Fri11282014

News

VTA plans for  El Camino Real prompt skepticism

VTA plans for El Camino Real prompt skepticism


Ellie Van Houtte/Town Crier
A Valley Transit Authority proposal to convert general-use right lanes on El Camino Real to bus-only use received a chilly reception last week.

A Valley Transit Authority proposal that prioritizes public transit alo...

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Schools

MVHS students attempt Guinness World Record

MVHS students attempt Guinness World Record


Barry Tonge/Special to the Town Crier
Local residents participate in an attempt to break the Guinness World Record for making the most friendship braceletsNov. 9 at Mountain View High.

More than 300 Mountain View High School students gathered around...

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Community

Bigger, better days ahead for Foothill Veterans Resource Center

Bigger, better days ahead for Foothill Veterans Resource Center


Student veterans at Foothill College can seek support, access resources and socialize at the Veterans Resource Center.
Ellie Van Houtte/Town Crier

Carmela Xuereb sees bigger things in store for the Foothill College Veterans Resource Center. One...

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Comment

Serving those who served us: Editorial

“Thank you for your service” often comes across as lip service to our veterans. As always, actions speak louder than words.

The Rotary Club of Los Altos has taken plenty of action, contributing time and money to improve opportunities for veterans th...

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Business

Report: Los Altos homes priciest in U.S.

Report: Los Altos homes priciest in U.S.


ToWn Crier File Photo
The average cost of a four-bedroom, two-bathroom home in Los Altos is 30 times more than the price of a similar home in Cleveland, according to a Coldwell Banker report.

The average cost of one Silicon Valley home can purchase ...

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Books

Children's author signs books at Linden Tree

Children's author signs books at Linden Tree


Author Tiffany Papageorge is scheduled to sign copies of new her book 11 a.m. Dec. 6 at Linden Tree Books, 265 State St., Los Altos.

Papageorge’s “My Yellow Balloon” (Minoan Moon, 2014) is a Mom’s Choice “Gold” winner. In the book, the Los Gat...

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People

RICHARD CAMPBELL WAUGH

RICHARD CAMPBELL WAUGH

Richard Campbell Waugh of Los Altos Hills, Ca. died at home October 31, 2014 surrounded by his family and caregivers.

Dick was born 1917, in Fayetteville, Arkansas. He earned a BS in chemistry from University of Arkansas and a PhD in organic chemi...

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Travel

Weekday Wanderlust highlights the joys of armchair travel

Weekday Wanderlust highlights the joys of armchair travel


Dan Prothero/Special to the Town Crier
Travel writers at the October gathering of the Weekday Wanderlust group include, from left, James Nestor, Kimberley Lovato, Paul Rauber, Marcia DeSanctis and Lavinia Spalding.

Travel writing should either ̶...

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Stepping Out

Pacific Ballet's 'Nutcracker' opens Friday in downtown Mtn. View

The Pacific Ballet Academy is back with its 24th annual production of “The Nutcracker,” scheduled this weekend in downtown Mountain View.

The story follows young Clara as she falls into a dream where her beloved nutcracker becomes the daring prince ...

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Magazine

Christmas At Our House home tour celebrates 26 years

Christmas At Our House home tour celebrates 26 years


Courtesy of Christopher Stark
Homes on the St. Francis High School Women’s Club’s Christmas at Our House Holiday Home Tour showcase a variety of architectural styles.

The days grow short on sunshine but long on nostalgia as the holidays approach...

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California housing affordability level drops

Lower inventory, high demand and rising interest rates have significantly reduced housing affordability in California. The California Association of Realtors recently reported that housing affordability in the third quarter of 2013 fell for the sixth consecutive quarter, after reaching an all-time high in the spring of 2012.

California housing affordability hit a record high of 56 percent in the first quarter of 2012. The third-quarter 2013 figure fell below 35 percent for the first time since the third quarter of 2008.

The percentage of homebuyers who could afford to purchase a median-priced existing single-family home in California dropped to 32 percent in the third quarter of 2013, down from 36 percent in the first quarter of 2013 and from 49 percent in the third quarter of 2012, according to the association’s affordability index, which measures the percentage of households that can afford to purchase a median-priced single-family home.

“With Silicon Valley’s economic recovery, there is no doubt that it has become more difficult for homebuyers, especially first-time homebuyers, to purchase a home in the region,” said Carolyn Miller, president of the Silicon Valley Association of Realtors. “Many businesses are expanding their labor force, and unless more inventory and new home construction ease the shortage of housing, home prices are expected to continue rising next year.”

Homebuyers needed to earn a minimum annual income of $89,170 to qualify for the purchase of a $433,940 statewide median-priced existing single-family home in the third quarter of 2013. The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $2,230, assuming a 20 percent down payment and an effective composite interest rate of 4.36 percent.

The composite interest rate was 3.72 percent in the third quarter of 2012. The median home price was $339,930 in the third quarter of 2012, and an annual income of $65,828 was needed to purchase a home at that price.

The California Association of Realtors reported that nearly every county experienced a double-digit decline in affordability when compared to last year.

In Santa Clara County, only 21 percent of homebuyers could afford to purchase a median-priced single-family home in the third quarter of 2013, down from 32 percent in the third quarter of 2012. Buyers needed to earn a minimum annual income of $165,420 to qualify for the purchase of an $805,000 median-priced single-family home. The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $4,140.

The Silicon Valley Association of Realtors provided information for this article. For more information, email Rose Meily at This email address is being protected from spambots. You need JavaScript enabled to view it. or visit silvar.org.

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