“LA County Best of the Worst”
More good new from the tax assessors office yesterday for anyone looking to purchase a house in Los Angeles County.
For most California residents, news from the county tax assessors that statewide property values fell by 2.4% in the latest fiscal year…the first such drop since California began keeping records 76 years ago…can not be seen as positive news.
If you are looking to purchase a home iLAn Los Angeles county…this new only verifies what you already know…the market locally may be closer to the bottom.
The drop results from county tax assessors statewide lowering the values of residential, commercial and industrial properties in the aftermath of the housing melt down and the deepest recession this country seen since World War II.
The drop in assessed values means less money and more misery for already strapped state, local and school district treasuries who rely on income from property tax assessments.
The numbers of what counties dropped the most is the telling part for buyers looking at Los Angeles, Ca homes for sale:
Southern California values dropped by an average of 2.5%, close to the statewide average. In Los Angeles County, values declined 0.6%. Compare that to Riverside County which averaged a whopping decrease of 10.5% in property value assessments.
Values have held up here better than most counties…and there is a reason for this.
L A county…unlike many counties (especially in the Inland Empire)…did not suffer from having to absorb a glut of new homes from building speculators.
Because of this factor, L A county figures to come out of the real estate recession faster than most other California counties.
it appears that the ratio of qualified buyers versus available housing inventory is strong enough to keep prices somewhat stable as compared to other counties.
There has been much talk from real estate groups touting that “we are close to the bottom of the housing market.” In some sectors of L A County this may be correct.
What may give some buyers reason for pause is that home prices in the county have continued to drop despite an increase in home sales activity.
The data from the tax assessors verifies that while L A county has not been hit as hard as other California counties, unemployment is sky high at 12.5% and the wave of foreclosures doesn’t look to slow up anytime soon.
So what does this all mean to buyers looking for a Los Angeles home loan? 11111 angel number
If you find the right home and the right price there enough factors on your side to take action on a Los Angeles home mortgage for purchase.
Historically low interest rates…$8,000 first-time home buyers credit (if you are a Ca first time home buyer remember you have until 12-1-09 before this offer expires) …and large inventory of homes with motivated buyers facing economic uncertainty are all good reason to action on a home purchase right now.
The data from the tax assessors office is a barometer that home values are at historic lows…which is not good news for the state…but could be a good indicator for home buyers looking for a sign that prices are getting closer to bottoming out in the Los Angeles market.