A common theme that it has been a perfect time to buy. Once new jobs come back, then these recently hired people will purchase homes. However, the wages on these new jobs too low to purchase homes at current prices.
By Tami Luhby @CNNMoney August 31, 2012: 12:26 PM ET
NEW YORK (CNNMoney) — Sure, the economy is adding jobs these days…but most of those positions pay pretty poorly.
Some 58% of the jobs created during the recovery have been low-wage positions, according to a new report by the National Employment Law Project. Only 22% have been mid-wage jobs and 20% higher-wage positions. These low-wage jobs pay $13.83 an hour or less
“The recovery continues to be skewed toward low-wage jobs, reinforcing the rise in inequality and America’s deficit of good jobs,” said Annette Bernhardt, NELP’s policy co-director. “While there’s understandably a lot of focus on getting employment back to pre-recession levels, the quality of jobs is rapidly emerging as a second front in the struggling recovery.”
The explosion in low-wage job growth comes after the Great Recession hammered the mid-wage job sector. Some 60% of the jobs lost during the downturn were mid-wage, as opposed to 21% of low-wage and 19% of higher-wage positions.
The fastest growing low-wage jobs include retail salespeople, food prep workers, laborers and freight workers, waiters and waitresses, personal and home care aides, office clerks and customers representatives.
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Proprietary OC Housing News home purchase analysis
$374,900 …….. Asking Price
$300,000 ………. Purchase Price
7/31/2012 ………. Purchase Date
$74,900 ………. Gross Gain (Loss)
($24,000) ………… Commissions and Costs at 8%
$50,900 ………. Net Gain (Loss)
25.0% ………. Gross Percent Change
17.0% ………. Net Percent Change
299.6% ………… Annual Appreciation
Cost of Home Ownership
$374,900 …….. Asking Price
$13,122 ………… 3.5% Down FHA Financing
3.60% …………. Mortgage Interest Rate
30 ……………… Number of Years
$361,779 …….. Mortgage
$94,463 ………. Income Requirement
$1,645 ………… Monthly Mortgage Payment
$325 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$94 ………… Homeowners Insurance at 0.3%
$377 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
$2,440 ………. Monthly Cash Outlays
($247) ………. Tax Savings
($559) ………. Equity Hidden in Payment
$15 ………….. Lost Income to Down Payment
$114 ………….. Maintenance and Replacement Reserves
$1,763 ………. Monthly Cost of Ownership
Cash Acquisition Demands
$5,249 ………… Furnishing and Move In at 1% + $1,500
$5,249 ………… Closing Costs at 1% + $1,500
$3,618 ………… Interest Points
$13,122 ………… Down Payment
$27,237 ………. Total Cash Costs
$27,000 ………. Emergency Cash Reserves
$54,237 ………. Total Savings Needed
The property above is available for sale on the MLS.Contact us for a comparative market analysis, a cost of ownership analysis, or information on how you can make an offer today!
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Comparative Market AnalysisAre you ready to make an offer, but you are worried you will either (1) underbid and miss the property or (2) overbid and pay too much? Don't make a mistake and miss your dream home, or worse yet, overpay for it! Get the advice of a seasoned professional. Contact us at email@example.com today! Are you thinking about selling, but you are worried you will either (1) overprice and fail to sell or (2) underprice and leave money at the negotiating table? We are the experts in real estate valuation. Work with us to set the right prices to sell your property quickly for the largest amount possible. Let us show you what your property is worth today! An OC Housing News Comparative Market Analysis will calm your worries and give you peace-of-mind. See for yourself right now! Reports are available for properties in the Southern California MLS coverage area, and are generally delivered within 24-72 hours. If you wish to receive multiple properties, please contact us at firstname.lastname@example.org, and we will prepare the reports for you.
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