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Southern CA Real Estate Market Comparison Report
(March 2009 vs. March 2010)
We analyze several housing market indicators in order to present an in-depth breakdown of Southern California Real Estate Market comparing March 2009 to March 2010.
Summary of Key Points
As an example, Santa Ana Homes for Sale is showing signs of improvement with median sales price climbing up while at the same time houses are selling faster. Sellers received full asking price.
Key Statistics for Santa Ana, CA: Median Sales Price (20.98%), Median Days on Market (-3.02%), and Number of Units Sold (-28.48%), Sales Price to List Price Ratio (Mar 09 99% - Mar 10 98%)
Santa Ana Homes
The city of Santa Ana experienced a 20.98% increase in median sales price from last year going up from $294,139 (March 09) to $355,853 (March 2010). Median days on market data for Santa Ana show that houses are selling faster than March 09. It took 60 days in March 09 for a house to sell and for March 10 that number has gone down to 58 days (a 3.02% improvement). Another important factor to consider is total number of units sold. In the month of March 09, 165 units were sold compared to 118 for March 10 (-28.48% change). Lastly we are going to take a look at the Sales Price to List Price Ratio for Santa Ana. SP/LP ratio for March 09 was 99% compared to 98% for March 10.
Letís take a brief look at neighbors Irvine and Aliso Viejo. Irvine Homes featured a 13.01% increase in median sales price ($795,527 March 09 - $899,010 March 10) and Aliso Viejo Homes saw a 6.38% decrease ($614,064 March 09 - $574,867 March 10). Are houses for sale in Irvine and Aliso Viejo selling faster or slower this year? Well, Irvine experienced a 22.66% decrease (66 to 51 days) in median days on market and Aliso Viejo a 62.31% decrease (115 to 44 days). In the units sold category, Irvine sold 34 units more (53.97%) in March 2010 than 09 and Aliso Viejo sold 2 units less (-14.29%) in March 2010 than March 09.
Consult thelatest research and find Homes in all major cities in Southern California including Santa Ana Homes for sale, Irvine Homes for sale, and Aliso Viejo Homes for sale. You can also access Santa Ana Homes for viewing the latest market inventory, including:
- CA Homes for sale
- Bank REO Homes & Short Sales
- Foreclosure Search
- Just Listed Properties
- Income Properties
- Condos For Sale
- New Construction Homes
In addition you will find comprehensive Lending information
on FHA, VA, USDA, and Conventional Loans. There are web pages
for each major city in California with loan products specific
to the city including City Down Payment assistance offered.
HomeSearchFinder.com provides a Proprietary Affordability Mortgage Calculator. It matches your profile against the programs our lenders offer and instantly communicates the PreQual Mortgage amount and the Purchase price you are eligible for. Article Source: http://www.articlealley.com/article_1585280_33.html
Los Angeles 2010 Real Estate Market Outlook
July 27, 2010: Los Angeles is the city of dreams which can be seen from the fact that people are willing to spend enormous amounts of money in getting the home of their dreams. It is not at all surprising to see that for most people, owning a home in LA is a must have, even if they have to take out heavy loans from banks. There are some that are willing to shell out thousands of dollars on securing their California dream home. But this need of the people comes at a heavy price as can be seen from the first half of the year 2010. There is an increase in the number of delinquencies and back payments on such houses, resulting in banks having no option but to repossess such homes.
While America is on the road to recovery after the economic slowdown and housing market slump, the Los Angeles real estate market is not, as the worsening job scenario has resulted in numerous delinquencies that are affecting the real estate market. Although certain areas and houses such as medium priced houses have managed to stabilize, certain areas of California have started seeing an increase in the prices of houses. Such an increase results in people with bad credit scores applying for loans and when they fail to repay them within the stipulated period, their houses are repossessed.
Although most bank interest rates are at a 30 year low of
5%, people are not in a position to take up such fixed rate
loans against mortgages due to a variety of recent negative
factors, including foreclosures. According to a released report
real estate in Los Angeles, it has been stated
that for six straight weeks, there has been a decline in people's
willingness to purchase real estate. The report also suggested
that compared to the previous month, there was a 10% fall
in housing rates.
At the end of the third quarter, nearly 15% of all house loans in the US were foreclosed, with the majority of them being in Los Angeles, while this figure was only 13% at the end of the second quarter. In fact, it has been expected that all delinquencies on home in LA are set to rise until stabilization during the second quarter of next year. Normally all foreclosures usually continue to rise for around two quarters past the peak delinquency date, but this year, one can expect such foreclosures to rise for more than 2 quarters.
Due to the high number of foreclosed property being taken over by banks, they have the ability of selling such foreclosed property at competitive rates, due to a lowered demand for real estate. In most other US cities, when a bank takes over a property, they have to sell the foreclosed property for around 10% lower than normal estate prices. But in Los Angeles, it is possible to sell the foreclosed properties for the same prices as regular homes.
"We have established reports that show that home foreclosures in 2010 have increased at an alarming rate, indicating that such a trend is likely to continue. As of September 2009, there have been as many as one-seventh of all American home loans that are past their foreclosure date. This is the highest foreclosure rate in the last 30 years" says Kevin Kimmel of Pasadena, CA. Even though there are numerous home owners that owe more on their homes than its present selling value, one should not be too concerned as eventually there should be a slowing down in the number of foreclosure sales resulting in the market picking up steam once again. Continuing toward 2011, there will be a slow increase in the Los Angeles foreclosure market, till it manages to stabilize itself.
Reference box: For more Articles and resources about Los Angeles Real Estate in 2010 visit: Los Angeles Real Estate Outlook. Article Source: http://www.articlealley.com/article_1684057_15.html
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