Downtown Los Angeles Real Estate Trends

Los Angeles real estate has gone along with the rest of the nation in increasing home sales. While home prices are still slipping downward, they appear to be slipping more slowly. This is due in part to the reduction in inventory and government pressure to reduce foreclosures. October 2009 sales were the highest in any October since 2006, but almost 10% lower than October sales historically. Livelier sales and more activity by buyers is primarily due to two sets of numbers: the homebuyer tax credit and historically low mortgage interest rates. While mortgages may be a bit tougher to get than during the heady days of government “non-interference,” it is possible for well positioned buyers to secure lending. While these stimuli are expected to continue through the 1st quarter of 2010, it will be interesting to see whether it can stabilize in growth (or at least slower and slower decline) after these incentives dry up. For now, there are bargains to be had in foreclosures. Los Angles listings for foreclosures and short sales are still plentiful. Your Los Angeles realtor should be able to assist you in finding bargains where you want to live.