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CLIENT TESTIMONIAL
Frank,
Thank you for all you have done to make this such a successful year for my real estate investments. I’m proud that I was able to get in with Searchlight early on, and now 4 properties later, we’re still going strong. It means so much to me that I’m able to be a part of revitalizing these homes and neighborhoods. I love seeing a hopeless house become someone’s dream home. We’re putting people to work and making these low income areas a better place to live. I’m excited for more successful investments this year and for many years to come.
- Rosie P., Westchester
Featured Article: Pending home sales up, ‘market has clearly turned the corner’
8:30 AM PDT, April 26, 2012 By Tiffany Hsu
The job market might still be trying to find its footing, but with pending home sales at a nearly two-year high, the housing market at least seems to be heading back on track.
The measure, which represents signed contracts for home purchases in the U.S. and helps forecast finalized sales, rose 4.1% in March to 101.4 on a monthly index from the National Assn. of Realtors.
That’s the highest level since April 2010, when the index reached 111.3. March’s number, coming off a 0.4% gain in February to 97.4, also lends credence to reports that first quarter closings in 2012 were the best in five years.
Pending home sales for last month came in 12.8% higher than the 89.9 the index reached in March 2011. In the West, the index settled at 108, an 8.7% month-to-month jump and a 9% increase compared to last year.
“The housing market has clearly turned the corner,” said the association’s chief economist, Lawrence Yun, in a statement. “Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses.”
Analysts from Credit Suisse said record affordability helped, as did “the incredibly warm winter,” even though they noted that the upward trend for pending sales started in the fall.
This week brought a round of encouraging housing figures. The number of new foreclosure actions on California homes fell to its lowest level – 56,258 default notices – in nearly five years. Home prices are still falling, but the speed of the drop is slowing. Although new home sales in March fell 7.1%, the government revised the February figures heavily upward.
Source: Los Angeles Times
LATEST FROM: News Category
Homeowners can expect a response from their bank on a short-sale offer within 30 business days, with a final decision taking no more than 60 days, if their loan is owned by Fannie Mae or Freddie Mac.
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By Alejandro Lazo, Los Angeles Times
1:32 AM PDT, April 25, 2012
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