceeding them, first-time buyers are struggling to break into the market.  They must often put down big down payments or even full cash offers.  They have to agree to the seller's terms, such as a long - or short - escrow period.  Compounding the problem, wages have not kept up with home prices, both for renters and homeowners.  The California Environmental Quality Act, also known as CEQA, has also affected development and the availability of supply.

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