How are Palos Verdes homes owners doing when it comes to equity in their homes and how many distressed sales do we have?
A recent LA Times article states that half of homes owners nationally have at least 25% equity in their homes and about one quarter of homeowners with mortgages have more than 50% equity in their homes. In California, the numbers are slightly higher. My guess would be that Palos Verdes houses have fared even better because of “the stable, relatively affluent, low-construction characteristics of high-equity areas.” Click here to read LA Times article regarding Homeowner Equity.
California Association of Realtors’ Chief Economist, Leslie Appleton-Young, provided the above chart at the 2012 Economic Forecast last week (click here to read my article with highlights from 2012 forecast). 44% of Los Angeles County real estate sales in August 2011 were distressed sales. After checking Palos Verdes real estate data from California Regional Multiple Listing service, I found 5 out of the 59 single family Palos Verdes homes sales in August 2011 were distressed sales; that is 8.5% – far better than the rest of LA County.
Since the first of the year, 35 out of the 432 single family Palos Verdes houses sold to date were distressed sales. 22 were short sales, 12 were bank owned sales and 1 was sold in foreclosure. The highest priced distressed sale was a home in Palos Verdes Estates that sold for $4,800,000. 69% of the distressed sales for single family Palos Verdes homes sold under $1,000,000. More statistics on Palos Verdes real estate can be accessed by clicking here or on the “Statistics” tab above.
Chart courtesy of California Association of Realtors