Tag Archives: Southern California

The Palos Verdes real estate market, a subsidiary of the larger Los Angeles County and Southern California real estate markets, seems to be steadily rallying after the devastating economic recession. According to an April 23, 2010 article in the Valley News, “The number of Riverside County homes slipping toward foreclosure dropped by 49.9 percent in the first quarter of the year, compared to the same period in 2009, a real estate information service reported Tuesday. Lenders sent default notices to 8.474 homeowners in Riverside County in the first quarter, down from the previous year’s first quarter total of 16,906, according to La Jolla-based MDA DataQuick. Meanwhile, the number of San Diego County homes slipping toward foreclosure dropped by 39 percent in the first quarter of the year, compared to the same period in 2009. The number of Los Angeles County homes heading toward foreclosure dropped by 43.5 percent over the same time frame. In Orange County, default notices were sent to 5,270 homeowners, down 37.5 percent from the 2009 first-quarter total.”

The same article in the Valley News continued to quote John Walsh the president of MDA DataQuick, who “said it was difficult to determine if the dramatic reduction in default notices was the result of shifting market conditions or changing banking policies. ‘Several factors are at play here and it’s hard to know how they play into each other right now,’ Walsh said. ‘A year and a half ago, the sub-prime mortgage loan mess was the black hole. Now, playing catch-up is the financial distress households are experiencing because of the recession. Add to the mix shifting policy decisions, both by lending institutions and in public policy,’ he said.”

More good news for the Palos Verdes real estate market was noted by an April 13, 2010 article from the Associated Press, which found that “The median home price in Southern California rose 14 percent last month from March 2009, as more high-end homes trickled into the region’s sales mix, a tracking firm said Tuesday. San Diego-based MDA DataQuick reported that last month’s median of $285,000 was up from $250,000 in March 2009 and up almost 4 percent from February’s $275,000.”