Market outlook in the Urban Hillsides communities

Fewer properties are selling as we move into the holiday season, but fewer are entering the market as well. Inventory is identical to last week's numbers, which are staying strong. November 21, 2013

• New listings: 36
• Back on Market: 8
• Price Reductions: 17
• Pending/ Back up: 40
• Sold: 30
• Total available inventory: 262

November 14, 2013

• New listings: 41
• Back on Market: 15
• Price Reductions: 18
• Pending/ Back up: 45
• Sold: 29
• Total available inventory: 262

November 5, 2013

• New listings: 32
• Back on Market: 19
• Price Reductions: 20
• Pending/ Back up: 46
• Sold: 43
• Total available inventory: 268

October 29, 2013

• New listings: 43
• Back on Market: 18
• Price Reductions: 21
• Pending/ Back up: 55
• Sold: 44
• Total available inventory: 267

Click on the map below to search active listings in Northeast Los Angeles:

NortheastLosAngeles

Looking to buy or sell? As a 30+ year resident of Echo Park, I know the area! Contact me today!

Areas in Northeast Los Angeles/the Urban Hillsides I serve include: Atwater Village, Echo Park, Eagle Rock, Glassell Park, Highland Park, Lincoln Heights, Los Feliz, Mt. Washington, Silver Lake, and Montecito Heights.

Market outlook in the Urban Hillsides communities

The seven day real estate market outlook for Northeast Los Angeles shows 11 fewer listings since last week, and a total of nine fewer pending properties. These a pretty normal trends as we approach the holiday season. Here are the numbers: November 5, 2013

• New listings: 32
• Back on Market: 19
• Price Reductions: 20
• Pending/ Back up: 46
• Sold: 43
• Total available inventory: 268

October 29, 2013

• New listings: 43
• Back on Market: 18
• Price Reductions: 21
• Pending/ Back up: 55
• Sold: 44
• Total available inventory: 267

Click on the map below to search active listings in Northeast Los Angeles:

NortheastLosAngeles

Looking to buy or sell? As a 30+ year resident of Echo Park, I know the area! Contact me today!

Areas in Northeast Los Angeles/the Urban Hillsides I serve include: Atwater Village, Echo Park, Eagle Rock, Glassell Park, Highland Park, Lincoln Heights, Los Feliz, Mt. Washington, Silver Lake, and Montecito Heights.

Foreclosure starts down in California, REOs up

California is among the states that saw a drop in foreclosure starts in the July-September quarter of 2013. Nationwide, foreclosures are at a seven year low, declining 13% from the previous quarter and 39% from a year ago – and down a total of 59% in California.

The drop in foreclosure stats is believed to be due to a gradually improving housing market, rising home prices, improving employment numbers, and fewer troubled loans. There was a slight increase in completed foreclosures from Q2 to Q3, rising 7% but down 24% from the same time last year. In California, REOs increased 19% in Q3 – but not bad compared to New York’s 65% increase.

At the peak in 2010, there were roughly 1.05 million foreclosures, and the numbers have been declining ever since.

Obama outlines reforms in housing finance system

white-house

President Obama called Fannie Mae and Freddie Mac a “failed business model” in a speech outlining new housing goals on Tuesday.

The president is backing three proposals in finance reform, including streamlining refinancing for borrowers, waiving closing costs for those who refinance on shorter terms, and creating special programs that will expand eligibility for refinancing for those without government-backed mortgages. Overall, the President’s position is to "preserve access to safe and simple mortgage products like the 30-year, fixed-rate mortgage."

In a chat on Zillow.com, Obama stated he intended to push a housing package through congress by the end of this year.

Los Angeles home prices on the rise, but not for long

Home prices in the major metros of the U.S. are still on the rise, with average home prices now looking like its spring 2004 level. In the past year, Los Angeles home prices have gone up 19.2% according to the S&P/Case-Shiller index, while the CAR cites a 31.7% year-over-year price increase, and Trulia a 37.5% increase (wow!).

The major factors contributing to the rise in home prices, especially when it comes to real estate in Los Angeles areas like Echo Park and Silver Lake, are a lack of inventory. Also, interest rates continue to stay at historic lows, even though mortgage rates have recently gone up.

The rise in home prices in Los Angeles is slowing down – from April to May this year, the data shows a price increase of only 2.6%, as opposed to a 3.4% gain from March to April. Mortgage rates are on the rise, and we do expect to see a trickling of homes coming on the market as home values and prices appreciate. Because demand is high, these factors make now a perfect time to consider selling in the Northeast Los Angeles area.

Whether you’re looking to buy or sell, now is a perfect time. Give me a call today!

Foreclosure activity in California dropped dramatically

home-judicial

Big news for California real estate numbers: Foreclosure activity in the state has hit an all-time low since the last housing boom.

During the first quarter of this year, only 18,567 mortgage default notices were filed – that’s 51.4% down from Q4 of 2012, and 67% down from the same time last year. The drop is being attributed to recent regulations placed on foreclosure activity – particular the Homeowner Bill of Rights that took effect on January 1.

DataQuick expects that foreclosure activity will pick up slightly once lenders adjust to these new policies.

Interested in Echo Park real estate or purchasing a home in other Northeast Los Angeles neighborhoods? Contact me today!!