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AM news: following the money
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A cool half mil: the median LA home price scooted up to $506,000 in March. This is how that works:
To buy a house at the median price, a household would need an annual income of at least $120,000 to qualify for conventional financing with a 20% down payment. The county's median household income: about $47,000.
And 20% downpayment would mean you'd need $100,000 cash — NOBODY is putting down 20% these days, because lenders aren't requiring it. What does this all mean? LA may be the best place in the country to be selling a house these days.
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blolod money: It looks like Devin Brown's mother would be able to buy 3 median-priced LA homes outright. The LA Times is reporting that the city has reached a $1.5 million agreement with the mother of the 13-year-old who was shot and killed by the LAPD last year. Now that we think about it, she just might want to buy a home elsewhere.
trash money: Mayor V has proposed hiking trash fees to pay for 1,000 more cops. Homeowners that now pay $11 per month would pay $18 per month next year, with the fees rising to $28 by 2010. We're sure the city needs an expanded police department, but is pairing more cops with garbage really a good sell?
not our $114 ticket: Police in San Fernando did not ticket 82-year-old Mayvis Coyle, the senior who couldn't make it across the street before the light changed. The story has been picked up by national news wires (we saw it on Yahoo) and angry citizens have been deluging the San Fernando police department with calls and e-mails. Those folks don't know that San Fernando is just one small town in the San Fernando Valley. The ticketer was an officer of the (understaffed?) LAPD.
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