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California Sustains Spiral in Home Costs Rising Mortgage Rates Slow Pace in Northeast Cities
[P.M. Final Edition]
Los Angeles Times (pre-1997 Fulltext) - Los Angeles, Calif.
Date: May 16, 1989
Start Page: 3
Section: Business; PART-A; Late Final Desk
Text Word Count: 413
 Abstract (Document Summary)

Rising mortgage rates hit home sales and prices hard in expensive Northeast cities in the first three months of 1989, but booming West Coast markets weathered the storm, a real estate trade group said today.

California accounted for the top five appreciation rates in the nation. Home prices in Orange County shot up 30.2% to a median of $237,900. In Los Angeles, prices rose 26.3% to $201,000; San Diego, 21.9% to $163,900, and Riverside-San Bernardino, 21.6% to $116,000.

New York area prices-the fifth highest in the nation after San Francisco, Orange County, Honolulu and Los Angeles-sank 2.8% to $181,700. Boston, New Haven and Hartford-the sixth, seventh and eighth most pricey cities-posted appreciation rates of 0.9%, minus 1.3% and minus 0.5%, respectively.

Reproduced with permission of the copyright owner. Further reproduction or distribution is prohibited without permission.
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