Positive housing market reports have been abundant, with data from last few months of 2012 coming into play. The Source administration'sÂ 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 mortgageÂ 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