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LA Home Prices Up the Teeniest Bit, Foreclosures Are Down

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It's time for some more feel-good news from the Case-Shiller home price index: "Home prices in 20 major cities fell 2.6% in March compared with the same month a year earlier?The gauge is down about 35% from its peak before the housing bubble burst in 2006," the LA Times reports. Since March 2011, home prices in LA were down 4.8 percent; over February 2012 they were actually up 0.1 percent. Analysts say Case-Shiller lags a bit and that numbers in the last couple months have been better. And there's all that talk of bidding wars lately: Richard Green, chairman of the USC Lusk Center for Real Estate, says "I'm hearing stories of multiple offers for houses; that hasn't happened in a while?Brokers are just happier than they have been in a long, long time." Heartwarming! As we've heard, inventory of unsold houses are shrinking and houses still go like hotcakes when they're priced right--California houses under $500k are selling within an average of three months. Meanwhile, CoreLogic released numbers today showing that LA County foreclosures were down 2.52 percent in March 2012 over March 2011, which was actually less of a decline than the rest of the country saw.
· U.S. home prices fall 2.6% in March, S&P/Case-Shiller index shows [LAT]