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Thursday, September
15, 2005
Los
Angeles Real Estate hot in August
According to the LATimes,
home prices in the Southland jumped 17 percent in August
compared to last year, bringing the median home price in the
area to $476,000.
In Los Angeles County, the median home price rose to $494,000,
up almost 21.4 percent.
San Bernardino County jumped a whopping 32 percent to a median
home price of $344,000.
Riverside County hit $388,000, up 16 percent.
Ventura County rose 15.2 percent to $592,000.
Orange County climbed 14 percent to $617,000.
San Diego County only rose 2 percent to $493,000. San Diego,
once the Southland's leader in appreciation has been the coolest
market in the area, and many think the rest of Southern
California will follow in its footsteps. While most of Southern
California has cooled over the last 6 months, a drop in mortgage
rates seems to have spurred home buying interest, at least
temporarily.
Overall, the market still appears strong. In the first and
second quarters, foreclosures in California were down 15%.
Still, most analysts feel the real estate market in Los Angeles
and the Southern California area cannot sustain such gains in
value.
When the real estate market finally calms down; however, seems
impossible to predict.
Need a mortgage
broker?
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