Los Angeles and San Fernando Valley home sales are stabilizing, says the LA Times

Here's a great article from today's L.A. Times. It states that the market is settling down, there aren't as many price escalations, etc. Here's a quote:

"More and more, the market hinges on regular people buying houses with normal mortgages, and with lending standards still tight and the economy still feeling soft, there's only so much those people will pay.
"We're bumping along a ceiling. I really can't see values going up much more," said Steven Thomas, of ReportsOnHousing.com, which analyzes Southern California housing markets. "Buyers are homing in on trying to pay a fair value. A year ago, everyone was willing to pay extra. Now that bidding up is not happening."
This doesn't mean that multiple offers are over, however -- just that there won't be 20-40 offers for the same property, we hope.

But you already know this: LA Times says home sales in Los Angeles are up

In case you didn't read the Los Angeles Times today, here's an article talking about how home sales and home prices have significantly increased in Los Angeles the past year.  Some quotes from the article:

The median home price for the region was $321,000, up from $315,000 the two prior months and a nearly 17% increase over $275,000 in November 2011.

and

All-cash purchases, many by deep-pocketed investors, also remain unusually high.

Wondering what to do with yourself during Carmaggedon? Come to my Burbank open house at 1429 N. Rose!

I'll be holding 1429 N. Rose in Burbank open on Sunday the 30th.  In case you've forgotten, this is a dreamy 3+2 with a huge backyard, redone kitchen, redone baths, hardwood floors, central air and more.  All for the low price of $499,000.  We'll be there between 2 and 5.