Market Update 6/28/10
Seems that the light at the end of the tunnel is getting brighter. Road to recovery: Local housing market showing signs of strength. Local Realtors say the housing market in the San Gabriel Valley and Whittier area is continuing to make gains.
Figures released Tuesday by the California Association of Realtors support that, although year-over-year housing prices fell significantly in some communities last month.
Home sales in Los Angeles County rose 4.7 percent in May from the previous month and were up 3.7 percent from a year earlier. California posted an April-to-May sales gain of 14.1 percent and an annual uptick of 1.2 percent. That was significantly better than the nation, which saw its home sales fall 2.2 percent in May from the previous month to a seasonally adjusted annual rate of 5.66 million, according to the National Association of Realtors. Read more
There’s more help for distressed homeowners. California, 4 other states to get more housing aid. The Obama administration has approved five state-designed plans to help homeowners as part of a $1.5 billion effort to assist areas slammed by the U.S. housing bust.
Treasury Department officials, who spoke on condition of anonymity because the decisions had not yet been made public, said plans for Arizona, California, Florida, Michigan and Nevada had received approval.
The states estimate that the plans are projected to help up to 93,000 homeowners. That's a small part of the administration's main existing $75 billion mortgage assistance program, which is widely viewed as a disappointment. Read more
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