Word: medians
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...More strikingly, Proposition Two’s support transcended class and racial lines. Proposition two received one of its largest margins of victory in Los Angeles county, where less than a third of the population is white and the median Household income is $7,000 lower than the California state average. And in San Bernardino county, heavily hit by home foreclosures, the vote was still strongly in favor...
...evidence that the housing market is lifting its head off the deck, even as foreclosures continue to pile up and prices edge downward. Properties are at least moving again there, many at 30% to 40% off even last year's lowered prices. "In Los Angeles, one year ago, the median home price was $582,450; this September, it was $376,790," says Leslie Appleton-Young, chief economist for the California Association of Realtors. That may sound awful, particularly if you're the seller, but it may represent a clearance level - i.e., prices low enough to draw buyers - which the market...
...similar story in California, where the median price for houses dropped 41% in a year, according to the California Association of Realtors. In the Los Angeles area, the outlying suburbs of San Bernardino and Riverside have been hit the hardest due to the high number of homes owned by marginal and subprime borrowers. As a consequence, sales of distressed properties are up significantly. Also in the Los Angeles area, housing sales were up 83% in September over the prior year, with distressed properties notably contributing to the surge. "We're seeing a significant increase in sales activity over the last...
...relievers to score the same ludicrous contracts as in recent years. "Player salaries are extremely sensitive to market conditions," says Stanford University economist Roger Noll. "These players are going to get paid less next year." During the post-9/11, post-tech-bubble downturn earlier this decade, for instance, median baseball salaries dropped...
Which is not to say that Palin is any less real than Obama either. But she represents a kind of life--well-paid blue collar folks living close to the land--that has become rare and far removed from the American median. An élite, if you will...