Market Conditions in 90008>Question Details

Donny Opoku, Real Estate Pro in ,

When do you think the inventory in Las Angeles will increase?

Asked by Donny Opoku, , Wed Jan 30, 2013

Help the community by answering this question:


I think it is going to take a while for inventory to go up. The "shadow inventory" turned out to be greatly exaggerated, and builders haven't built much for 6 years (new home sales are at 40 year lows). Sellers who were formerly underwater, and now with price rises can sell may add some inventory but probably not much. I don't think anyone honestly knows when we will get inventory and where it will come from.
0 votes Thank Flag Link Sat May 11, 2013
Donny Opuku,

I wish I knew.
- There were rumor in the beginning of 2013 about lenders "shadow inventory." May have been exaggerated and maybe lender are holding "shadow inventory."
-There are some sellers that are upside down or some with very little equity. Why SALE?
- If seller sales purchasing new home in West Los Angeles, CA may not be affordable. Why SALE?
-The news touts "Recession" recovery but California's unemployment rate is about 10%.
-Hard to judge seller real confidence in economy. Some sellers maybe looking for long-term judgment on economy and not selling now.
- Housing inventory is down about 60% but there are valid reasons that sellers are not selling NOW.

Last week mortgage interest rates increase. They are still reasonable and the lowest that they have been in decades. The increase still reduces qualifying buyers. Less qualifying buyers may slow down bidding wars and keep homes on the market for a longer period. This factor may very slightly increase housing inventory. But inventory is still depressed. Your question is when will housing inventory increase I am not wise enough to Know. The real estate market is too volatile.

Gail Mercedes Cole
EXP Realty
0 votes Thank Flag Link Tue Jun 25, 2013
Right now must of the hold up in the release of inventory is a legal matter. The top real estate lenders - BofA, Chase, GMAC and a few others are on hold pending the outcome of recent legal actions under the Home Buyer's Bill of Rights. In fact, an Attorney on behalf of a home owner was able to successfully secure an injunction against BofA due to a dual-tracking violation.

Under several program BofA is beginning to release its inventory throughout LA County. Give me a call, I can get you qualified and referred to the agents handling those inventories.

Dinece Carmichael
Directly at 310-567-8938
0 votes Thank Flag Link Sat May 11, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer