Dispatches: L.A. Housing Inventory Grows, While Local Value Dips

The L.A. County Assessor released its annual report Thursday, showing that the total value of Los Angeles' housing inventory increased by 1.3 percent in 2010. 

L.A. also takes the top spot for the highest valued city in the county, with an assessed valuation of just over $409 billion. That’s way ahead of other cities in the county: Long Beach is next with $43 billion, then Santa Monica with $24.64 billion.

The average market value of a single-family home has also increased. Its currently $319,000 across L.A. County. Last year, it was $306,000. That number is based on the properties sold.

The marginal growth in market value of Los Angeles houses contrasts with continued dips in Highland Park and Mount Washington median sales prices, as reported by Trulia.com.

According to Trulia, the median sales price for a home in Highland Park was $262,000 between May and July of 2011, down 6.7-percent compared to the previous three months and 3.3 percent compared to the previous year.

Median market values in Mount Washington also continued their precipitous decline, falling to $419,000 between May and July of 2011, a drop-off of 15.4 percent compared to the previous year.

The assessor's report notes that homeowners who find themselves in homes that are assessed well above market value can apply for a reassessment here.

The report indicates that the number of foreclosures in L.A. County is still relatively high, with 31,700 occurring in 2010. That number is an improvement from 2008, when foreclosures peaked at 41,300.  But it’s still high compared to data from the last 10 years. There were 27,500 foreclosures in 1998, and only 2,000 in 2005.

The 2.4 million homes and businesses in L.A. County have the highest assessed value in the nation, coming in at just over $1.1 trillion, before exemptions. After exemptions, it’s $1.05 trillion. That number is 1.49% higher than last year, before exemptions. After exemptions, it’s 1.36%.

How has turmoil in the housing market since 2008 affected you? Do you find your property taxes aren't in line with the market value of your home? Have you noticed any foreclosures in your neighborhood?

This story is part of Patch's nationwide series " Tell us what issues and what stories in Arcadia go to the heart of your American Dream. Please contact editor David Fonseca at david.fonseca@patch.com.