The Real Estate section tracked trends near and far in 2006. Where in the country were there bargains still to be had? Was it the year to walk away from the Las Vegas table and perhaps say \o7"Hola!" \f7to Mexico's real estate market?
And closer to home, we watched the city deal with the McMansionization of some of our favorite neighborhoods and mobile home parks going condo. Mortgage rates ticked up, then came down again. Home inventories grew and, no surprise here, foreclosures grew too.
Where do things stand now? Real Estate staff writers revisit some of our 2006 cover stories.
Cooling trend takes hold
The sizzling market at the beginning of the year morphed into a more balanced one by spring as appreciation slowed to a crawl, homes lingered on the market and buyers took over the driver's seat.
By October, a chill reached many of the expensive and mid-range markets. Beverly Hills, Manhattan Beach, Tarzana and Alhambra saw median prices fall at least 10% from September to November, according to the latest figures from La Jolla-based research firm DataQuick Information Systems.
Inglewood, Whittier, Bell, Pasadena and South L.A. still are riding the realty crest, according to DataQuick.
-- Diane Wedner
Loans we love and loans we loathe
Falling mortgage rates -- recently at an 11-month low -- should keep the market from crashing, experts say.
On the home-mortgage front, borrowers of adjustable-rate loans sighed in relief as rates ended the year near 6%.
Thirty-year fixed-rate and 10-year interest-only loans remained the most popular, lenders say. Borrowers who had opted for short, fixed-period adjustable-rate mortgages when rates were at record lows have been dumping them in favor of the more-secure 10-year loans.
Home-equity loans also have lost their luster in favor of fixed-rate second mortgages, brokers say. Borrowers who chose risky negative-amortization loans, which allow low monthly payments but can eat away at home equity, are desperately trying to get out of them now, said L.A.-based Legend Mortgage broker Mitch Ohlbaum.
-- D.W.
No longer flipping out over Vegas
It's still OK to bet the house -- actually, a high-rise condo -- in Sin City. We reported in April that the departure of investors caused at least seven marquee condo construction projects to fold or get put on hold. Since then, the city has seen additional projects evaporate. But demand for hotel rooms and luxury condos near the Strip still has some construction cranes stretching skyward.
