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Economists predict a steady housing recovery through 2016.   A quarterly survey of more than 100 economists shows growing optimism for the real estate market when it comes to housing prices. The majority of the economists surveyed say they expect home prices to steadily increase for the next four years.      The economists surveyed expect home prices to rise 2.3 percent this year over the fourth-quarter of 2011, according to the survey conducted on behalf of Zillow. In 2013, they expect prices to rise 4.7 percent; 8 percent in 2014; 11.4 percent in 2015; and 15.2 percent in 2016.     "This is further evidence that we're seeing a true recovery in the housing market," says Stan Humphries, Zillow's chief economist. "Not since mid-2010—in the midst of the homebuyer tax credits—have we seen this group so bullish on housing. It's refreshing to see this optimism at a time when the market seems to be making an organic recovery, in the a

Recent statistics show, buying a home in Los Angeles is about 30% less expensive than renting. According to Trulia; "Home prices have started to rebound and have risen by 2.3% year over year in August (3.8% excluding foreclosures); however, rents have risen more (4.7%). This means that prices are lower relative to rents than they were a year ago. But more importantly, mortgage rates have fallen: the best rates this summer have been around 3.5%, while last summer rates were closer to 4.5%.Based on asking prices and rents during the summer of 2012, buying is now about 30% cheaper than renting in the Los Angeles metro area, on average – that’s a savings of $630 a month. If you plan to stay in a home for 7 years, which is the average time that Americans traditionally live in a home before moving again, it is more affordable to buy than to rent in ALL of the 100 largest metros in the U.S." Trulia statistics In the greater Los Angeles metro area, show a mortgage average of $1

The total assessed value of properties in Los Angeles County is now just over $1 trillion, almost $25 billion more than last year.  This shows signs of an upturn in the market not seen in over 5 years. Property taxes in Los Angeles County have also increased by more than two percent, according to the assessor’s office. The real estate market has shifted considerably over the last 12 – 18 months. Inventory reductions have begun to turn Los Angeles more towards a sellers’ market, where properties sell quickly and often for the full asking price. The number of homes for sale in the L.A. metro area has declined sharply over the last year or so. According to Realtor.com, the total number of listings dropped by 29% from July 2011 to July of this year. This allows homeowners to set, and justify, higher asking prices when listing their homes. House & condo prices have been going up monthly.  The latest release of the S&P/Case-Shiller Home Price Index was published at the end of A

After several years of examining Plaza Towers renovation needs, they are final getting close to an approved plan! So far the rumored plans are going to completely transform the building making it one of the finest high rises on Doheny Drive.  The estimated plans include a brand new lobby with walls of glass opening out to the soon to be remodeled pool area.  New balcony railings "hopefully glass" bringing the outdoor areas safer and up to today's code standards. New hallways, plumbing, exterior paint and a revamp of the rooftop pool will also be included. The assessments will be large, but well worth it. The values are sure to skyrocket after completion.  If you are an investor or savvy buyer looking for a full service high rise, this is the place. Once completed it will compare closely to the Sierra Towers and definitely trump the Doheny Plaza and Doheny West . The units at the Plaza Towers are very spacious and boast being built to condo spe

The Century Plaza Hotel site has just been approved by the city panning commission for an overhaul. The Developer, Next Century, originally planned to demolish the 1966 Century Plaza, which was designed by World Trade Center architect Minoru Yamasaki, and replace it with two condo - office towers. But preservationists rallied and Next Century eventually settled on a renovation of the hotel and the addition of two condo towers behind it, with no office usage. The towers will each be 46 stories and designed by Pei Cobb Freed & Partners. The top five floors of the hotel will be converted into 63 condos for a total of 353 units at the site. Next Century will also add "nearly 105,000 square feet of shops and restaurants," as well as about two acres of green space. The hotel's back pool will be moved onto the roof with a separate pool for the towers. The developers will also fill in the sunken front plaza and add two restaurants on top, closer to the street. The hotel

Just out from Washington... The nation's five largest banks are off to a good start on their promise to help ease the foreclosure crisis, providing nearly 140,000 struggling homeowners with a total of $10.6 billion in mortgage debt relief, according to a government report. Housing and Urban Development Secretary Shaun Donovan said; "We will continue holding the banks' feet to the fire in the months ahead, and we will be watching like hawks to make sure they live up to the requirements under this settlement." The report from the Office of Mortgage Settlement Oversight showed that Bank of America had faltered in one key area. It did not complete a single modification of a first mortgage from the settlement's start date of March 1 through June 30. The other four banks had completed a total of 7,093 modifications of first mortgages worth $749 million during that same period. JP Morgan Chase completed the most, 2,920, with the highest value at $