Owners of Palos Verdes homes will be pleasantly surprised to know that the answer is “Yes” according to Kenneth R. Harney in a recent Los Angeles Times article. I think this is great news and don’t understand why it was buried on the 12th page of the Business section.
“According to the Fed’s most recent ‘flow of funds’ survey, homeowners’ net equity grew by nearly $1 trillion from the recession’s nadir in the first quarter of 2009 through the third quarter. From June 30 through Sept. 30, equity rose by $418 billion….After three years of unprecedented shrinkage in home equity – and three years of rapid expansion in the number of underwater borrowers with negative equity – there are signs the down cycle may be shifting.”
I believe this is another sign of of our real estate market stabilizing. For recent statistics on our Palos Verdes real estate market click here or on the “Statistics” tab above.
