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Old 05-17-2010, 12:56 PM
 
79 posts, read 238,387 times
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I want to know what everybody feels about the housing market pricing in Los Angeles. I Have been looking on and off for the past few years and have noticed that prices have dropped however they seemed to have leveled off in the past few months. I'm wanting to know if you think the prices will still continue to drop more into 2011 being that california is broke and still is making tons of layoffs left and right or if the housing market will start to rise now being the federal tax credit for first time buyers has now past.
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Old 05-17-2010, 12:59 PM
 
Location: Las Flores, Orange County, CA
26,329 posts, read 93,786,816 times
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I don't think an army of PhDs and MBAs knows what is going to happen.
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Old 05-17-2010, 01:23 PM
 
Location: South Bay
7,226 posts, read 22,203,668 times
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my guess it that things may drop a bit more, but will probably remain stagnant for some time as government subsidies go away and interest rates slowly begin to increase.
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Old 05-17-2010, 01:26 PM
 
79 posts, read 238,387 times
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Yeah timing wise it will be interesting to see which way the housing market goes being the latest statistic regarding housing sales going up was only driven by people trying to make the first time home owner credit deadline. Now that has past we'll see the which way the housing market goes now.
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Old 05-17-2010, 01:50 PM
 
Location: NoHo (North Hollywood)
448 posts, read 1,606,652 times
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Quote:
Originally Posted by curiosa View Post
Yeah timing wise it will be interesting to see which way the housing market goes being the latest statistic regarding housing sales going up was only driven by people trying to make the first time home owner credit deadline. Now that has past we'll see the which way the housing market goes now.
Well, remember that even though the Federal tax credit is gone, the new CA state tax credit will be in effect until the end of this year.
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Old 05-17-2010, 01:59 PM
 
Location: Las Flores, Orange County, CA
26,329 posts, read 93,786,816 times
Reputation: 17831
Quote:
Originally Posted by curiosa View Post
...was only driven....


by people trying to make the first time home owner credit deadline. Now that has past we'll see the which way the housing market goes now.
Some people think the statistics which indicate housing prices have risen (or not fallen) are based on median prices which can go up if the mix of homes shifts towards more expensive homes. This can occur even if all homes have lower market values.

Does anyone know of any neighborhoods where the market values have actually increased in the past year? If so, there probably aren't too many of them.
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Old 05-17-2010, 02:23 PM
 
79 posts, read 238,387 times
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I called and checked on both the federal and state tax credit. Because the Federal tax credit is backed by the Irs/fed government anybody who made the deadline will get the credit unlike the state which is like the cash for clunkers program being that there is only an alloted amount for that so its more of a first come first serve basis on the state credit. Once that money is exhausted, regardless of deadline you may or may not see any of it.
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Old 05-17-2010, 03:58 PM
 
3,322 posts, read 7,975,362 times
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Quote:
Does anyone know of any neighborhoods where the market values have actually increased in the past year? If so, there probably aren't too many of them.
Depending on your price range, it has increased quite a bit. The areas I was looking into and the price range I can afford doesn't even come up on the MLS search anymore. Plenty did over last summer with less and less when I finally got a home in Nov.
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Old 05-17-2010, 04:39 PM
 
Location: Los Angeles, CA
787 posts, read 1,943,437 times
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Quote:
Originally Posted by Charles View Post
I don't think an army of PhDs and MBAs knows what is going to happen.

Plenty of thoughtful posts in this thread...but this one is probably the MOST accurate! From Charles...the native son who relocated a few years back.
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Old 05-17-2010, 07:02 PM
 
Location: Madison, WI
1,044 posts, read 2,769,405 times
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For what it's worth, PMI Mortgage Insurance Co. assigns a risk factor to each metropolitan area in the U.S., representing the likelihood that house prices will decline further over the next two years. They gave LA a 99.9% risk rating, the same rating as Las Vegas and Miami:

Economic and Real Estate Trends (ERET)
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