“Hope Stirs in Housing Market” was the headline in the LA Times front page on Wednesday. Peter Hong’s positive piece states “Home prices in Southern California held steady in February for the first time in nearly a year, figures released Tuesday show, as low prices brought buyers back into the market.” On top of that home construction rose nationwide.
Sales of Palos Verdes real estate confirm that forward movement. 31 properties have sold/closed escrow since the beginning of March and 30 properties sold and went into escrow since the first of the month. This is twice as much activity as we experienced in February and we have 10 days to go before months end.
“Mortgage rates down, but standards high” was the headline in today’s Daily Breeze front page. A conforming 30-year fixed mortgage is below 5% which “…was the first time the average had fallen below 5 percent since the publisher (HSH Associates) began keeping records in 1979.” Lower interest rates allow more buyers to get into the market. Lending policies are much tighter though compared to a couple of years ago and it’s better to understand the new guidelines so you are prepared as a buyer. Lew Sichelman (LA Times) has some great advice to borrowers that can be accessed by clicking here. All in all, things are looking up!
