Low inventory of delinquent homes for sale in Los Angeles has given home prices a bump up.
According to CoreLogic's National Foreclosure Report for July, there were 58,000 closed foreclosures in July. This is significantly fewer than in the previous month when there were 62,000 completions.
We'll see what happens as we roll into the holiday season. But if this trend continues into next spring and summer, many homebuyers who have been waiting on the sidelines for that "deal" may be paying more. However, when compared to prices back in 2006-2007, it's still a deal.
Which also goes to show that trying to time the market on when it has hit bottom, generally isn't a good strategy. By the time you think the market has bottomed out, it has probably already been on its way up several months ago.