So, we already know that we’re slipping toward a buyer market, because we’ve all read my previous post. What we didn’t know was that there are now some numbers and reports that prove that I’m right.
Housing prices generally flatten out at the end of the year and the California Association of Realtors say that affordability will remain where it is for the 4th quarter. According to reports, affordability in Los Angeles County was 13 percent which is 1% better than August. August by the way, was a month that saw record lows of affordability and tied for the state affordability record. It also saw record sales, go figure.
Lenders now are scrutinizing new loan applications more so in Northern and Central California. Which means its going to be more difficult to get a risky loan in those areas.