Valley Park: Hermosa Beach
While closed sales in February were not terrific; they were better then January for Beach Cities' real estate market . Open houses are busy as buyers try to decide whether this is the time to buy a new home or townhome. Pending home sales picked up in mid February and have continued at slightly more then one sale per day in Manhattan Beach. Other Beach Cities are alos seeing increased pending sales. North Redondo townhomes sales are beginning to pick up again and while inventory is rising it is about the same as last year at this time.
The financial markets are still at odds. Liquidity remains a continuing problem and rates are moving upward as underwriting guidelines continue to be more stringent. Lenders want high FICO scores along with substantial down paymnets. You can expect to pay more for less in this market.
The FED's trade of $200 Billion in Treasury securities in exchange for Mortgage backed securities will help but there are no guarantees the market will loosen up credit or lower rates. Conforming loan limits were raised to $729,750 and rates will probably be around 6%-6.25%. The glitch is that the limits are only good through December and so far no loans are available. Typical government moves. By the time the loans are ready the program will be over which is what Lockhart is no doubt hoping.
Home prices are lower then we have seen in a long time but still no signs of a major crash in our local real estate market. Buyers who want to buy and sellers who want to sell are finding common ground. There are some good deals being negotiated but no fire sales.
The financial markets are still at odds. Liquidity remains a continuing problem and rates are moving upward as underwriting guidelines continue to be more stringent. Lenders want high FICO scores along with substantial down paymnets. You can expect to pay more for less in this market.
The FED's trade of $200 Billion in Treasury securities in exchange for Mortgage backed securities will help but there are no guarantees the market will loosen up credit or lower rates. Conforming loan limits were raised to $729,750 and rates will probably be around 6%-6.25%. The glitch is that the limits are only good through December and so far no loans are available. Typical government moves. By the time the loans are ready the program will be over which is what Lockhart is no doubt hoping.
Home prices are lower then we have seen in a long time but still no signs of a major crash in our local real estate market. Buyers who want to buy and sellers who want to sell are finding common ground. There are some good deals being negotiated but no fire sales.
South Bay-Beach Cities: Sold February 2008( click on graph to enlarge)
South Bay-Beach Cities: Sold January 2008
South Bay-Beach Cities: Sold November 2007
South Bay-Beach Cities: October SOLD 2007
South Bay-Beach Cities: September SOLD 2007
South Bay-Beach Cities: August SOLD 2007
South Bay- Beach Cities: July Sold 2007
South Bay-Beach Cities: Sold June 2007
South Bay-Beach Cities: Sold May 2007
South Bay-Beach Cities: Sold April 2007
South Bay-Beach Cities: Sold March 2007
South Bay-Beach Cities: Sold February 2007
South Bay-Beach Cities: Sold January 2007
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