Los Angeles Area Market Update
September 28, 2007
Economic Quickies:
- Spending and construction both rise above expections, while core consumer prices posted their smallest rise in 3 ½ years.
- Former Federal Reserve Chairman Alan Greenspan sees chance of recession at less than 50/50.
- Oil Prices are at record highs due to the latest hurricane threat, while the dollar is weaker.
- The volume of home sales nationwide drops to new lows, while nationwide housing prices/values have grown by 0.2% since August 2006.
Locally:
According to Dataquick Info Systems, August numbers may be skewed overall by the jumbo loan mess largely affecting high-end home purchases, which includes the San Fernando Valley with 50% of home prices being over $545,000.
- The median price of a home in California lowered 1.1% from one year ago August 2006, as Stockton California as the foreclosure capital continues it’s drag on the numbers.
- Los Angeles County as a whole is up 4.76% from one year ago.
- The San Fernando Valley overall is off 2.68%.
For city-by-city numbers which vary widely go to: http://www.dqnews.com/ZIPCAR.shtm
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