Those who are regular readers of my blog know I almost exclusively write and post original content. This time around I am letting the data do a lot of the talking. Below are two pdf’s links:
They tell our current story of record high California homes prices. How high? Here are the facts:
- The Median home price in Los Angeles County has matched the high of 2007.
- We have had five years of steady growth.
- The Median home price in Los Angeles County is for a second time in History $550,000
- It only took us 10 years to recover.
- The Median Orange County home price in April Hit an All-Time High of $675,000.
- April also brought us a Record High Median Home Price for San Diego County at $525,000
- Southern California Inventory is getting tighter and sales volume dropped in April almost 5% year to year.
What’s different this time around?
- FICO Scores are up 40 points for new home buyers with a mortgage since 2008.
- Stiffer lending standards
- Lower debt levels for borrowers
- A more risk adverse home buying public than in the last boom.
- Borrowers are asking more questions and getting “loan educated”
- Many people are still shell shocked by the Great Recession of 2008.
- Buyer’s are being more fiscally responsible and in relationship to home loans that also makes them more socially responsible.
- And the #1 difference Now vs Then is the absence of easy qualifying adjustable rate mortgages (ARM), with low introductory rates.
Check Out The Data:
New Frontier Realty 