How are Palos Verdes homes owners doing when it comes to equity in their homes and how many distressed sales do we have?
A recent LA Times article states that half of homes owners nationally have at least 25% equity in their homes and about one quarter of homeowners with mortgages have more than 50% equity in their homes. In California, the numbers are slightly higher. My guess would be that Palos Verdes houses have fared even better because of “the stable, relatively affluent, low-construction characteristics of high-equity areas.” Click here to read LA Times article regarding Homeowner Equity.
California Association of Realtors’ Chief Economist, Leslie Appleton-Young, provided the above chart at the 2012 Economic Forecast last week (click here to read my article with highlights from 2012 forecast). 44% of Los Angeles County real estate sales in August 2011 were distressed sales. After checking Palos Verdes real estate data from California Regional Multiple Listing service, I found 5 out of the 59 single family Palos Verdes homes sales in August 2011 were distressed sales; that is 8.5% – far better than the rest of LA County. Click here to read more about Palos Verdes real estate....
Chart courtesy of California Association of Realtors
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