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Local home prices show recovery
Home prices go up nearly 20 percent in year
Victor Valley home prices in December dipped slightly from the previous month, but were almost 20 percent higher compared to a year ago.
The average price for the 344 homes sold in December was $71.15 per square foot, 0.2 percent lower than November, according to Victor Valley Multiple Listing Service data compiled by Larry Trombley of Century 21 Rose Realty in Hesperia.
It’s an increase of 19.2 percent from the same month last year. The average home sold in the Victor Valley cost $133,984 last month, compared to $113,778 in December 2011.
“I think it’s going to continue because our inventory levels are at a very low volume right now,” said Caroll Yule, president of Shear Realty. “And homes priced under $200,000, there’s a lot of competition.”
The local inventory of homes up for sale in December went up 4.8 percent from November to 546. But they’re fewer than a half of last year’s inventory.
The number of homes sold in December went up 6.8 percent from the previous month.
“In December, you usually have a lot of closing because people try to get into their homes,” Yule said.
She said sales usually drop in January and February before they start to pick up as the weather warms up.
As part of the fiscal cliff resolution, Congress extended the Mortgage Forgiveness Debt Relief Act for one year, which offers tax breaks for debt forgiven through short sales. Had the tax provision expired on Dec. 31, the Victor Valley could have seen another wave of foreclosures, local real estate experts said.
“That will encourage people to do short sales, an alternative to foreclosure,” Yule said. “Since we have a lot of homes underwater, this is a very important tool.”
Tomoya Shimura may be reached at (760) 955-5368 or TShimura@VVDailyPress.com. Follow Tomoya on Facebook at facebook.com/ShimuraTomoya.
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