Welcome to our 9th show.
We’re not focusing on a particular neighborhood this week. We’re going to discuss what we predict will happen to the real estate market in California during the 4th quarter of 2010.
The Long Beach real estate numbers for the week ending October 3, 2010: Active listings: 1,351. Average Listing Price: $437,000. Total Homes Sold: 47. Lowest Price: $88,000. Highest Price: $755,000. Average Price Sold: $350,000. Days on Market: 71. There’s not really much of a change over last week.
The September Long Beach real estate numbers: New Homes on the Market: 409. Homes Sold: 244 – which is a decrease of 8% from last year. Average Sale Price: $340,000 – showing an increase of 11% over last year. Days on Market: 71 – which is the biggest increase over the prior year of 20%.
Mark talks about the recent article by Amherst Security Group stating that 1 out of 5 borrowers could lose their home. The current default rate in the US is 20%, which is crazy. It’s also crazy that one of the first programs introduced to distressed homeowners in 2008, HAMP, shows that nearly nearly half of the people who were approved for trial mods have dropped out of the program.
Mark and Adam discuss what you need to do to get a loan modification and whether it’s really the best option for you.
What’s going to happen to the real estate market in the 4th quarter of 2010? Listen right now to find out.
Adam’s deal of the week is 2130 North Studebaker Road in Eldorado Park, CA. This 3 bedroom 2 bath 1,300 square foot house sits on a 6,000 square foot lot. The property is listed at $474,000. This listing is posted by Nancy at NT & Associates.
Mark’s deal of the week is 2 bedroom 1 bath house in Compton at 14106 S Tajauta Ave., listed at $116,000. It is occupied, but it is an incredible buy. It’s been on the market for 2 hours and I’ve had several real estate agents call me to buy it for themselves.
We all know that if real estate agents are buying it, it’s a great deal.
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See you next episode.