1) People consider low-income neighborhoods as "entry-level" homes, meaning they have no interest in settling there and starting a community.
2) The housing market is a reflection of the destabilization of the lower and middle class, who can lose all the have very quickly because of the lack of a safety net.
3) An economy based on housing speculation is unsustainable.
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Southland home sales hit 12-year low
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Even most creditworthy borrowers are feeling the crunch.
By Annette Haddad
Los Angeles Times Staff Writer
August 15 2007
Would-be home buyers in Southern California continued to sit on the sidelines last month, driving down home sales to their slowest pace in 12 years and pushing down prices in the region's less-expensive neighborhoods, data released Tuesday showed.
The complete article can be viewed at:
http://www.latimes.com/news/local/la-fi-homes15aug15,1,3968915.story?coll=la-headlines-california
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