April 18, 2013 |
The median home price in Southern California rose about $25,000 in March alone to hit $345,500, underscoring the region's fast-paced recovery. That represented an 8% increase from February and a 23.4% jump from a year earlier. It was the eighth consecutive double-digit increase and the highest level for the median since July 2008, according to March numbers reported Wednesday by real estate firm DataQuick. The robust gains, driven by a low inventory of homes for sale, more "move up" purchases and fewer foreclosures, should help solidify a recovery that began last year.
April 17, 2013 |
Southern California's housing market is headed toward the spring shopping season with strong price gains and a steady improvement in sales. The robust price gains -- driven by a low inventory of homes listed for sale, more move-up purchases and fewer foreclosures -- should help solidify a recovery that began last year, experts said. The March numbers were reported Wednesday by DataQuick, a real estate information service. While some analysts have voiced concern about the potential for speculation in certain fast-gaining markets, many also note that a sharp recovery should be expected given how far home prices fell during the bust.
April 12, 2013 |
Kelly Hamon recently beat out several other home shoppers for a cream-colored North Hollywood home. But the victory came at a steep cost. Frustrated after getting outbid five times by all-cash buyers, Hamon ultimately bid $47,000 more than the asking price. She pursued the home so aggressively, she said, out of fear that the days of low interest rates and affordable prices would soon vanish. "I got really scared," Hamon said. "I got scared that everything was going up. " The once-in-a-lifetime mentality, fueled by a shortage of for-sale homes, is driving the Los Angeles area from recovery to frenzy, according to real estate agents and experts.
CALIFORNIA | LOCAL
March 31, 2013 |
SAN RAFAEL, Calif. - After George Lucas abandoned plans to build a movie studio along a woodsy road in Marin County, he complained about the permitting process in a place so environmentally friendly that hybrid-car ownership is four times the state average. His next move, some here say, was payback for what Lucas described in a written statement as the "bitterness and anger" expressed by his neighbors. The creator of "Star Wars" and "Indiana Jones" is working with a local foundation that hopes to build hundreds of units of affordable housing on a former dairy farm called Grady Ranch, where his studio would have risen.
March 9, 2013 |
Few markets crashed harder than Compton when California's real estate bubble burst. The city's northwest side saw the median home price plummet to $94,000 in 2009, down from $385,000 at the peak. Foreclosures dotted the streets. Families fled, leaving trash and old furniture behind. "There were a lot of empty houses. It was a big mess," said real estate broker Ruben Magdaleno of Re/Max VIP. These days, the working-class community has a new identity: comeback kid. Northwest Compton has posted the most dramatic price jump of any area in Southern California.
February 21, 2013 |
One measure of national home prices rose last month with a vigor not seen since the bubble days as the number of foreclosed homes and other distressed properties on the market shrank. The median sales price for previously owned U.S. homes rose 12.3% annually in January to $173,600, the National Assn. of Realtors said Thursday. It was the 11th consecutive month of annual increases and the strongest such gain since November 2005. In the West, the median price rose 26.6% over the year to hit $239,800 as sales fell.