Housing prices in Los Angeles continue to decline
The balance of the real estate market in the United States constantly shifts back and forth from benefiting buyers to favoring sellers. Some regions have very low housing inventory, and therefore prices skyrocket and homeowners can enjoy valuable appraisals and more competition. On the other hand, sometimes a pricing decline results in buyers snapping up property at a fraction of the price it is worth. If people are considering homes for sale in Los Angeles, they are in luck - housing prices in this city have continued to decline in 2012.
Economic data corporation CoreLogic recently published a report on the prices of houses in the greater Los Angeles metro area. Prices for single-family homes decreased by 4.4 percent in February compared to levels seen just a year ago. These figures included both standard and distressed sales.
"House prices, based on data through February, continue to decline, but at a decreasing rate," said CoreLogic chief economist Mark Fleming, according to the Daily Breeze. "The deceleration in the pace of decline is a first step toward ultimately growing again."
People looking to relocate to southern California should consider property in the area, because current prices will not remain low for very long if the economy continues to improve.