Families And Housing
WORKING FAMILIES SPEND MORE THAN HALF THEIR INCOME ON HOUSING
In 2003, more than 4.2 million working families in the U.S. spent more than half their income on housing, according to "The Housing Landscape for America's Working Families 2005," a study recently released by the Center for Housing Policy that focuses on working families with critical housing needs between 1997 and 2003. More than 14 million families, including 5 million low- to moderate-income families, either lived in deteriorated conditions or spent more than half their earnings on housing in 2003, a 76 percent increase when compared with 1997.
U.S. HOUSING STARTS JUMP IN APRIL
Following a sharp decrease in March 2005, the seasonally adjusted annual rate for privately owned housing starts rebounded in April, rising 11.0 percent from March to 2.04 million units, according to a report released by the U.S. Dept. of Housing and Urban Development. The April construction pace also was up 3.6 percent from a year ago.
CONSUMER CONFIDENCE IMPROVES IN MAY
After declining for three consecutive months, consumer confidence brightened in May, according to The Conference Board's Consumer Confidence Index. The Index climbed nearly five points last month and now stands at 102.2 (1985=100). The Present Situation and Expectations Indices also increased in May, rising to 116.7 and 92.5, respectively.
LOCAL AND NATIONAL EMPLOYMENT PICTURE
Local job seekers will find themselves competing for fewer new positions, and local home prices will hold their current lofty levels – at least for now. Those were the key predictions contained in Cal State Fullerton’s updated economic forecast for 2005.
The local unemployment rate dropped to 3.5 percent in April, down from 3.8 percent in March, the Employment Development Department reported.
Employers throttled back hiring in May, boosting jobs by just 78,000, the government reported June 3, 2005. The most sluggish pace of payroll expansion in nearly two years dramatized the erratic behavior of the nation's job market.
FACTS AND FIGURES
(U.S. Census Bureau): Three states Florida, California and Texas would account for nearly one-half (46 percent) of total U.S. population growth between 2000 and 2030.
The median sales price for all O.C. residences that sold in April jumped to $576,000. That’s $11,000 more than the old high set in March and 10 percent more than a year ago. Orange County home values have nearly tripled in about 8 years.