Category: home prices

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Home Sales Slump Slightly. Prices Continue Rising

Prices continue to rise buyers are thinning out.

Around the Southland, the real estate market is leveling off slightly. A previous post picked up on this trend over the fall. While urban real estate prices are now shooting up, suburban home prices are not keeping pace with the year-to-year data from last year. New information from local counties bears this out. While prices continue to rise the increase is smaller.

Many economists predict price increases will get smaller from here on out. People simply don’t earn enough to consistently pay so much more for housing, they argue, particularly as mortgage rates are expected to rise. 

We see buyer frenzy is cooling off. We are seeing that now.

Although price drops are verified, most homes in some areas have been selling above asking recently, according to data from Redfin. And to be successful, many buyers still find they must waive contingencies that would let them back out of a deal if a house needs repairs, or if the appraisal comes in low.

Forecasting currently trails what we are seeing in the real world. And for now, prices across Southern California are rising much faster than what CoreLogic predicts will come next year.

#Sellersontop #entarissmart

What are your buying and selling plans this winter? #comment

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LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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Copyright © This free information provided courtesy L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association, or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com, Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.

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China Declares War on Real Estate

REAL ESTATE NEWS

Xi Jinping is responsible for popping China’s real estate bubble, according to the Wall Street Journal. In the communist nation, the dictator must preserve authority by accepting responsibility, while saving face by citing the need to moderate the “wild growth of capital”. The real reason for China’s real estate crash is its hidden economic recession caused by global virus hysteria, lockdown, travel bans, over-speculation, tofu dreg construction, extreme pollution and poisoned water supply, capital controls, communist caprice, inflation, electric power shortages, cooked books, hidden debt, business downsizing and cost-cutting, including layoffs. Some properties have recently lost more than 75% of their value.

The paper tiger’s ghost economy has already affected Downtown Los Angeles recently by partially funding the zombie development called OceanWide Plaza, then stalling, and stalling, and stalling — for years. Oceanwide L.A.’s debt has grown to $2.3 billion, as capital from China has continued to get more arid. Creditors just took over one downtown San Francisco property from China Oceanwide Holding Company. Oceanwide had planned to build a two-tower hotel, office, and residential project at 50 First Street, but now there is only a gaping hole in the ground. The company also has troubled projects in New York and Hawaii. | VIDEO

Even an orderly unwinding of the highly indebted property sector carries under-appreciated risks to foreign investors. The long-anticipated default of China’s most indebted property developer finally came true last week. Evergrande Group will have to restructure some of its $300 billion in liabilities, of which $19 billion are international bonds, according to National Review. Evergrande is the most notable in a rapidly expanding snowball of sliding real estate companies that include Fantasia, Sinic, R&F, Modern Land, Shimao, OceanWide and many others.

Will California be next to demolish unfinished “ghost buildings” like China has done?

The price of the average Downtown LA condo has jumped dramatically in the last two months, largely due to the long-term real estate cycle revealing historically low Downtown home prices, a rarity in this new era of inflation.

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LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | Popular | Luxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.