Highland Park Hub of Housing Boom, According to CBS

CBS says that investors are flocking to the neighborhood.

Add CBS to the long list of media outlets who are keeping an eye on Highland Park's housing market.

The neighborhood was featured in a story--"Early signs of housing recovery in Los Angeles"--published Tuesday on CBS's website.

, the story quotes statistics on the surge of investors who purchased property in the neighborhood just after the new year.

According the CBS' report, 43-percent of the homes purchased in Highland Park in January were bought by investors.

"Bidding wars and house flippers are back," states the report, which goes on the speculate that, while investors artifically inflated home prices before the bubble burst, they are know playing a key role in regulating those prices.

The report also notes another consequence of flippers' rushing to Highland Park; home's that couldn't afford a stylish makeover by a flipper are now languishing on the market.

According to the real estate tracking website Trulia.com, the average sales price of a home between January and March of 2012 was $265,000--an increase of 7.1-percent over the previous quarter, but a 7.5-percent decrease compared to the same time period last year.

As we noted in our coverage of Times piece, we believe that Highland Park is actually experiencing a slow and steady housing recovery that started in 2010. Trulia's numbers indicate that January's burst of sales was a peak, surrounded by valleys on both sides.

Linda Blair April 28, 2012 at 10:54 PM
This is basic contract law. There are fair debt collection practices that must be upheld. There are Truth in Lending laws, banking regulations, SEC rules, general accounting rules, RICO, notary laws, and the list just goes on and on where banks have violated these laws ad finitum. Exorbitant high rates of default are no good for any country. This reflects a larger problem within the economy. The U.S. is in jeopardy of defaulting on its debt as we speak. Nations like China do not want our worthless fiat paper as repayment. The trend in judicial foreclosure states is that a bank cannot sue unless they show the court they own the loan. California is a non-judicial state. Therefore they don't have to go to court to foreclose. They merely send out papers, unverified, that deprive the defendants of due process. Defendants/homeowners/borrowers are forced to sue. Audits are critical. If you are still in your home, look for a good attorney to file a Quiet Title action. I qualified for a conventional loan with a down payment, good credit, in 1995. We made on-time payments for 15 years. i refinanced and spent most of the funds on home improvements. As our neighbor stated, the new owners are absentee and do not take care of the place. Not every scenario fits your stereotype, Jerry and Marino. The bank sold our at a gain. Jerry, please do some research. Start with www.livinglies.wordpress.com The film: Inside Job The film: Thrive Loads of videos on youtube
Marino April 28, 2012 at 11:25 PM
So you refinanced (added debt) for home improvements. Enjoy your granite countertop and stainless steel appliances from the sidewalk. I refinanced to lower my interest and speed up repayment of my loan. Now I'm not even 50 and I own my house free and clear except I just took an equity line to buy your house "all cash" 50 cents on the dollar and now I rent it out with positive cash flow. The banks have been my friend. The difference between me and you? My house still has the original kitchen cabinets and countertops from the 50s and they are not even vintage. I was frugal. This thing about stopping payments to force a renegotiation of the terms sounds like a gamble doesn't it? I'll try it next time I eat at a restaurant or buy groceries. I'll tell the cashier; "What to you mean the bill is $100?" I'll pay you nothing unless you give it to me for $80. It's not your food anyway. The farmers produced it and they got subsidized by my tax dollars." I'm not going to sit here and defend the banks. I was opposed to the bank bailout. I won't pretend capitalism is not a giant Ponzi scheme. But I'm also not going to subscribe to the theory that people who used their houses as ATMs were scammed. That's why I'm more interested in the SPECIFICS of each foreclosure case than a whole indictment of the system. Yeah capitalism is not fair. What else is new? Wanna start a revolution? OK. But I'm not going to follow you cause someone took your granite countertops.
Linda Blair April 28, 2012 at 11:51 PM
Marino. Our home was in quite a disrepair. Plumbing and electrical was shot when we got it. No granite counter tops and stainless steel, sorry. Boy, you are really harsh. My anger is toward the banks, not YOU. Your anger is toward me or your preconceived idea of me, it seems. This is a global problem, not just about the American dream and HGTV. Marino. I own an apartment building free and clear. I did not stop payments to deliberately force a negotiation. I phoned the bank three months before any payments were missed. My own foreclosure prompted me to investigate why my bank would not work with me. What I discovered was quite an eye-opener. Unfortunately, bank fraud is a world wide problem. Iceland recently implemented debt forgiveness. New Zealand and Australia are following suit. In the film Inside Job it opens with Iceland's tragic involvement in the mortgage-backed securities scheme. Whole countries were ripped off as well as other investors and borrowers. It will take a long time to repair the damage to our land title system and our economy. Iceland's economy is improving greatly since they eradicated the phony debt. I am sure you will pull out your saber on that. Google it and see for yourself. That was the best solution to the systemic problem. This is not about capitalism, though we could say it is an abuse of it. If you read my previous post you would see that 2000 loans were audited - found 85% errors. That means systemic wrongful foreclosures.
Marino April 29, 2012 at 01:04 AM
There is nothing I can do about Iceland, New Zealand or even Greece which is my home country. I can help people like you avoid similar mistakes if you give specifics about your case. When did you get the original loan and on what terms, when did you refinance and on what terms, how much did you pay for each repair etc. For instance my expenses for home maintenance over the last 20 years have been - Roof 10K - Copper piping 3K - Sewer line 2K (can be as much as 10K) - Electrical 5K - Heating 2K (can be as much as 5K) These aren't huge amounts, they don't need to be done all in the same year. The beauty of home ownership is that we can "patch" things and postpone till we have the money to do them properly. Like snake the clay sewer line for $200 every year until we have the money to replace it. Now if your house had 100K equity you could have refinanced with someone else. If you own an apartment building free and clear you could have taken an equity line from that. Nobody loses their house because they had to repipe. Sorry but your story doesn't add up. Global conspiracies have been going on for hundred years. Sure, they are out to get us. Let's not make it easy for them by doing stupid things like borrowing more than we can afford and then not paying them back. Anyway, you sound 100% convinced you have a solid case against the bad guys. So... good luck with that.
Linda Blair April 29, 2012 at 06:01 AM
Thanks, but what are you wanting to help me with? We are out of the house for a year now. Bank would not work with me and we were evicted. Two attorneys ripped us off. I guess I could call those choices mistakes. I did a LOT of work on my home and it was in top shape. I did a lot of it myself. Please don't assume so much like I don't know anything. I worked in home construction for several years. No, we were not able to refinance and also I could not get equity out of the apartment building. It is located in another state. Banks don't lend on commercial property valued under $250,000. for more than four units. Long story. I tried at least 20 times. I do have a solid case and so do most of the homeowners, though they may not know it. What is going on with global finance now is NOT a conspiracy. The Federal Reserve is a very real entity that has created the derivative market...printed more money than the world can repay. The newspapers, media, and Internet....stories are numerous regarding the bank fraud. I don't imagine you are going to do any research on that as you appear to be totally convinced that banks own all these loans and the fault lies with the irresponsible borrowers, and that anyone who thinks otherwise is a conspiracy nut. Last time: Banks are foreclosing illegally. Write back when you have seen or read Dylan Ratigan, Niel Garfield, Matt Taibibi, Gretchen Morgenson, Mandelman, Judge Napolatano and others. Thanks for the offer of help.


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