Long Beach And Southern California Low End Home Push Recovery
Long Beach and Southern California home sales show an increase in volume to the highest levels in 5 years. Most of these sales are in the low and very moderate range of prices pushing the median price of homes sold down 3.7% from last year.
The Long Beach home sales pushing the numbers up were in the under $300,000 price range while homes selling for over $800,000 actually dropped. A large part of this swing is because the lower end of the home market is going cheap and attracting investors.
Investors are snapping up the low priced Long Beach homes in anticipation of a housing recovery expected in 12 months or there about. In the mean time they will either fix and hold or fix and rent. Foreclosures, shortsales and other distressed properties are in high demand.
In line with this trend the Federal government through the mortgage titans Freddie Mac and Fannie Mae anticipates bundling groups of foreclosed properties to offer to investors. The hope is to convert some 250,000 homes owned by the federal government entitiles including FHA into rental properties.
In the meantime the number of foreclosures in Los Angeles and Orange Counties dropped 18% from the same period last year. This contributes further to the stabilization of the housing market in Long Beach and Southern California.
This allows us to conclude that the Long Beach and Southern California housing market has seen bottom even if full recovery is a year or more away.
Long Beach Real Estate Experts
List! Buy! Save! is not your ordinary Long Beach real estate Brokerage. Unlike most real estate companies that force you to do things one way or their way, we believe you should have choices to pick and choose what best fits your individual needs.
We are always looking for new ways to make and Long Beach real estate more efficient AND less costly for our clients, without sacrificing quality or service. If you’re looking to buy a home in Long Beach or sell your existing Long Beach property, we will be happy to take care of your real estate needs. Our mission is to provide outstanding customer service while utilizing the best practices and systems available.
List! Buy! Save!
DRE Lic 01523840