Home Prices Moving Up

The LA Times is reporting that home prices rose in May. Click the link below to read the story:

http://www.latimes.com/business/la-fi-home-sales18-2009jun18,0,958903.story


.

Looking At The Numbers

Watching the number of homes both for sale and in escrow in East Long Beach gives us a barometer on what is happening in our local real estate market. Obviously, a rising number of homes in escrow is a good sign of things. On the other hand, a rising number of homes currently for sale can have a depressing result on prices. We will be constantly watching these numbers and posting them here. As of today the numbers stand at:

Date	Homes On Market	Homes In Escrow
June 13	77	105
June 8	69	106
May 30	66	102
May 18	59	102
May 10	78	88

Please add your comments and questions below...

Fast Facts From The California Assc. of Realtors

Fast Facts

Calif. median home price - April 09 = $256,700
Calif. highest median home price by region April 09 = Santa Barbara So. Coast $840,000
Calif. lowest median home price by region April 09 = High Desert $106,530
Calif. First-time Buyer Affordability Index - First Quarter 2009 = 69 percent

Please add your comments and questions below...

In The News

Index Suggests Home Sales Are Set to Increase

Read the Wall Street Journal Article:
http://online.wsj.com/article/SB124395144013576881.html

Tips For Refinancing Your Mortgage

Read the CNN article:
http://www.cnn.com/2009/LIVING/personal/06/09/refinance/index.html

The Silver Lining to Falling Home Values: Lower Property Taxes

Read the Wall Street Journal Article:
http://blogs.wsj.com/developments/2009/06/09/the-silver-lining-to-falling-home-values-lower-property-taxes/

Looking At The Numbers

Watching the number of homes both for sale and in escrow in East Long Beach gives us a barometer on what is happening in our local real estate market. Obviously, a rising number of homes in escrow is a good sign of things. On the other hand, a rising number of homes currently for sale can have a depressing result on prices. We will be constantly watching these numbers and posting them here. As of today the numbers stand at:

Date	Homes On Market	Homes In Escrow
June 8	69	106
May 30	66	102
May 18	59	102
May 10	78	88

Please add your comments and questions below...

Now Is A Great Time To Buy!

I have been selling homes here in East Long Beach for more than 27 years and feel that now may be the best time I have ever seen to buy a home. Of course I do not have a crystal ball to predict what the future will bring, but there a few factors leading me to feel this way. One factor is that interest rates are very low -- around or below 5% for fixed rate 30 year loans. Prices are way down and appear to (at this moment in time) to have stopped going down. And in some cases homes are selling for a bit more than six months ago. We have even seen multiple offers and a bidding war on quite a few homes. Finally, there is a $8,000 federal tax credit for first time home buyers during 2009. If you have any questions about buying a home please contact Sue and me.

Bob S.