Welcome!

News Feed Item

California's Housing Market Showing Uneven Promise

LOS ANGELES, Nov. 28, 2012 /PRNewswire-iReach/ -- In the Golden State, the housing market isn't exactly golden. After all, this is the same state that saw nearly half of its existing home sales handled through foreclosures at the beginning of 2011! Luckily, though, California's housing market is starting to show some signs of promise. However, those signs are not popping up evenly.

What exactly does that mean? Selling your house in California isn't a day at the beach. However, the closer you get to the beach, the easier things get. Right now, the biggest signs of recovery can be found right along the coast. In San Diego, for example, home prices are 13% higher than they were this time last year, with prices getting higher the closer you get to the sand and surf. Demand is especially-high in San Diego County because the unemployment rate here has gone down 2% since 2010. But, remember, the name of the game in California's housing market these days is "uneven". Along with lower unemployment and higher demand, San Diego's higher home prices are also due to a falling inventory. In fact, over the past year, the number of San Diego homes for sale has dropped 35%. So, for the people who are selling their homes, it's a good thing – because there's less competition to worry about. But for the people who are looking to buy, it means spending more money and having less variety to choose from. The situation is a little more stable in Los Angeles. In fact, the number of home sales AND prices increased in October.

The only problem? Many Los Angeles' residents can't qualify for mortgages these days – especially as you head further east, away from the coast. So, even with a relatively-healthy inventory and low mortgage rates, a number of residents can't take advantage of them, which means that it will still take some time for the area to recover. Head further north, and you'll see an even better picture. That's because the Bay Area has gotten an influx of jobs lately, which has helped San Francisco's real estate market. But instead of focusing on traditional single-family homes, developers there are focusing more on condos and other multi-family units. What about the rest of the Golden State? Like we mentioned, the further you get from the beach, the tougher things get. And, it's those inland numbers that are pulling California down as a whole. In fact, according to a recent report from the Anderson School of Management at UCLA, home sales across the state have been flat for the past nine months. Plus, foreclosures continue to play a big role in California's overall housing market. Even though foreclosures aren't nearly as dominant as they were in 2011 – back when they accounted for 40% of California's home sales – they are still hanging around. Today, foreclosed homes make up about 20% of home sales in California. The only good news? That's less than the national average! So, what can California homeowners expect as we move into 2013? Until the inventory starts to go up, the Golden State will not be able to experience a true recovery. According to the UCLA report, we could start to see inventory numbers start to go up because home prices are starting to go up. Why? The theory is simple – if homeowners see other houses selling for more money, it will encourage them to put their own homes on the market. But until then, these uneven steps in the right direction are as good as it's going to get!

http://www.realtypin.com

Media Contact: Daniel Torelli RealtyPin.com, 514-836-1432, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE RealtyPin.com

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...