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By Inna Ivchenko | Agent in Encino, CA

January scorecard suggests major market recovery

January scorecard suggests major market recovery


Positive housing market reports have been abundant, with data from last few months of 2012 coming into play. The Source administration's January Housing Scorecard suggests that improvements in home prices and sales are proof of a recovering market, while a decrease in foreclosures will also likely provide potential buyers of real estate in West Hollywood and other parts of Southern California with confidence when making the big purchase.

According to the report released by the U.S. Department of Housing and Urban Development and the Department of Treasury, sales of both new and existing homes increased by 8.8 percent and 12.8 percent, respectively, in January from the previous month. Additionally, home prices rose more than 5 percent when compared to prices seen in January 2012.

One reason home prices posted notable gains throughout 2012 was the lower amount of mortgage delinquencies seen nationwide. The scorecard revealed that foreclosure prevention programs continued to provide relief for those nearing foreclosure in the first month of 2013, with over 1.5 million actions taken via the Making Home Affordable Program.

Buying when the market is healthy is important, and many consumers considering making the investment will be more likely to do so now that the holidays are over. In addition, with more homes being listed, those buying will have a wider selection to choose from when completing their search for the perfect house.

Source: The MLS Feb 11 2013 3:36PM

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By Inna Ivchenko,  Tue Feb 19 2013, 03:16
News of rising home prices may have some prospective buyers of properties for sale in Los Angeles County considering making the investment to do so while mortgage rates are still affordable. A new report from the National Association of Realtors revealed many metropolitan areas posted their strongest year-over-year gains in prices since the housing market boom in the fourth quarter of 2012.

According to the recent release, the median price for existing single-family homes increased in 133 or the 152 MSAs monitored by NAR with 120 showing significant annual increases. This is up from the fourth quarter of 2011 when only 29 metros posted year-over-year improvements regarding home prices.

The national median existing home price was also up 10 percent, reaching $178,900 from $162,000. Increased home prices indicate an improving housing market, while economic strengthening also contributed.

"Home sales are being fueled by pent-up demand and job creation, along with still favorable affordability conditions and rents rising at faster rates," said Lawrence Yun, chief economist of NAR. "Our population has been growing faster than overall housing stock, so supply and demand dynamics are very much at play."

Those who want to make the investment are urged to work with a local real estate agent, as doing so can provide a professional and fast process.

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