Owners of Los Angeles real estate likely saw the value of their properties rise in April, with CoreLogic reporting the largest annual increase in more than seven years.
The firm's April Home Price Index report revealed prices were up 12.1 percent year-over-year, and 3.2 percent when compared to the previous month. This was the largest annual improvement since February 2006 and the 14th straight month of year-over-year gains.
"The pace of the housing market recovery quickened in April as home prices rose across the U.S.," said Anand Nallathambi, president and CEO of CoreLogic. "For the second consecutive month, all 50 states registered year-over-year home price gains excluding sales of distressed homes."
While rising home prices are a positive sign for the housing market, many areas of the country, such as Las Vegas, are seeing extreme annual gains, which some say could cause another bubble.
However, Ed Stansfield, economist with Capital Economics, told USA Today that a bump in the supply of homes for sale should help moderate price gains later in the year.
Should home price improvement continue, homeowners in Laguna Beach, and other Southern California cities, will likely regain equity lost during the financial crisis.