The city of Long Beach, California is a very ethnically diverse area with many cultural attractions, including the Long Beach Museum of Art and the Long Beach Symphony Orchestra. This is the southern end of the Los Angeles Blue Line Light Rail, which serves downtown Los Angeles approximately 20 miles away. It has a good public transportation system and access to Southern California freeways.
The Blues Festival and the Jazz Festival are just two of the many festivals held each year. California State University of Long Beach is the largest school in the city. El Dorado Regional Park is the largest of many public parks.
Average home sales prices were around $300,000 in June 2010, an increase of $20,000 from the previous year. Home sales volume was 391 homes sold in April and 431 in May 2010. Vacancy rates are expected to remain low in the rental market as unemployment and high home prices erode purchasing power, although these factors will also exert downward pressure on rents.
Popular areas include Downtown, Belmont Heights, Eastside, Plaza, and Belmont Shore, where the average selling price is one and a half million. The population is around half a million in an area of 57 square miles. The big employers are health care, manufacturing and construction, which lost jobs.
Mortgage rates are at a historic low, 3.88 for the 15-year fixed and 4.38 for the 30-year fixed. Foreclosure rates are high, with one in 254 homes having received a foreclosure notice in June 2010. Although the local real estate market is showing signs of recovery, it clearly remains a buyer’s market, for those with the resources.