Los Angeles Commercial Real Estate & Home Prices Both On The Rise With Less Foreclosure Competition
Now this is definitely good news for the Los Angeles commercial real estate market and the residential market as well. There's no other way to interpret it. The Los Angeles Times reports that there are "significantly fewer foreclosure homes on the market" per the June reports, and that this is easing downwards pressure on home prices and real estate in general and allowing the average prices of homes and commercial real estate to rise again.
Read the report at the L.A. Times:
Home prices rise in June with fewer foreclosures on the market
Alejandro Lazo - "The Southland's median home price was up 5.3% in June from a year earlier, hitting $300000 for the first time in two years, real estate firm DataQuick reported Tuesday. The median is the point at which half the homes sold for more and half for less ..."
Rising prices could mean a more comfortable situation for both owners of Los Angeles commercial real estate and for area homeowners as well.