GENERAL-EX.3-A008-GVU-06152012
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Transcript of GENERAL-EX.3-A008-GVU-06152012
A8 | Friday, June 15, 2012 | The Union | Section A
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BY ELLIOT SPAGAT
Associated Press
SAN DIEGO — Demandfor more expensive propertieslifted California home prices toa nearly two-year high in May assales across all pricing categoriesshowed healthy gains, a researchfirm said Thursday.
The median price for newand existing houses and condosreached $270,000 last month,up 8.4 percent from $249,000 inthe same period last year andmatching the highest level sinceJune 2010, DataQuick said.
The median price is stillwell below a peak of $484,000 inearly 2007 but up from$221,000 in April 2009.
The median price has risenthree straight months fromyear-ago levels.
The number of homes soldin May rose 17.6 percent fromlast year to 41,790, the highesttally for that month since 2006,the San Diego-based researchfirm said.
Foreclosed homes, whichtend to sell at a discount, madeup a smaller part of overall sales,lifting the median price.
DataQuick said propertiesthat had been foreclosed upon inthe previous year accounted for28.3 percent of existing-homesales, down from 35.3 percent ayear earlier and 58.5 percent inFebruary 2009.
The San Francisco Bayarea’s median sales price was$400,000, up 7.5 percent from$372,000 a year earlier,DataQuick said. The median isstill well below a peak of$665,000 reached in 2007 butup from $290,000 in March2009.
“It’s not exactly a stampede,but people are starting to moveoff the housing market sidelinesin numbers we haven’t seen in
quite a while. And it’s not justfirst-time buyers and investors,”said DataQuick President JohnWalsh.
The lowest-priced homes,particularly foreclosed proper-ties, have long been driving salesin California, but the latest fig-ures show that all pricingcategories are drawing moreinterest from buyers.
DataQuick reportedWednesday that the mediansales price in SouthernCalifornia reached $295,000 inMay, up 5.4 percent from$280,000 the same period lastyear.
It marked the secondstraight month that the pricesincreased from a year earlier inthe six-county region, following13 straight year-on-year declines.It was also the highest sinceSeptember 2010.
Alex Feliciano, 46, was sav-ing for a house with his wifesince 2005 and living in a rentedapartment. They noticed pricesclimb in the San Francisco Bayarea during April.
“When I saw that, it kind ofscared me. I had a sense ofurgency,” said Feliciano, whodelivers juice to supermarketsand whose wife works as a hospi-tal lab technician. They bought athree-bedroom home inHayward for $315,000 lastmonth.
Home sales andprices jump in May
BY JULIET WILLIAMS
Associated Press
SACRAMENTO —Democrats in the stateLegislature held committeehearings on the Californiabudget a day before the consti-tutional deadline to approve it,despite ongoing disagreementswith Gov. Jerry Brown over theirplan to make smaller welfarecuts to help balance a $15.7 bil-lion deficit.
Republican lawmakers,whose votes are not needed toapprove the budget, boycotted aSenate Budget Committeehearing, complaining that nego-tiations were being held in secretand they had not been given anytime to review the budget bills,most of which were publishedonline Thursday morning.
“We have made repeatedrequests for an honest and openbudgetary process and for thebudget measures to be in printfor 48 hours, to allow publicreview,” Sen. Bill Emmerson, R-Redlands, said in a statement.“We can’t in good consciencevote for bills we have not seen.”
Democrats passed the mainbudget bills out of committeewithout GOP votes Thursday.
Senate President Pro TemDarrell Steinberg, D-Sacramento, said the Legislaturetoday planned to take up billswith which the governor agrees,but put off voting on the morecontroversial parts.
Passing the main budgetbill by today’s midnight deadlinewill meet the constitutionalrequirement and ensure thatlawmakers do not go withoutpay, Steinberg said.
The Senate leader empha-sized that Democrats are largelyin agreement with the governoron most aspects of the plan. But
lawmakers are at odds with theDemocratic governor over about$1.2 billion in cuts toCalWORKS, the state’s wel-fare-to-work program, childcare, in-home support and col-lege aid.
More than three dozenpeople have been arrested at thestate Capitol this week inprotests over cuts to homehealth care and other programsfor the needy.
Brown is proposing to cut$880 million from CalWORKSby creating three different levelsof support and imposingtougher eligibility requirements.His proposal would reward par-ents for working and give lessaid to families where only thechildren qualify or if the parentsare no longer eligible.
Democratic lawmakers andadvocates fear that would drive
families into homelessness.They say a family of three inwhich only the child is eligiblefor benefits would be cut from a$516 a month benefit to $375 amonth, an amount equal to 24percent of the federal povertylevel.
Democrats only wanted tocut $428 million by extendingexisting cuts to counties to pro-vide work training and childcare.
“We are continuing to talkto see if we might find middleground,” Steinberg said, “butwe maintain our same strongposition that the people in themiddle, the people who arepoor, the people who had beenmiddle-class but now findthemselves on the edge becausethey’ve lost a job, these are thepeople we are talking aboutwhen we talk about
CalWORKS.”He added that they are not
just a number on a page, “but it’sreal lives.”
Steinberg said Brown hasnot commented on theDemocrats’ latest version of thebudget.
Both versions of the budgetclose the deficit by relying onabout $8.5 billion in revenueCalifornia would only see if vot-ers approve Brown’s proposedtemporary income and sales taxincreases in November.
The governor has submit-ted signatures for the initiative,which would ask Californians toadd a quarter-cent to the 7.5percent statewide sales tax forfour years and increase incometaxes on those who make morethan $250,000 for seven years.
Democrats moving on budgetwithout governor’s approval
The median pricefor new and
existing housesand condos
reached$270,000 lastmonth, up 8.4percent from$249,000 …
AP photo
Lori Brown, an in-home health care worker from Whittier, left, joins others in a protest against proposedstate budget cuts to social services at the Capitol Wednesday in Sacramento. More than 40 home careworkers, the disabled and supporters were arrested during a second day of protests against Gov. JerryBrown’s proposal to cut $225 million from the state’s In-Home Supportive Services program.
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