Sales Are Up - But is the Real Estate Market Really Getting Stronger?Posted by Cheng Goodman on March 11th, 2021 "Going Beyond The Numbers" Insiders Report: A new report shows an boost in home sales and also a slight gain in prices. On the surface this is very good news for Los Angeles, Ca homes for does this implies a great recovery is on the horizon? Probably you could consider looking beyond the numbers to be aware of why. Home sales in Los Angeles County as well as the rest of Southern California hit a three-year loaded with July and prices continued to firm up as buyers turned their focus to more expensive properties, market tracker said Tuesday. HOME SALES Southern California home sales/median price: July 2009: 24,104/8,000 July 2008: 20,329/8,000 LA County home sales/median price July 2009: 8,082/1,000 July 2008: 6,592/0,00 The interesting point about this report is the activity inside the "higher priced properties" which includes boosted the modest boost in prices throughout the last few don't expect those increases to last. The increase from this sector will be pushed more by "investors" bottom feeding on distressed properties than home buyers trading up into bigger, more costly homes. The economic fundamentals are still not strong enough to sustain any real momentum inside "jumbo" market, even though the report from DataQuick indicates that "some buyers have become migrating to higher priced properties." During July, fifteen percent in the mortgages issued were for properties priced above 7,000, one of the most since last August. These type of mortgages accustomed to command up to 40% in the this sector includes a long way to go to regain any real market share. There remains to be try this website of future foreclosures with this sector that have to be made available to the market industry place in the months ahead. For next page to occur at any level that will demonstrate real growth, the economy should be in a very superior place than currently. "Normally, 3-6 months would have been a really strong indication that that prices have flattened out - ths issue is we aren't in normal times," said DataQuick analyst Andrew LePage. "We're just taken from, or still in, a deep recession." Not surprisingly, market watchers expect another spike in foreclosures inside the coming months. "The recent drop in foreclosure resales, as well as the rise in high-end sales, has helped stabilize some from the regional home price measures. But there's still quite a bit of distress on the market," DataQuick president John Walsh said in the statement. The real strength in this market arises from the lower end the place that the fundamental tend to be stronger. home loans Caroline springs looking for a Los Angeles house loan can take benefit of FHA government insured loans that provide deposit as low as 3.5% minimizing interest rates as opposed to "jumbos." A Jumbo Los Angeles home loan uses a larger advance payment far better rates for those who finding enough qualified buyers to help keep this sector stable and growing seems unlikely in the meantime. If you might be a buyer looking to go into the upper end in the market, time is on your side. The upper end of the market doesn't figure to show around until their is sustained economic that's not going to occur anytime soon.Like it? Share it! |