Communities included: Echo Park, Silver Lake, Atwater, Highland Park, Glassell Park, Eagle Rock, Mt. Washington, Montecito Heights. Single Family: September/October
Residential Income (2-4 units)
Condo:
(Source: The MLS)
U.S. home prices continued to increase in August as the Case Shiller 20-city Home Price Index increased 0.9 percent to its highest level since September 2010. The 20-city index is up 2.0 percent in the last year. At 145.87, the index was down 12.9 percent from where it was just before the 2008 presidential election. The index rose in 19 of the 20 cities, falling only in Seattle.
The 10-city index also rose 0.9 percent in August, increasing to 158.62, 1.3 percent ahead of August 2011 and the highest level since October 2010.
Home values play a significant role in the nation’s economy following the “wealth effect,” which holds that households spend more as perceived wealth increases. Increases in household net worth due to real estate (rather than stock) values have a greater impact on consumption, which is more than 70 percent of GDP.
The prices gains reported by Case-Shiller were led by a 2.3 percent gain in Detroit, a 1.8 percent increase in both Atlanta and Phoenix, 1.6 percent in Las Vegas, 1.3 percent in Los Angeles, 1.2 percent in Minneapolis, 1.1 percent in Washington, D.C., and 1.0 percent in both Cleveland and Miami. The year-over-year price improvement in Las Vegas was the first in that city—which had been a poster child for the housing boom—since December 2006.
Prices rose year-over-year in 17 of the 20 cities—compared with July when prices rose year-over-year in 16 cities—led by Phoenix, 18.8 percent, Minneapolis, 7.4 percent, Miami, 6.7 percent, Denver 5.5 percent and San Francisco, 5.3 percent.
Gil_Cedillo
Tomorrow - Saturday, November 17 - there is a FREE Northeast LA Home Expo And Housing Rescue Fair in Highland Park for all first-time homebuyers and homeowners at risk of foreclosure.
Sponsored by Assemblymember Gilbert Cedillo, it will also be announced that there will be $1.5 million in state funds available to families for down payment assistance for eligible households for first-time homebuyers.
You must pre-register for this event by calling 323-225-4545. Make sure you have all your paperwork upon arriving.
Northeast LA Home Expo and Housing Rescue Saturday, November 17, 2012 From 10:00 am to 2:00 pm Luther Burbank Middle School, 6460 N. Figueroa Street, Los Angeles (Highland Park), CA 90042
Typical of supply-and-demand, home sales in California have fallen 16.5% as prices have risen. With fewer properties on the market, including a reduced foreclosure and shadow inventory, prices are being driven up. But according to the LA Times the types of homes selling has also changed: Inventory of less expensive homes have dropped, due to competition between investors flipping houses and first-time home buyers.
Median prices in California are up 2.1% from August, at $287,000 (but 15.3% up from September 2011). Short sales are up in September, accounting for 27% of homes sold in the month.
Pastdue
Even though foreclosure inventory is down in September, a recent mortgage report reveals a surge in delinquency rates.
The numbers show delinquency rates in September at 7.72%, up from 7.4% in August, but still down 4.19% from last year. Meanwhile, foreclosure inventory is down 4.05% from the previous month, and 7.37% from last year. Florida, Mississippi, New Jersey, Nevada and Louisiana have the highest percentage of past due loans.
121010070826-chart-foreclosure-report--story-top
According to RealtyTrac, foreclosure filings in September are down 7% from August - that’s 16% down from September 2011, and the lowest quarterly reading since the last quarter of 2007.
These numbers include default notices, scheduled auctions, and bank repossessions.
Activity slowed down quite a bit after banks put the brakes on foreclosures because of the robo-signing debacle two years ago. Everyone expected foreclosures to flood the market once banks were able to start processing their backlogs of delinquencies, but that’s not what’s happening.
Several factors contribute, mainly preventing homeowners from falling into foreclosure through efforts like the Home Affordable Modification Program and low mortgage rates.
