Sunday, November 14, 2010

South Bay-Beach Cities: Sold September-October 2010

As the holidays approach sales are slowing down in the South Bay- Beach Cities of Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo.

Pending sales seem to holding strong with 64 pending sales in Manhattan Beach, 31 in Hermosa, 67 in North Redondo, 40 in South Redondo and 15 in El Segundo.  However as we near the middle of the month closed sales are on the low side. 

Hermosa Beach, South Redondo and El Segundo had about the same number of closed escrows for the last two months.  Manhattan Beach and North Redondo saw roughly a 25% reduction in the number of sales from September to October.

Beach Cities: Sold September-October 2010
Seasonal  sales are usually down this time of year and continue to be slow until March when the Spring selling season begins.  This year however we have seen a number of regulation changes from the Feds  in July and there are new changes scheduled for December .  These changes along with tough lender requirements   have affected home loan  financing on conventional ($729,750-) and jumbo loans.   The best jumbo loans (over $729,750) are still usually found with direct lenders.  Interest rates continue to decline and are expected to remin low as long as the FED infuses cash into the system. 

Lender and appraisal issues are still the main reasons homes fall out of escrow.  Folks are buying homes but banks are making it difficult for them to close escrow.  Buyers and sellers have to be  very patient  especially with the holidays coming up.  If you are considering a purchase and have to close before the end of the year you really need to be on top of every request from the lender and get the paperwork moving quickly.

Beach Cities: Sold June-October 2010

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