Are prices down in LA?.. No they are not!

Median Sales Prices For Single Family Homes in 25 selected areas

The news here is good. In only seven out of these 25 areas do we see reductions in the median sales price, and out of those 7 only 3 areas (Brentwood, West Hollywood and Malibu) show reductions in the the double digits. That leaves eighteen of the most popular areas of LA showing positive growth in this challenging economy. This data while representing only a portion of the LA metro area supports what I previously reported in this blog (via the Washington post) that prices are rose slightly last year in the LA, SF, SD and the Washington DC areas, while prices nationally continue to drop or are flat.

2010 Compared with 2009 and percent change

Area	2010	2009	% +/-
Beverly Hills	$3,200,000	$2,900,000	+10.3%
Beverly Hills P.O.	$1,850,000	$1,699,999	+8.8%
Sunset Strip – Hwood Hills	$1,200,000	$1,200,000	+0.0%
Bel Air/Holmby	$1,590,000	$1,550,000	+2.5%
Westwood - Century City	$1,300,000	$1,300,000	+0.0%
Brentwood	$1,723,885	$2,057,500	-19.3%
West L.A.	$697,500	$665,000	+4.8%
Cheviot Hills/ Rancho Park	$1,200,000	$1,249,500	-4.1%
Beverlywood Vicinity	$800,000	$778,000	+2.8%
West Hollywood	$760,000	$850,000	-11.8%
Venice	$975,000	$980,000	-0.05%
Marina Del Rey	$1,550,000	$1,225,000	+18.3%
Palms - Mar Vista	$740,000	$700,000	+5.7%
Santa Monica	$1,634,000	$1,579,000	+3.4%
Pacific Palisades	$1,815,000	$1,930,000	+5.9%
Hancock Park	$982,500	$905,000	+8.0%
Beverly Center-Miracle M	$905,000	$880,000	+2.8%
Hollywood	$453,500	$413,000	+9.6%
Silver Lake/Echo Park	$600,000	$600,000	+0.0%
Los Feliz	$931,250	$920,000	+1.2%
Westchester	$670,000	$679,000	-1.3%
Hollywood Hills East	$922,500	$950,000	-2.9%
Playa Del Rey	$1,000,000	$940,500	+6.3%
Malibu Beach	$4,100,000	$6,150,000	-50.0%
Malibu	$1,725,000	$1,717,845	+0.04%

90 Day Flip Rule Waived - Good News For Homebuyers and Investors

In an effort to stimulate more sales and stabilize the real estate market the Department of Housing and Urban Development, better known as HUD, has waived the "90-day flip rule."

The rule was put in place to protect buyers from predatory speculators who would purchase properties on the cheap, make low cost cosmetic repairs, and place the houses back on the market in an effort to pull a large profit. Many innocent buyers were left with substandard homes, and little recourse to the mitigating of damages. HUD, which oversees the FHA government insured mortgage program has not allowed FHA financing for homes that seller have owned for less than 90 days.

That rule will now be waived for the next year. Effective February 1, 2010 any buyer acquiring financing with an FHA mortgage can purchase any property regardless of how long it has been owned by the seller. This change will allow many buyers, a lot of them first-timers, to choose from the entire inventory of available homes. It will also allow many investors to quickly turn around rehabbed properties, and get them sold. The safeguard from the scumbags out there, of course will be your licensed REALTOR! Choose wisely.

The effect this will have may help stabilize pricing and create more activity in the housing market. Another potential result will be to revitalize blighted neighborhoods in areas where vacant properties are rampant.

See the press release from HUD here