High demand for housing, historically high rents and condo/loft prices are keeping the Los Angeles region’s housing market hot, with both domestic and foreign vertical developers keenly in the game.What’s your home, land or investment property worth???
Robert Kleinhenz, chief economist at the Los Angeles County Economic Development Corp., said the report is good news for homeowners. If this guy doesn’t know what’s up…then no one does!!
Property values in Los Angeles County increased by 6.13 percent in 2015 ó the largest jump since 2010, the assessor reported on Thursday, June 16, 2015. The median price of a single-family home in L.A. County increased 7.9 percent, to $480,000 last year. The average price was $780,000.
Apartment rents increased 6.4 percent in 2014. In the city of Los Angeles, the average rent for a two-bedroom apartment last year was $2,591 per month.
The increase in property values is advantageous for those selling their homes, the assessor said.
“If you’re selling, you’re going to be able to command a better selling price,” adding that values are going up everywhere in the county.
“They’re seeing that their home values are coming back and so that’s good news for homeowners because for most households, the primary store of wealth in their portfolio for the typical homeowner is their home, particularly in Los Angeles,” Kleinhenz said.
Keep on readin’…
According to the Wall Street Journal, the man cave is very much alive, it’s just evolved a bit—from leather couch meets big-screen TV, to something with more of a “sophisticated twist.” Turns out, modern day renditions of “ultra-luxury manly spaces” can be neatly categorized into four types—the “tech lair,” the “haute hobby room,” the “gentleman’s greenhouse,” and the “bookish hideout.”
Man Cave Rules
- My Cave, My Rules
- No Sitting In My Chair
- Keep Your Hands Off My Remote
- Women Not Allowed
- Bar Always Fully Stocked
4 Loans That Affect Your Mortgage-Worthiness
The ship has sailed on some of these, but watch out for the ones that you can control in the future!
Different types of debt can boost your credit score — but over-borrowing can hurt you.
Want to get a new mortgage? Then your credit score is a really big deal — it can make or break your mortgage approval, and ultimately determine whether you get the house you want. But before we talk about credit scores, let’s talk about the debt that affects them.
There are two types of debt: secured and unsecured. When you borrow money to buy a house, the bank can take back the house to recoup its money if you don’t pay the debt. That means the debt is secured — it’s balanced against something you want to keep and gives the bank some measure of security that it’ll be able to recover the money it loaned you. Unsecured debt, on the other hand, means the bank can’t reclaim the thing you’re buying with the borrowed money. (Credit card debt is unsecured and so are student loans.)
Let’s look at the impact of four key consumer loans, a mix of secure and unsecured debt, on your credit score — and ultimately your mortgage-worthiness.
- Student loans
- Auto loans
- Payday loans
- Existing mortgage loans
Read the full article here….
Two years ago, many homeowners couldn’t list their homes for sale because they still owed more on their mortgage than the house was worth.
That’s less of a problem now. CoreLogic estimated just 6.7% of mortgages were underwater in the fourth quarter of 2014.