Things are Picking Up

It may be a little premature to really say, but things seem to be picking up in our area. There appears to be more activity surrounding the recent rate cuts and talk of the Stimulus Package. Buyers are activily looking for property and finding deals in REOs and Short Sales. The word on the street, which I am sure you have heard countless times, is "it's a great time to buy," and "it's a buyer's market." Well it's the truth, especially if you plan on holding onto the property for a minimum of 3 years. In fact, now that the Conforming Loan limit might be increasing to $729,750 for a Single Family Residence, the rates for higher priced homes will be more attractive. Considering that the median home price in Los Angeles was $589,900 in 2007 whereas the median for the US was sitting at $212,300, this will be a breath of fresh air for California home buyers.

Also of interest, is that banks are trying to help homeowners avoid foreclosure. But who are they really helping? Here's an article about the 30 Day hold they plan to place on foreclosures.
US, Banks Unveil Aid for Homeowners Facing Foreclosure