Home Resales Climbing in Malibu

by ritasimpson on February 23, 2012

in Latest News

“We’re slowly improving for the right reasons: more jobs, more credit availability and affordability of homes,” said Stuart Hoffman, chief economist with PNC Financial Services Group.

Sales were up 8.8% in the West, 3.5% in the South, 3.4% in the Northeast and 1.0% in the Midwest.

Nationwide existing-home sales increased 4.3% in January from a month earlier to a seasonally adjusted annual rate of 4.57 million, the National Association of Realtors said Wednesday.

Mortgage rates have been hovering around the lowest recorded levels and hiring has picked up, giving some buyers more confidence. However, prices in many distressed markets have continued to fall due to a continuing flow of foreclosures. While the share of loans in foreclosure has remained elevated, the number of new borrowers falling behind on their mortgages has been declining.

In the Malibu Real Estate Market, we have experienced a 100% increase in escrows when comparing the first two months of this year to 2011 for homes in the land side of Pacific Coast Highway. On the Beach side the increase in activity these last two months was 30% with flat prices.

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