Will Echo Park residential real estate prices be up or down in 2012?
Recently , although the hardest-hit cities cited were Stockton and Modesto. Both foreclosures and short sales impact housing prices; banks determine loans based on the comparable prices of area property sales.As with their national and statewide counterparts, property values locally have been hit by these distressed sales and the overall downturn in the economy. However, Echo Park’s reputation as a gentrifying neighborhood and central location are factors that continue to attract home buyers.
Let’s Do the Numbers
Per the MLS (Multiple Listing Service), the last six months of 2011 indicates that 27 percent of residential home sales in Echo Park were categorized as distressed and composed of 8 percent short sales and 19 percent sales of bank-owned properties or foreclosures. (These trends vary slightly depending on how Echo Park’s boundaries are categorized).
In 2010, those figures were double, with 52 percent of home sales categorized as distressed; 18 percent were short sales, and 34 percent were sales of bank-owned properties.
They sorted, stacked and boxed items and clothing inside the home. Lane also propped up and patched the back fence, which had fallen over. About three weeks before the planned Memorial Day weekend sale, though, vandals broke in and ransacked the place.
"We will likely reach a bottom in home values in the latter half of the year." Prices will continue to fall, especially in hard-hit markets like Las Vegas, Atlanta, Detroit and Phoenix, Bohutinsky said. Chicago, Cleveland, Dallas and Stockton, Calif.,