AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREBasketball roundup: Sierra Canyon, Birmingham set to face off in tournament quarterfinals160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! It looks like that long-awaited cool-down in the median price of a San Fernando Valley house arrived in April with an annual increase of 8.2 percent, the first single-digit increase in many months. At least that’s what is suggested by a preliminary analysis of April’s numbers. The final report will be released sometime this week and it will show the median price of a Valley house at about $598,500, down 2.7 percent from March’s record $615,000. A year ago it was $553,500. This is further proof that buyers are gaining more traction in a market that long favored sellers. But even with prices moderating, they still are not a bargain. Sales should be OK, too. Just not as good as they were a year ago. “I’m guessing it was pretty good,” Jim Link, executive vice president of the Van Nuys-based Southland Regional Association of Realtors, said of April. “On a historical level it’s a pretty decent month. It’s not doom and gloom but compared to last year it’s definitely off.” Last month there were more communities with a median price above $1 million than there were below $500,000. The former were Calabasas at $1.7 million, Tarzana at $1.1 million and Studio City at $1.3 million. The latter were Panorama City at $490,000 and San Fernando at $495,000. The condo market behaved in like fashion. Sales will be under the year-ago level. The condo median price last month hit $385,000. That’s an 11.6 percent annual increase, again likely the smallest in many months. And the condo price fell 3.5 percent from March. Fifty percent of home sales were at the list price while 54.7 percent of condos sold at list. The average time on market was 84 days for houses and 85 days for condos. One thing that market watchers have not seen yet this year is the housing affordability index from the California Association of Realtors. Here’s why. Los Angeles-based CAR scrapped its monthly report in favor of a quarterly one. This is probably a good thing because the monthly index did not seem to track closely to reality. For most of last year it showed activity statewide and in Southern California stuck in the teens while sales stayed on a record pace for much of the year. If affordability was so horrible, why were sales so good? One answer is lots of those buyers bought when prices were a bargain and using their equity to trade up. But CAR’s methodology has some flaws, too. For example, it assumed purchases were made with a 20 percent down payment and 30-year fixed-rate loan. And no more than 30 percent of the household income servicing the mortgage debt. Leslie Appleton-Young, the association’s vice president and chief economist, said earlier that they were going to tweak the model to more reflect current market conditions. This week we will also find out how much tweaking was done with the release of the index in its new form. Now we’ve got a half-century mortgage, thanks to Statewide Bancorp in Rancho Cucamonga. The Inland Empire lender began offering the longest term home loan to California residents in March. Alex Diaz Jr., the lender’s vice president, told the Web site bankrate.com that they have received quite a few applications. He also noted that getting a 50-year loan is a perfectly rational way to avoid an interest-only or payment-option adjustable-rate mortgage. [email protected] (818) 713-3743
Portugal coach Fernando Santos was unhappy with the result after Portugal’s 2-1 loss to Uruguay in the Round of 16 match in Sochi on Monday.With a 2-1 loss to Uruguay, Portugal are now out of the 2018 FIFA World Cup in Russia and Santos feels it was an unfair result.”It’s not a fair result, we did enough for another result,” Santos said.”Uruguay scored with their first shot on our goal. We are very sad but that’s football,” he added.2018 FIFA WORLD CUP: FULL COVERAGEMatch #49 | #URU 2-1 #POR #URUPOR pic.twitter.com/FwUvBn1ljRFIFA World Cup (@FIFAWorldCup) June 30, 2018The match started with Uruguay taking the lead as early as the seventh minute. Edinson Cavani combined with Luis Suarez to compete a series of precision passes to give Uruguay the early advantage with a header. The rest of the half was a drab one as Portugal looked to equalise and Uruguay waited to hit on the counter. But, neither happened and things ended 1-0 in Uruguay’s favour at the half-way mark.Portugal started the second half on the front-foot and equalized through Pepe’s header in the 55th minute. However, the Paris Saint-Germain was not ready to leave Russia on Saturday it seemed. Cavani finished a perfect Uruguay counter in the 62nd with a shot from just inside the penalty area that caught Portugal goalkeeper Rui Patricio slightly out of position and curled inside the far post.HIGHLIGHTS | PHOTOSPortugal, who won Euro 2016 in France, dominated possession after the goal but their attack did not have enough bite to break through the Uruguay defence twice, leaving captain Cristiano Ronaldo a frustrated figure during the entire match.advertisementThere was a cries of handball late in stoppage time as Portugal had all men inside the Uruguay box in search of an equaliser but the referee was not interested and the Video Assistant Referee didn’t overtutn the decision was well. Speaking about the issue, Santos said that things could have been different but Uruguay were a strong team and they won.Edinson Cavani brace sends Ronaldo’s Portugal crashing out”We are not here to talk about the referee. In football, there are no moral victories and I would have preferred to play worse and win the match. But I do feel that the second half was very good from us in terms of desire and our determination to score. We could have scored more but we lost. We knew Uruguay had played well against Russia and they are very strong.””We tried our best and we played a good game, I think. But you always want to win, and we lost, so well done to Uruguay for making it through,” he added.Edinson Cavani speechless after destroying Ronaldo’s dream Portugal failed to deal with Cavani as the PSG striker dashed their dreams of making a World Cup quarter-final (AP Photo)The 63-year-old signed off by saying it’s a sad day for Portuguese people as they turned out at the Fisht Stadium in huge numbers to support the team.”It’s very sad for Portugal though. There’s a real sadness in the dressing room that we weren’t able to make it through for them.”Portugal will now catch the flight back home while Uruguay will go on to face France at the Nizhny Novgorod Stadium.