The West Coast's housing market has been the recipient of a steady stream of negative news, but a new UCLA study predicts the region's fortunes may soon turn around.
According to analysis conducted by UCLA's senior economist Jerry Nickelsburg, more people will begin moving to coastal regions in order to live closer to their work.
Commenting on the findings, Myra Nourmand, a Los Angeles real estate broker, said the prediction will be a good thing for portions of the city.
"The UCLA study, while not such good news for areas far from the coast, bodes well for Los Angeles' westside," said Nourmand.
According to the study's researchers, consumers are factoring the cost of gas prices into their moving decisions at a greater rate than they have in previous years. Nourmand said if high gas prices are here to stay as some economists predict, she would not be surprised if Nickelsburg's forecast comes true.
What Nickelsburg did not take into consideration are consumers' credit scores, which lenders weigh when reviewing mortgage applications. Some borrowers may unfairly have bad credit—due to errors and unverifiable data on their credit reports—and as a result, may not qualify for a coastal home. A credit lawyer can work with a consumer to help strengthen their credit standing, helping to make their three-digit numbers more attractive to lenders.