Manhattan Beach.. February storms
Financing was difficult to obtain as the FEDS had dropped the conforming jumbo loan limit to $625,000 from $729,750 as of November 2008. While the FEDS agreed to raise the limit again in February, lenders were not able to fund loans until the end of April. Jumbo loans were only being offered by a few institutions and they were (and still are) difficult to obtain as most lenders want very high FICO scores along with down payments in excess of 20%. That left of lot of months with few choices for many consumers who were considering buying a home. Just to make things more interesting the government also changed the way appraisals were handled which led to a slew of issues that are still a problem.
Another area of concern is foreclosures. While stories run high about shadow inventory there isn't any real information on the numbers. Issues with continued high unemployment nationally and in California will exert pressure on homeowners at the high and low end of the scale. Loan resets are a reality and will have some effect on all homeowners. In California a moratorium on foreclosures by the state legislature has ended and we may indeed see more distressed properties hit the market. The big question is will they be in Manhattan Beach or Morongo Valley.
Manhattan Beach: Home Sales January-December 2000-2009
Manhattan Beach sales by month: ( single family homes no townhomes)
Manhattan Beach sales by year:
Manhattan Beach: Westside/Eastside 2007-2009
I apologize for posting this information so later but sometimes life gets in the path of real estate... I will also be posting information for Hermosa, Redondo and El Segundo.