Which Direction is Your Property Value Headed?
By CHARLES STEWART and JONATHAN LLOYD
Updated 3:41 PM PST, Thu, Jul 9, 2009
Is your property value going up or down?
We have the list of some of our cities is seeing growth. Cities like Beverly Hills, Irwindale, Vernon, Industry and Malibu are seeing positive growth. Last year's biggest losers were the cities of Lancaster and Palmdale, which have been hard hit by the housing downturn.
Check out the report from the LA County Assessors office (PDF).
The report says the housing slump has caused Los Angeles County's total property value to decline for the first time in 13 years.
The report says the overall value of property in the county declined by about $1 billion in value last fiscal year, as home values were reassessed downward. The county's property roll now stands at about $1.1 trillion, a nearly 1 percent decrease compared with the year before.
It's the first decline since 1996. Since then, property rolls had increased an average of 7 percent in value each year.
Cities with the Greatest Positive Percent Change
- Irwindale - 8.7 percent
- Vernon- 8.1 percent
- Industry - 7.2 percent
- Beverly Hills - 6.1 percent
- Malibu - 5.9 percent
- Culver City - 5.6 percent
- Bradbury - 4.7 percent
- West Hollywood - 4.4 percent
- South El Monte - 3.5 percent
- San Marino - 3.1 percent
Copyright Associated Press / NBC Los Angeles
First Published: Jul 9, 2009 2:02 PM PST
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