More and more of the signs are pointing the way to the fact that now may be the best time in a generation to buy a home on the Palos Verdes Peninsula and the South Bay of Los Angeles. As noted in my post below, home prices in the area appear to have stabilized, and in most areas are increasing on a month to month basis compared to the prior month.
Today,, it was reported that interest rates have dropped to an historical low. The average rate on a 30 year fixed rate mortgage dropped to 4.78% in the week that ended Wednesday , tying a record set in April, home loan buyer Freddie Mac said. This is based on a survey of borrowers who have good credit and at least a 20% down payment. Points were an average 0.7%.

Bankrate.com also reported that the average rate for conventional mortgages offered by large lenders surveyed by the firm drooped this week to 5% last week, a record low for the 24 year old survey.
Buyers looking to buy a home at this time of the year will find that sellers tend to be very serious about negotiating a deal or they would not be attempting to sell their home during the holidays. Sellers also recognize that buyers looking to buy a home now are also serious buyers or they too would not be in the market at this time.
The combination of record low interest rates and motivated sellers make this the ideal time to purchase a home. The extension of the Federal home buyers tax credit for sales contracts signed prior to April 30th of next year also provides a strong motivation to buy a home today.
I look forward to helping you find your ideal home.
The median price of all local homes sold in October in the South Bay of Los Angeles- excluding the Palos Verdes Peninsula and Carson - was $519,500, up 0.9 percent from the same month a year earlier, according to a report released Wednesday by the Los Angeles-based California Association of Realtors.
The Palos Verdes Peninsula also saw an annual rise in October, up 0.5 percent to a median of $955,000.
The median home price for most of the other beach communities in the South Bay decreased over the prior year, but all appear to have stabilized. "The South Bay housing market appears relatively stable, despite ongoing reduced prices in some submarkets," said Sheri Fejeran, president of the South Bay Association of Realtors, in a statement. "Inventories are way down compared to last year, and properties for sale are spending less time on the market. Condominiums under contract are up significantly, suggesting a recent increase in sales activity."

"Home sales historically trail off during the fall and winter months as we move to the off-peak season for the housing market," CAR President and Manhattan Beach Realtor Steve Goddard said. "However, with affordable home prices, mortgage rates hovering around 5 percent, and the extension and expansion of the federal tax credit, we expect first-time and move-up home buyers to drive home sales through the end of this year and into early 2010."
HAPPY THANKSGIVING !!!
I HOPE THAT YOU AND YOUR FAMILY HAVE A WONDERFUL THANKSGIVING DAY
Thanksgiving day is a wonderful opportunity for all of us to step back and be thankful for the truly important things in our life such as family and friends. I am thankful that I live in a country where my children can make of themselves what they will. I am thankful that we live in a country where we can worship freely in our own way without the fear of reprisal or attack. I am thankful that I live in a country where people respect other peoples right to their opinions and thoughts. i am thankful to be an American.
For approx. 49 years, the Dominquez and Sepulveda families fought over the ownership rights to the Palos Verdes Peninsula. Final title was conveyed in an 1858 land patent, signed by then-President James Buchanan settling the long running dispute between the Dominquez and Sepulveda families. This land patent ceded the Rancho San Pedro totaling approx. 43,000 acres to the Dominguez family, and 31,000 acres of the Palos Verdes Peninsula to the two oldest Sepulveda brothers as the Rancho de los Palos Verdes.
The Partitioning of Rancho Los Palos Verdes
Beginning in 1840, the Sepulveda family began to sell or mortgage a large portion of their interest in Rancho de los Palos Verdes.

The Bixby family retained ownership of the Palos Verdes Peninsula until they sold the property to Frank Vanderlip in 1913,
For more information about the HISTORY OF THE SOUTH BAY OF LOS ANGELES , visit my website at http://www.maureenmegowan.com
Palos Verdes High School recently won two different CIF Southern Section Championships .
The Palos Verdes boys won the Division III title with 52 points, St. John Bosco of Bellflower was second with 62 and Golden Valley of Santa Clarita was third with 124. South Pasadena junior Samuel Pons won in 14:57, Palos Verdes had sophomore Jonah Diaz (14:58) and senior Chase Zukerman (15:00) finish second and third, respectively.

Palos Verdw High Sea Kings also captured their first Division IV CIF water polo title with a 6-5 victory over Mira Costa High of Manhattan Beach at William Woollett Jr. Aquatic Center in Irvine. This was the fourth time that Palos Verdes had beaten its Bay League rivals.
Chris Richardson, from left, Paul Mitre and Connor Virjee are three of Palos Verdes four All-CIF returners from last season. They are all seniors. (Brad Graverson, Daily Breeze Staff Photographer)
Congratulations to Palos Verdes High on its great achievement
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