Alamitos Beach Homes Market Report-2008-Long Beach Real Estate

Alamitos Beach Homes - Market Report - 2008

January 1, 2008 - June 20, 2008

Sales are picking up this month.  The real estate market has been flushed with foreclosed homes which has driven prices down and first time buyers onto the Long Beach Real Estate market.  The sharpest decline in prices in 20 years has been reported by Data Quick, prices fell by 30% in May.  While this upturn in the real estate market has not dribbled up to the luxury market, it should follow suit shortly. 

Lenders have tightened up on lending standards, interest rates are lurking around 6.5% and buyers must be pre-qualified.  It's a smart buyer that has a lock in letter and a loan commitment from their lender to protect themselves.  

This puts some strong buyers on the market right now and they are looking to purchase the most their money will buy.  There are some really great buys available right now, well priced homes are receiving multiple offers and investors are out shopping. 

This is a great time to be on the market priced to sell.

There are currently 15 homes for sale in Alamitos Beach.

Average Price: $724,920

Average Days on Market:  75

1 home in Alamitos Beach is in escrow accepting back-up offers. 

Average Price: $595,900

Average Days on Market: 62

3 homes in Alamitos Beach are currently pending in escrow.

Average Price: $303,966

Average Days on Market: 14

3 homes in Alamitos Beach have Sold (closed escrow) in 2008. 

Average Price: $442,666

Average Days on Market: 100

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Posted on June 21, 2008 07:08:13 by Laurie.Manny

Long Beach Mortgage Rates Report: June 19, 2008

We're still advising all Long Beach borrowers to lock all mortgage rates at application. The risk of the Fed raising rates far exceeds the opportunity for lower term rates. Watch this one minute video to understand what exactly has been happening in the mortgage markets, since May 2, 2008 and what I think WILL happen in June and July, to mortgage rates.

Brian Brady

(858)-777-9751

brian(at) californialoanconnection (dot) com

Posted on June 19, 2008 14:08:23 by Brian.Brady

Long Beach Mortgage Rates Report: June 12, 2008

Long Beach mortgage rates are headed higher.  Lock all rates at application, regardless of closing date.

The trend is clear; the Fed believes it has done all it can to stave off the banking crises and is now focusing its efforts on inflation.  This morning, retail sales were up and the dollar is strengthening.  If stagflation is the fear, the current strategy of targeting core inflation may be abandoned for the more radical Paul Volcker-style approach to tame inflation. 

While I believe the higher mortgage rate cycle will be shorter than the 80-s style interest rate hikes, it's clear to me that Bernanke is talking differently than he did in 2006 and 2007.  The effect?  We could see Long Beach mortgage rates rise as much as 2% in the next two years.  I still believe that a five year ARM will offer the best solution because interest rates move in cycles; I think we'll see mortgage rates under 6% again in 2011.  Today?  The trend looks like we're headed higher.

What then, should be your strategy?

1- If you were thinking of refinancing your home loan, apply now.  There will be little periods of weakness in rates this year and you should jump on any chance you have to get a 5/1 ARM under 6% or a 30 year fixed rate under 6.5%.

2- If you can't get the home loan you want today, get your documentation to me anyway. Secure an approval that is good for 90 days and wait for those periods of weakness to lock in the right rate.

3- If you were thinking of buying a home in Long Beach, mortgage rates are about as good as they'll get for the next two years.  Get pre-approved, contact your REALTOR and start looking.

Brian Brady

(858)-777-9751

brian(at) californialoanconnection (dot) com

For faster service, apply online, fax your most recent paystub, 2007 and 2006 W-2 form, and most recent bank statement to 858-605-4230, and call me immediately.

Posted on June 12, 2008 07:27:19 by Brian.Brady

Long Beach Mortgage Rates Report: June 9, 2008

Posted on June 09, 2008 15:51:55 by Brian.Brady

Can We Save the Long Beach Condo Market?

The Long Beach condo market experienced a significant decline before the mortgage credit crunch started.  In fact, Southern California was one of the markets that promulgated the credit crunch with its higher than normal foreclosure rate.  On August 2, 2007, American Home Mortgage went belly-up, sparking a chain reaction of A paper lenders to close their doors, permanently.  262 lending institutions have "imploded" since the sub-prime mortgage decline in late 2006. The mortgage industry contraction has exacerbated the Long Beach housing market decline, especially the condominium market.

It doesn't have to stay like this.

Condominium management associations are dealing with stressed out homeowner associations who are responding to angry homeowners.  "Where are all the qualiied buyers?", they demand.  "Why is the Long Beach condominium market in a free fall?"

I have the answer.  Nobody can get financed.  Well, nobody is a strong word; very few can get financing for Long Beach condominiums.  On June 2, 2008, Fannie Mae severely limited its approvals for Long Beach condominium financing; now, you need at least 10% downpayment to get a loan for a condominium....UNLESS...

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Posted on June 06, 2008 19:49:49 by Brian.Brady