Focus On Mission Hills

It's time to take a look at our activity in one of our entry-level areas, Mission Hills. For a little background on the area, check out the first post I did on the area earlier this year.

Most areas in our market have been thin on inventory, and this area is razor thin at the moment, with one lonely active listing at the moment, a traditional seller. If you want to take a flyer at putting in a backup offer on a contingent listing in the area, you have two of those to choose from, both short sales. Waiting for the "tidal wave" of REO listings to shake something loose here? I hope you're patient - we only have two unlisted REO properties, and five unresolved Trustee's Sales in the wings.

Because there haven't been a lot of listings to sell this year, the sales activity has been tepid at best. We have 4 pending sales in the area right now, 3 REO's and 1 traditional seller. And that's exactly the same number for our three month sales: 3 REO's and 1 traditional seller. Such beauty in the symmetry...

Last time I covered this area, I had noted that it looks like values have been holding, and that still appears to be true. This area remains the bargain entry into some school districts that are well regarded, and these homes rent well, which make them attractive to investors. If inventory remains this low, and it looks like it probably will for a while, we should see some very stable, and perhaps slightly appreciating values here in the coming months.