Summary
Homeownership dream becomes a nightmare
Achieving a fuller understanding of the complex housing market in Southern California - a region that acts as a bellwether for our nation - is a difficult task. We, therefore, applaud Michael Rappaport for shedding much-needed light on a buried issue that underlies current mortgage industry problems: the shortage of affordable homes for working families.See the full content of this document
Extract
Letters to the Editor: May 1
That shortage is aggravated by a tremendous home affordability gap, which is created by the crushing combination of high home costs and stagnant income. As it grows, the affordability gap diminishes the possibility of homeownership for thousands of Inland Empire working families. As Mr. Rappaport noted, area teachers, firefighters, office workers, retail associates - citizens who form the backbone of the communities - can no longer afford to live near their places of work.
Addressing this issue is critical to the economic and social health of the Inland Empire. Employers, civic leaders, policymakers and advocates mu...See the full content of this document
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