July 23, 2008
Cool LA Times Tool
Along with a very depressing story about record foreclosures (which I’m going to let our other bloggers tackle while I remain uncompromisingly optimistic in the face of disaster), the LA Times has linked in their real estate data tool, which lets you search by zip or city to find median sale prices for the year, the amount it’s changed over last year, and current foreclosure data. Here’s an example from the 90027:
Median sale price: $870,000
Change from 2007: -22.7%
June 2008 sales: 15
Q2 Foreclosures: 7
Q2 2007 Foreclosures: 4
Percent change year-over-year: 75%
While I can’t put any kind of good spin on a 75% increase in foreclosures, I do like the tool. It’s a great, quick way to get a snapshot of a zip and see what kind of activity is going on.
The story also has a 16 photo spread of homes in foreclosure from “Glendale to Redondo Beach.” (the pic above is the first in the series, credited to Leo Nordine Realtors). It’s really interesting to take a look at it and get an idea of the breadth of homes that are in foreclosure. I truly feel sorry for people facing losing their home, regardless of the financial decisions that got them to this point. Whether its the banks fault, the borrowers fault, or some combination, it’s a tough place to be and I feel for them.
Phyllis Harb said:
The “silver lining in the cloud” is to think of how many can now afford a home that could not before.
July 23, 2008 12:41 PM
MIguel Collins said:
As a long time reader, it would be nice if the redfin blog featured some starter homes in the los angeles area.
Something between 300k and 400k that aren’t in crack city. I know they are out there, but they aren’t even being mentioned.
thank you .
July 23, 2008 1:28 PM
anita said:
There are more affordable starter homes out there now, as Phyllis points out - I’ll blog about some this week, Miguel, in neighborhoods like Eagle Rock where it is more stroller city these days than crack city.
July 23, 2008 1:38 PM
RED said:
Hey! It’s that overpriced house on Curson! I feel sorry for most people losing their homes, but not this one. They kept that house on the market for some 3+ years, counting from before it became REO, and it has never been priced remotely in line with the market. Before the bank took it, it was listed at over 1.2 million for over a year without a single price drop. It’s like they were asking to having it foreclosed on.
RED
July 23, 2008 6:22 PM
Alice said:
Ha! I’m with you, Red. We’ve talked about this one before. Flippers bought the house, added a master bed and bath, and renovated the kitchen and baths with what appears to be the cheapest materials they could find. If they had a modicum of taste and a few brain cells, they would have spent a bit more on the upgrades to bring up the quality. Sorry, but yes — they were begging to be foreclosed on.
Compared to the gorgeous house a few doors up for $899,000, this one should be listed at $700K.
I pass it every day on my way home from work — and shake my head.
July 23, 2008 6:40 PM
RED said:
Hi Alice! I hear that nice one on Curson as an “in escrow” sign on it now. Good for them! It’s a beautiful house.
July 24, 2008 12:11 PM