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’…
Have a fun, relaxing, and safe 4th of July! You deserve it!
Here are 21 of the best places to watch 4th of July fireworks in LA County!
Happy Independence Day, from your friend, Silvia!
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.
The Most (and Least) Likely Features in New Homes Today…
Features least likely to be found in new homes and communities
1. Outdoor kitchen
2. Laminate countertop
3. Outdoor fireplace
5. Two-story family room
6. Media room
7. Two-story foyer
8. Walking/jogging trails
9. Whirlpool tub in master bath
10. Carpeting on main level