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CA 4Q08 Affordability Index Jumps

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March 31st, 2009 by Phil Levy

 

According to the CA Association of Realtors (CAR) the California First Time Homeowner Affordability index climbed 26 percentage points to 59% between 4Q07 and 4Q08.  It also jumped 6 percentage points from the 3Q08.  This means that more than 1/2 of California households are able to buy a home priced no more than 85% of the median price in their locales.  For Los Angeles County the affordability index climbed 19 percentage points year over year to 46% as of 4Q08.  It also climbed 4 percentage points from 42% since the 3Q08.

Affordability is the highest its been since before 2003.  These statistics are quite compelling particularly to first time home buyers since they combine the factors of median prices, existing mortgage rates and current income levels.  

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Don’t Pay for Property Tax Reassessment Services

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February 22nd, 2009 by Phil Levy

Some firms are seeking to charge a fee for their property tax reassessment services.

Property owners may apply to the county tax assessors office for a reduced property assessment if the property values have fallen below he assessed values.  If granted this benefits the property owners with reduced property tax bills.

There’s no need to pay anyone for this service.  In Los Angeles County property owners can complete the applications themselves by going to the LA County Tax Assessor’s Office website.  This link explains the process and provides the required form. 

Many REALTORs® will provide this service for you on a complementary basis.   If you would like us to review your real estate property tax situation, please e-mail me at phil@jpscvrealty.com and provide your contact information, property address and if available your Assessors Property Number (APN) and current assessed value.

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Haskell Canyon Ranch Development Application Denied

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February 16th, 2009 by Phil Levy

A new Saugus development proposed by a San Diego based developer was denied by the Los Angeles County Planning Commission on the heals of the opposition of local homeowners.  The development  located at the east end of Copper Hill Road was proposed by Corky McMillin Companies.  It sought to increase density to its tract to approximately 500 homes from the current entitlement of 167.   Neighbors opposed the developer’s application principally based on an estimated increase of approximately 5,100 car trips through the neighborhood once the development was fully sold.   This was reported in today’s Signal in an article written by Jim Holt.

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