Leslie Appleton Young, a California Association of Realtors economist, spoke at a recent meeting I attended and I want to share a few of her insights:
California unemployment is the highest it has been since 1940.
Interest rates are on the increase. They will undoubtedly rise in the coming months.
California real estate experienced a 60% drop from high of 2005-07 to 2010.
Low-end real estate prices are going up---high-end still declining.
Rents are declining because of the job market.
Jumbo interest rates are approximately 1% higher than conforming loan rate now. It was as high as a 3% spread.
"If you have no equity in your home you are not a homeowner."
19.6% of all 2009 purchases in California were cash offers.
On average California real estate prices were down 20% in 2009.
Buyers are exhausted, but believe the market is at or near the bottom. They are buying after sitting on the fence for years.
A quick check of local statistics reveal Palos Verdes inventory supply is down 30% and prices are up 5% from March 2009 to March 2010.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.
Find Norma on: Facebook - Twitter - LinkedIn - Email Norma
Palos Verdes Homes Blog - Palos Verdes Houses
Rancho PV Horse Property - Palos Verdes Blog
Coachella Valley Lots for Sale - View Homes in Rancho Palos Verdes
Palos Verdes Coastal Estates - Rancho Palos Verdes Homes
Los Angeles Photographer - Palos Verdes Homes Videos
Sell Smart, Buy Wise and Live Well
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333
PalosVerdesLifestyle- Norma's award winning site as the best Palos Verdes homes and real estate blog since 2007. Selected by Relocation.com as one of the top ten Los Angeles area real estate blogs. Chosen by MovingCost.com as one of the best Los Angeles realty blogs. Awarded 5 out of 5 stars by Lender411 blog review. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Based on information from the Association of REALTORS®/Multiple Listing as of the initial date of this article/blog publication and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
Find Norma on: Facebook - Twitter - LinkedIn - Email Norma
Palos Verdes Homes Blog - Palos Verdes Houses
Palos Verdes Horse Property - Palos Verdes Realtor Agent
Palos Verdes Coastal Homes - Los Angeles Home Search
Photos of Palos Verdes - Palos Verdes Videos
Palos Verdes Luxury Homes - Beach Cities Homes
Inventory most everywhere has gone down recntly. The question is, is this declin in inventory due to an increase in demand, or are homeowners simply not putting their propertie on the market, waiting for the prices to go up?
Norma, Nice post with excellent information. "If you owe, you do not OWN" Just ask your accountant which category your mortgaged home belongs in...the answer is LIABILITY.
Hope you are having a great spring & 2010 is good to you!
Jenna