We have hit the previous high for L.A. county
. In 2007 the median hit 500k and here we are again. The median is the number that has half more and half less. Prices rose 6% from last April.
So it took 10 years to come back again fully.
Orange county set a new record of 675k.
Once again, people are being forced out of L.A. and looking to the inland empire. Builders are starting to build more puds.
Interestingly enough, if you adjust for inflation, L.A. is still not back up to its former high.
The biggest increases have come from higher priced homes. Only 37% of homes in l.a, county are worth more than in 2007.
Are we headed for a bubble? Not yet,according to Fitch ratings which finds that prices here are overvalued by 5.2%. At the height of the last bubble, that number was 35.7% so we have a way to go.
Read more on Latest L.A. Home prices…
Had my son Bill here for mother’s day so i took advantage of that and recorded some questions i had. Everyone seems to have a different opinion.
Click below to listen
Read more on Should we care about Dodd-Frank rules?…
These have always been a pain to investors. Should we deal with the city and hope they don’t make you rip the whole thing down? Or should you just stay quiet. It’s a crapshoot. You really don’t know what to expect. Many people – not just investors- turn their garage into a rentable unit.
Read more on Boot leg units…