The fine folks at chatsworth.patch.com have asked the question, Is Chatsworth’s Housing Market Finally on the Upswing? I will start off by saying NO with my rationale below.
When it comes to selling, of course, some have no choice. The number of foreclosures in Chatsworth currently stands at 291. Depending upon how you look at it, that number could seem high or low. But when you consider that it’s lower than the number of foreclosures in , , and
each, it seems Chatsworth isn't faring too badly. Canoga Park
We are talking about an average difference of 20,000 people. If say 4 people live in a household, that’s 5000 housing units in each city compared to Chatsworth. So the foreclosure data in Chatsworth better be lower than those other cities or else there are some serious problems specifically with Chatsworth. I wont even discuss Shadow Inventory and the impact to future foreclosure rates.
“The market seems to be picking up and the buyers are coming back,” said Thelma Lyden, a Century 21 agent. Pinnacle Estate Properties Realtor Susan Jones concurs. “Contrary to the business news, we've been experiencing a very busy real estate market. It's picking up and doing good. We've had record sales in our area. Outstanding houses are bringing a good price, better than it has been in the down market. Buyers are out there and excited about the lower prices on foreclosures and fixers, but it’s surprising that there are buyers looking for that perfect house and will pay a fair price. We’re not back at our highs yet, of course, but we’re doing better than last year.”
To further add onto the credibility of Realtors, the head of the National Association of Realtors had this to say in Feb 2008 "the market is ‘scratching the bottom,’ with sales holding at a deflated rate of around 5 million units for the past several months.” How did the rest of 2008 go for homeowners?
So enough of me talking, lets look at an actual example:
So going back to the income point. Today's homebuyers face the following dilemmas:
- High unemployment in CA.
- Stagnant wage growth.
- Higher energy and food costs
Whatever your opinon is after reading this post, if you are going to buy, make sure you can afford and still live a comfortable life.