Report: Housing affordability heading down amid supply squeeze, inflation

Rising costs and reduced spending power, as well as a steady decline in supply, are bearing on one of the major drivers of the Inland Empire economy – housing – according to a report released Thursday, June 23.In the University of California Riverside School of Business Center for Economic Forecasting’s latest Inland Empire Regional Intelligence Report, highlights point to strengths and weaknesses in the marketplace, with real estate showing signs of distress.The report noted that, at current prices, only 31% of area households can afford to buy a home in Riverside and San Bernardino counties, which compares to 39% a year ago.Lack of supply is one of the principal reasons for prices spiraling higher and out of reach for residents. According to the report, in Riverside Cou
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