{"id":387815,"date":"2010-03-04T08:02:10","date_gmt":"2010-03-04T13:02:10","guid":{"rendered":"http:\/\/www.foreclosuredeals.com\/wp\/?p=5130"},"modified":"2010-03-04T08:02:10","modified_gmt":"2010-03-04T13:02:10","slug":"home-foreclosures-in-los-angeles-waning-home-prices-rising","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/387815","title":{"rendered":"Home Foreclosures in Los Angeles Waning, Home Prices Rising"},"content":{"rendered":"

Home foreclosures in Los Angeles<\/a> are tapering off, sparking increases in house prices in the area, based on reports from the California State University Valley Economic Research Center in Northridge and the California Building Industry Association.<\/p>\n

\"Home<\/div>\n

In the San Fernando Valley, where more than half of Los Angeles City is located, foreclosure filings decreased by a substantial 41 percent from the January 2009 filings of 1,644 to only 972 in January this year. The filings are also down by four percent from December.<\/p>\n

Completed foreclosures in the Valley also fell sharply to only 507 units in January, a sharp 34-percent plunge from December and an 11-percent decrease from January 2009.<\/p>\n

With the slowing entry of properties into lists of foreclosed homes<\/a>, home prices have been continuing their upward trend. Based on data from the California Building Industry Association, the median sales price for new homes in Los Angeles rose to $449,750 in December last year, up by three percent from the $437,500 median in December 2008. Another report showed that the median for existing homes rose to $398,750 in January this year.<\/p>\n

Sales of newly-built homes also soared, posting a 31-percent jump from the 141 new homes sold in December 2008 to 184 new homes transferred to buyers in December 2009.<\/p>\n

Nevertheless, despite the improvements in home prices and sales, a number of real estate professionals are still doubtful if the area has finally recovered from the effects of home foreclosures in Los Angeles. Robert Kleinhenz, a top economist at the California Association of Realtors, said that he is concerned about what happens to the housing market when the federal tax incentives end and when mortgage rates rise again in the coming months.<\/p>\n

Kleinhenz explained that mortgage rates will certainly go up if the Federal Reserve carries out its plan of stopping its purchases of mortgage-backed securities from Fannie Mae and Freddie Mac on March 31. He added that this purchase program, in addition to the tax credit program<\/a>, has been helping reduce the inventory of California home foreclosures<\/a>.<\/p>\n

Additionally, despite reports of price appreciation, the percentage of mortgaged homes in negative equity in Los Angeles has risen to 27 percent in the final quarter of 2009.<\/p>\n

The pace of home foreclosures in Los Angeles surged by more than 37 percent in 2009, but could reverse its direction if the slowdown shown in foreclosure reports for the San Fernando Valley and the entire state of California in January continues.<\/p>\n","protected":false},"excerpt":{"rendered":"

Home foreclosures in Los Angeles are tapering off, sparking increases in house prices in the area, based on reports from the California State University Valley Economic Research Center in Northridge and the California Building Industry Association. In the San Fernando Valley, where more than half of Los Angeles City is located, foreclosure filings decreased by […]<\/p>\n","protected":false},"author":4632,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-387815","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/387815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4632"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=387815"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/387815\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=387815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=387815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=387815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}