Doors closed on home dreams

The L.A.Daily News reports on how many people are priced out of homeownership:

In July, the median price for a typical San Fernando Valley house hit $600,000 for the first time. Just 11 percent of Los Angeles
County residents can afford that price tag.

And what will six-hundred grand buy you?

How about a three-bedroom 1947 North Hollywood house with a burnt front lawn? Or perhaps a two-bedroom Granada Hills starter home with less than 1,000 square feet?

You'd have to have a household income of $139,160 just to qualify to buy it and you'd be paying roughly $3,500 per month in mortgage payments.

If you were a CEO would you open up a call center or a factory in this area? Read the whole piece.