How much are property values rising in your area? I'm hearing insane increases!!
I recently shared a Facebook post about the high level of activity in many parts of Los Angeles, that is causing a rapid increase in property values. I shared that over the past 12 months, property values on average had went up 12-13% in Los Angeles. They are projected to rise another 10-12% in the next 12 months also. Low inventory levels and low interest rates are supporting these gains.
One of my fellow ActiveRain members shared that he has seen 13-17% gains PER MONTH for consecutive months in some of his areas!!
He had stated his concern for such rapid gains causing a collapse, and/or homeowners possibly mis-appropriating use of their equity and/or lines of credit, but I tend to disagree because lender guidelines have changed so much to be sure that people can actually afford their loan prior to funding it (hopefully!).
What are some of the property value increases you are seeing in your areas?