The Sky Is Falling!

Is it possible that someone is trying to fool the public concerning the state of the economy? Is the sudden sense of panic unfounded? Yes, there was a 250 point plunge in the Dow Jones industrial average, and an explosion in rising home foreclosure rates. Subprime loans are showing the consequences. These loans go at substantially higher interest rates, to at-risk home owners. A win-win deal, right? Wrong!

The govt. is now getting involved in monitoring any possible predatory activities involved in subprime loans. It was predicted by the chairman of the Senate Banking Committee, Democratic Sen. Christopher Dodd, that millions were in jeopardy of loosing their homes, with speculation that there will be the need for federal bailouts. The mortgage lending system needs rectifying and the practice of subprime lending is up for review.

On the positive side, as noted by Sunday Morning correspondent, Ben Stein, the economy is strong, and the proportion of foreclosures is relatively small. If this is true, it should be a pretty good indication of where the market is headed.

It looks like the ones who buy now, will be glad they did.

SOUTH BAY REAL ESTATE WATCH

Manhattan Beach 3/22/07
For Sale—Single Family and Townhouses: 120
Sand Section: 31
Tree Section: 16
Hill Section: 16
Village: 2
Heights: 11
Mira Costa: 25
Pending/Sold—Last 2 months: 134

Hermosa Beach 3/22/07
For Sale—Single Family and Townhouses: 81
Sand Section: 45
Valley: 9
East: 27
Pending/Sold—Last 2 months: 53

Redondo Beach 3/22/07
For Sale—Single Family and Townhouses: 67
No. of Torrance Blvd: 21
So. of Torrance Blvd: 19
So. of PCH: 23
Pending/Sold—Last 2 months: 67

El Segundo 3/22/07
For Sale—Single Family and Townhouses: 11
Pending/Sold—Last 2 months: 35

Palos Verdes 3/22/07
For Sale—Single Family and Townhouses: 13
Monte Malaga: 5
Malaga Cove: 8
Pending/Sold—Last 2 months: 9
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Feel free to contact me if you need help locating property in So. California's beautiful, balmy South Bay: Manhattan Beach, Hermosa Beach, Redondo Beach, El Segundo, Palos Verdes.

Thanks, from the So. Bay, where living is beautiful,

Robert Kissig
Real Estate West
Manhattan Beach, CA
310-640-7897
www.KissigRealEstate.com