Los Angeles Homes Prices On The Rise

Zillow predicts that home prices in the Los Angeles area are set to rise moderately over the next year. A report released by the website Tuesday found that home prices have risen 2.7% over the last year in the Los Angeles metro area -- which consists of Los Angeles and Orange counties -- to hit $397,000 by the end of the third quarter.
The website called a bottom for the Los Angeles area in the first quarter of 2012 and expects home prices to increase 3.5% throughout the region over the next year, according to its report.   If you have been thinking of owning your own home now is the time to jump off the fence. Interest rates are still low but prices are going up.

Foreclosure and Short Sale Update

                                      Foreclosure Sales

– properties foreclosed on in the past 12 months – accounted for 16.3% of the Los Angeles area resale market last month. Down from 16.6% the month before and 32.8% a year earlier. Last month’s level was the lowest since October 2007 when it was 16.0%. In the current cycle, the foreclosure resales hit a high of 56.7% in February 2009.

                                            Short sales

- transactions where the sale price was less than was owed on the property – made up an estimated 26.0% of Southland resales last month. That was down from 27.6% the month before and up from 25.4% a year earlier.

Bank Of America Makes Short Sales A little Faster

Bank Of America recently announced it will begin to use additional methods to determine property values in an attempt to streamline the short sale process and reduce cycle time.  As of mid-October, different valuation methods that do not require access to the property will be implemented on some transactions.  This will reduce the time frame for the valuation stage from several weeks to a few days.

Think that selling short is the answer for you. Call me and let me help you through the process free! You don't pay me, the bank does.

Prices In Los Angeles Are On The Rise!

Zillow.com predicts that homes prices in  Los Angeles and San Fernando Valley area are on the rise.
Zillow reported that home prices have risen almost 3% in the past year and expects prices to increase 3.5% over the next year.

Freddie Mac says that  interest rates moved  lower this week with lenders offering 30-year fixed-rate home loans 3.39%.

Me thinks NOW might be the time to buy!!!!!