Case Shiller, one of the largest gatherer of data for the housing market has reported that home prices were up big time from last year. Not that this is news to us unless you never read a paper. Phoenix and Las Vegas were the big winners but L.A. also rose over 7% from last last year in November. Prices dropped a little last month but that is due to seasonal factors.
Hard to believe that the top for the median priced home in California was 2007 at 505k. Last month its 280k.
Sales are up and inventory is down which suggests that more home price increases are in the cards.
Notices of default fell 17% from last year. This is the lowest number since 2007.
All these facts make for a great time to buy and rehab. You will get multiple offers and overbids so GO GET ONE!!!.
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