In the last five years, incomes in Los Angeles and Orange counties rose 16%, nowhere near the 37% gain in typical house payments, according to a mix of CoreLogic’s price index and mortgage movements. In the Inland Empire, 13% bumps in pay were well short of a 41% surge in a buyer’s mortgage payment. Clearly, a house hunter who didn’t act near the bottom is now feeling added financial burdens.

But toss in a historic housing crash that roughly halved home prices and those mortgage rate cuts and the longer-term affordability math changes.

Read More: https://www.msn.com/en-us/money/realestate/is-another-southern-california-housing-debacle-needed-to-create-affordable-housing/ar-AABZdZo