Tuesday, September 27, 2005

State of the Market Address

The median price in Long Beach, rose again since August 2004, up 20%
from this time last year.

Sales are up 7% over last year's figures also.

The median price according to CAR (California Association of Realtors)
is $568,890 up 5.2% from last month.

Agent's are nudging client's toward affordable areas they haven't
previously considered. Most have "champagne dreams" according to one of
my colleagues.

The Fed Chairman Alan Greenspan, issued warnings against risky
mortgages. Saying, if the housing market saw a decline, the borrowers
and lenders could be exposed to significant losses. The Fed also said,
"the vast majority of homeowners have a sizable equity cushion with
which to absorb a potential decline in house prices".

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