Affordability Equilibrium

From the OC Register:

O.C. real estate consultant John Burns is telling his clients: "For prices to return to their historical median ratio of housing costs/income, national prices would need to revert back to mid-2004 levels."...The timing varies significantly by market, however.
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[H]ere’s a look at the top markets in the U.S. and what period’s price level would return these towns to Burns’ median affordability equilibrium:

2003 Q1: New York, NY; Orange County; Sacramento

From PRNewswire:

Six California metropolitan areas reported foreclosure rates among the top 10 in July: Stockton at No. 2; Merced at No. 3; Modesto at No. 4; Vallejo-Fairfield at No. 5; Riverside-San Bernardino at No. 8; and Sacramento at No. 9

From the Merced Sun-Star:

The Merced City Council took aim Monday night at a growing nuisance: foreclosed properties falling into disrepair and blighting city neighborhoods. At the suggestion of Councilman Rick Osorio, the council directed city staff to look at ways the city could better maintain empty houses.
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Osorio, who is running for mayor, said when homeowners move out or abandon properties in foreclosure, the empty houses become magnets for a host of problems. With water turned off, grass turns yellow and becomes a fire hazard. Stagnant water in swimming pools becomes a breeding ground for mosquitoes. Worst of all, dark houses with no signs of life houses attract vandals, drug dealers, and other criminals, said Osorio.

"In order to protect our citizens, we need to have some type of emergency ordinance so we can go in there and maintain the properties," said Osorio before Monday's meeting...City Attorney Greg Diaz said the his staff would look at ways the city could maintain abandoned property on an ongoing basis and still be reimbursed for those costs.
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[Councilman Jim] Sanders, who heads a non-profit that organizes Neighborhood Watch groups, said empty houses in disrepair have become a top complaint at Neighborhood Watch meetings over the past year.