Housing Market Update For April 2008

Here is the report for April and as you can see sales can vary greatly by area.

One thing is clear, however, money is still tight and sales are down. Latest forecasts have the turnaround starting later this year and into 2009. The recovery does hinge on access to loans and in many cases buyers are not qualifying under the current banking standards. A record 62% of banks reported tighter lending standards for prime mortgages and 72% have tighted subprime mortgage requirements(no surprise here).

Fixed mortgage rates are expected to rise to 6.2% later this year and 6.3% for 2009.

To keep things in perspective.....home prices in Los Angeles/Long Beach/Orange County areas increased 6.2% over the last 5 years.

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