We’re finally seeing the first signs of inventory increasing, although the prices are flirting with the all-time highs of 2007. Inventory was down 21% at the end of April.
With the huge increases in home values, we hear lots of criticism of people who re-finance their homes in order to take out HELOCs, or buy a new car, go on vacations, etc. The theory is that when house prices crash, these folks will be underwater on their mortgages. Today in the news, it was revealed that federal NDP leader Thomas Mulcair has re-motgaged his home 11 times!
Read more: http://www.ottawacitizen.com/news/leader+remortgaged+home+times+since+early+1980s/6685607/story.html#ixzz1w5LLOBP7
Over the weekend, 55 SF homes were sold. 10 were sold for list price or higher, or 18% of the total.
A home in Inglewood which was listed for $429,900 sold for $444,000. An offer came in after one day on the market.
What’s your take on the higher end hoods? It seems like homes 1M and above are sitting
Just the opposite. There are 403 active listings priced at $1 million or higher, with 70 sales in the past 30 days. An absorption rate of 5.8 is remarkable robust in that price range. -Bob
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