Wednesday, August 25, 2010

The real estate news is bad...or IS it?

By now, everybody knows that the national housing stats released yesterday were pretty dreadful.  Slowest month since whenever, etc., etc.  And yes, I've seen that the market has slowed down this summer (although the end of August is almost always slow).  But wait! Today's Burbank Leader's headline is Local Housing Market Better than Most.  It goes on to detail how Burbank real estate and Glendale real estate sales have actually been pretty good, and how homprices have actually risen year over year.  Not by much, but still...

And then there's another AP article buried deep in today's L.A. Times Business section, titled More Mortgage Modifications Seem to be Sticking.  It goes on to say that this news possibly debunks predictions of a huge wave of defaults to come.

So maybe there is another side to the story.  And if you're thinking about real estate in Studio City, Burbank, Hollywood Hills or pretty much anywhere in greater L.A., keep in mind the other big housing statistic: interest rates are at historic lows.

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