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Housing Market Stabilization is Here
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Posted - 09/04/2009
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More and more articles are supporting what I have been reporting over the past several months: the housing market is stabilizing. In July, California homes sales were up 14.1% over a year ago, as reported in the L.A. Times article linked below.
http://www.latimes.com/business/la-fi-economy22-2009aug22,0,1933819.story
Although prices in California as a whole are down, we are seeing a much stronger stabilization trend in Pasadena. In addition, inventory is down more than 60% over a year ago in the western San Gabriel Valley. I will continue to keep you updated on trends, in the meantime, if you know someone interested in buying or selling property, I would greatly appreciate your referral.
One other note, I have recently been selected by Asset Link, a leading network of services for lenders looking to enable short sales, as one of their partners to handle short sales for large institutions in the San Gabriel Valley. If you have friends or neighbors facing some difficult challenges due to their finances, I have received three seperate designations to help owners with pre-foreclosure decisions. I would be happy to review their situation and provide options.
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Multiple Offers Returning
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Posted - 05/08/2009
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I know I sound like a broken record, but there is more and more evidence that the "bottom" of the real estate market is probably behind. Check out the headline and the link below to the fine article by esteemed journalist Chip Jacobs -- there is competition swelling up for certain types of homes. I have detailed statistics for any area comparing 2008 to 2009 activity, please call or e-mail if you have an interest. - Jeff
The median price in Southern California may have plummeted, but in more desirable neighborhoods, home buyers are still engaging in bidding wars.
http://www.latimes.com/classified/realestate/news/la-fi-cover3-2009may03,0,7623052.story
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Signs of market stabilization
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Posted By - Jeff - 04/23/2009
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More Signs of Real Estate Market Improvement
There was some good news on April 15 (it wasn't my tax return), the L.A. Times had this story:
Southern California home prices may be stabilizing
By Peter Y. Hong
April 15, 2009
The median sale price for a Southern California home remained the same in March for the third consecutive month, indicating that the housing market may be stabilizing for at least starter housing.
The full story is available through the following link:
http://articles.latimes.com/p/2009/apr/15/business/fi-homes16
The basic news is that median prices are stabilizing and sales volumes are up in some areas. Guess what, Pasadena is one of those areas. I have been seeing signs of a bottom and this is just one more confirmation. Especially at the lower end, buyers coming out again: I am currently working with 5 buyers in this category.
Interest rates are still low and there are some good properties available. The loans are out there, this is a strong opportunity to get some investment property or perhaps your first home at prices that are as low as you will see in the next 10 years. I will continue to keep you up to date, I would be happy to serve your needs or those of your friends, family and neighbors.
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General California Housing Market Stabilizing
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Posted - 04/03/2009
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We are seeing many signs that the housing market is starting to stabilize. The link below details the trend in California in general where inventories are shrinking and sales volume is rising. Prices seem to have reached the bottom and the buyers are coming out. In Pasadena, through the end of March, we have seen a more than 200% rise in sales volume over the same period in 2008 -- and inventory is lower than last year as well. What does it all mean? A great buying opportunity as prices are very low and interest rates are even lower. And financing is much more available than people realize. Call or e-mail if you would like details on a specific area. As always, I would appreciate your recommendation to any friends, neighbors or relatives thinking about buying or selling real estate.
http://www.latimes.com/news/opinion/commentary/la-oe-krueger28-2009mar28,0,7464386.story
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Housing Market Stabilizing
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Posted By - Jeff Curtis - 03/18/2009
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The L.A. Times had a positive article today indicating that the housing market is starting to stabilize. Key pluses included:
- 32% increase in sales in
L.A
County
from Feb. 2008
- Prices in Feb. held steady
- 22% rise in housing starts (nationwide) over January
You can see the full article at: http://www.latimes.com/business/la-fi-homes18-2009mar18,0,472405.story
Other positives: arcitects are reporting more contracts, Rob Levy at Wells Fargo Bank tells me that loan applications are way up.
This could be the bottom of the market. If you are looking for a good investment or just a new home, this could be the best buying opportunity you will see. I have 2 to 4 properties priced so that they generate immediate cash flow with a relatively low down payment -- the first time I have seen opportunities like this in
L.A.
County
since I started real estate.
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Great Deals on Income Property
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Posted By - Jeff Curtis - 03/13/2009
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Just finished researching 2 to 4 unit properties in Pasadena for a client and found several that will provide positive cash flow with only a 30% downtown payment. Positive cash was impossible to find in L.A. County, much less Pasadena as little as a year ago. With the economy showing some signs of waking up, it's not a bad time to be looking at these opportunities.
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Pasadena Sale Volume Up
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Posted By - Jeff - 03/08/2009
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January 2009 sales volume in Pasadena up! It's not all doom and gloom as the general press would have you believe. Buyers, especially first time home buyers, see this as the perfect opportunity to get into a home market that was all too recently way out of reach. The Obama administration has offered excellent incentives for first time buyers and the interest rates for conforming loans are extremely low - and yes, reputable lenders like Wells Fargo are writing conforming loans. E-mail me at jeff@jnnassociates.com for more information.
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