July 12th, 2011 3:03 PM by MARVIN BUSH
Well the local market is still showing signs of life. Sales continue to be steady and the median sales price is up about 3.4% year over year. One of the big plus' is that notices of default are down significantly over the last year and we are on track to have the lowest numer for the year since 2006. Mortgage rates have moved up slightly over the last week or so but are still near historic lows and there is still plenty of money to be lowned out. When you take into cosideration the low cost of houses and the low mortgage rates that are currently available, it is a fantastic time to be a home buyer in todays market and in most cases here locally, your mortgate payment will be lower that your rent payment. All in all it is not the end of the world and the real estate market is a great place to look for long term bargins and investments. Dispite what some doom and gloomers might say when it comes to owning real estate, the population of this country has increases by approximately 28,000,000 people over the last ten years and is projected to top 330,000,000 by 2020 and all of those people are going to need a place to live. At the current new construction rate we will have a housing shortage by 2015 and that will have a positive effect on the appriciation of real estate nationwide. If you have any questions reagrding real estate or the real estate market, please feel free to contact me at 661-303-0776 or marvin@marvinlbush.com.