Inventory Drops Again, Sales Slow
Inventory Drops Again, Sales Slow
Highlights:
- Existing Home Sales are now at an annual pace of 5.52 million.
- Inventory of existing homes for sale dropped to a 4.3-month supply, marking the 25th month in a row of declines.
- The median price of homes sold in June was $263,800. This is the 64th consecutive month of year-over-year price gains.
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Los Angeles County Real Estate Statistics for March 2014
March 2014 Real Estate Activity Statistics for Los Angeles County: Total Single Family Residence (SFR) Sold/Closed: 3,634 Total SFR Distressed Sales (NOD, In-Forclosure, Short Sale) 326 Total Real Estate Owned (REO) 136 Total Probate 75 Fun Fact: Most Expensive Los...
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The Mortgage Debt Forgiveness Relief Act protects the homeowner from taxation on their short sale of their primary residence.
Of course, California residents are protected from this type of taxation under CCP580E.
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1. The real buyer
These people are somewhere in the home-buying process. They’re either testing out the market or they’re serious and fully qualified, ready to take action. For the seller, these are the ones you want coming through the door.
Why Do Short Sales Take So Long?
In a short sale, you need the seller’s bank to approve before you can close. Banks require dozens of pages of paperwork to evaluate whether or not to approve a short sale. Since the seller is asking the bank to accept a sale price that’s less than the mortgage amount, the bank needs to verify that a short sale is the right thing to do. Banks want to make sure the seller is indeed unable to stay in the home and can’t afford to pay off the difference between the market value and the bank’s loan amount.
Designer Ed Hardy Asking $3.199M for LA Tudor
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Grant Deed vs. Quit Claim Deed
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