Home sales in South Bay-Beach Cities for October 2007, 2008, 2009





If you are a bit confused about what's happening in the South Bay-Beach Cities' real estate market ... join the club.  On the  one hand it seems that foreclosure filings in October 2009  in California are  up  22% from September 2009 and are running 20% higher then in October 2008.  On the other hand our South Bay-Beach Cities real estate market has still not seen a huge number of REO properties.   The number of short sales seems to be on the rise but still not nearly as high as in other markets.  There was a good article in the Daily Breeze yesterday  about the role of government intervention in the housing market.  It  underlies a lot of the issues that affect our local real estate market.

The housing  inventory in the South Bay-Beach Cities is significantly lower then we have seen in a long time.   Pending home sales are up in all the Beach Cities and the closed sales volume continues to hold up better then  expected.  But don't be mislead.... this is still a tough market and the end isn't yet in sight.

 Well priced entry level homes in all the Beach Cities are selling in days often with multiple offers.   A  moderately  priced  REO in east Manhattan just sold with an all cash offer, after less then 3 days on the market, at a price well over the listed price.   Meanwhile homes that are priced above market continue to sit with little or no interest until they are either taken off the market or the price is reduced enough to generate renewed interest.  This seems to be true across the board  in all price ranges and in all cities.

 Many of the homes that enter escrow wind up back on the market  because of appraisal problems. Others don't close because of issues that crop up at the last minute during the final underwriting of the loan.  This is especially true if you are obtaining a jumbo loan.  The same lender who told you 30 days ago that you had amazing FICO scores and plenty of money will now look at you as if you are skimming for fun and profit with Bernie Madoff.  Sometimes it seems that no matter what banks say in their ads they really don't want to make loans.... Do they really need you  to find a copy of your first  paycheck stub from 1979 in 24 hours as the final condition for obtaining a loan?  

South Bay-Beach Cities: Sold October 2009

South Bay-Beach Cities: Sold September 2009

South Bay-Beach Cities: Sold August 2009