Valley Glen Neighborhood Association holds housing, economic forecast

Valley Glen has done fairly well in the recent economic downturn that's hit the San Fernando Valley - and the country.

That's according to a recent housing and economic forecast event sponsored by the Valley Glen Neighborhood Association.

Association member Mickey Jannol and the other panelists were not licensed economists nor do they hold advanced degrees in aconomics, but they did have plenty to information to share and trends to study.

For example, home prices in Valley Glen are down 10-15 percent for their peak, on par with Studio City.

The compares with Sherman Oaks, which has seen a 20 percent decline, and Reseda, which has experienced a 40 percent decrease, according to information shared at the event.

Jannol and the other panelists said Valley Glen is getting buyers from Studio City and Sherman Oaks, who sell their homes for perhaps less than the median price of $900,000 to $1 million, say for $800,000.

They have equity in their homes and good credit, which allows them to buy a $650,000 home in Valley Glen that is bigger and they can improve.

Home prices in Valley Glen will drop another 10 percent before it's all over, according to the panel. The first year that prices will stop dropping will be 2010, the panel added.

To read all about the housing and economic forecast for Valley Glen, visit www.valleyglen.org..