Bidding War or Glut? Whom should you believe? Redfin and CNBC say that the market is already heating back up, that there’s a nationwide bidding war and that many are going for bigger, better houses now. As home prices are soaring, phones in real estate offices are ringing off the hook. Those who prefer to be a bit closer to reality, however, are likely to believe that pretty much the opposite is true: We’ve experienced the biggest negative shocks to the economy ever. The real estate market is all but completely paralyzed. While both of those positive and negatives viewpoints may be a bit extreme, the “paralyzed” picture is rooted closer to the truth for based on the seriously falling numbers for Los Angeles. #losangeles #realestate #market | Blog Video
24 hour market report shows that 166 properties have been listed in Los Angeles and 46 have been sold — That is 1 sold for every 2.44 listed in L.A. The L.A. Loft Blog has reported that April Downtown area residential real estate prices fell down significantly from the same period for previous year. Add historic unemployment and stock market crashes to see a very clear picture of what’s to come when industry after industry reports massive losses over the coming months. The experts agree that the world is in the Great Depression of 2020. Even China agrees that things are bad, as the communist leadership has just decided not to set an economic goal next year due to the massive economic crash. Billionaires are not bullish: Marc Lasry says that the stock market will soon realize that we’re in for years of hardship from lingering economic devastation. Even once-optimistic Warren Buffett now says, “The world has changed” as he writes off the travel industry. Local mixed-use landlords report that their commercial properties are in trouble, with more than 20% of commercial rents running late. They say their residential rents are doing surprisingly well.
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