Zip Codes: 91006, 91007
Current Market Listings as of April 12th, 2008*
Properties for Sale: 243 (-12)
Median Listing Price: $790,000 (+1.4%)
Weekly Foreclosure Update*
Properties in Foreclosure: 20 (+0)
Properties in Pre-Foreclosure: 70 (+3)
*+/- is compared to previous week’s data.
Are you in a hurry to buy a home? If you are, then it looks like you are slowly becoming the minority. According to this article by Bankrate, the urgency to purchase a home is decreasing and a surge of would-be renters are expected to enter the market.
With rapidly decreasing prices and no shortage of housing crisis news from the mainstream media, the old fear of being “priced out” of the market is now nothing but a joke. People are slowly coming to the realization that banking one of their largest investments on risky financing and unsustainable appreciation may not be a very good idea at all.
From the the article:
Even 2 million foreclosures, a figure predicted by some analysts, would be a relatively small number compared with the nation’s 35 million renters, Obrinsky notes.
Meanwhile, though, “horror stories” about today’s housing markets have caused “more fear of buying” and have “turned a lot more potential buyers into long-term renters,” Verge says.