Tag: news

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U.S. Foreclosures Jump

REAL ESTATE NEWS

The U.S. Housing Market Bubble Races Toward a Crash as Foreclosures Jump according to CCN.

Arts District unworried about the real estate market as artist Eric J Jones exhibits Downtown Los Angeles
Arts District unworried about the real estate market as artist Eric J Jones exhibits Downtown Los Angeles

Foreclosures in the U.S. housing market spiked in October.  While mortgage rates are near an historic low, home price growth has been outpacing wage growth. This prices buyers out of the market, bringing the likelihood of a nationwide price correction or crash.  While L.A. County has thus far had only a limited number of foreclosures, Downtown Los Angeles area condo prices have already dropped by more than 4% over the last 12 months.  As the cost of living has shot up, and homeless camps have spread across California, some wealthy, along with a great many middle class families have recently been packing up and moving away.  The L.A. Loft Blog has projected an additional 8% drop in Downtown area home prices over the next two years.

Find out how much the home down the street sold for. Get a free list of sold homes with prices, photos and details, along with a list of recently listed homes for sale. Fill out the online form:

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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Arts District unruffled by economic news as Robin and Dave Vengadasalam make an impression
Arts District unruffled by economic news as Robin and Dave Vengadasalam make an impression.

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.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.

 

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Real Estate Recession Downtown Los Angeles – October Home Prices Down 4%

Property Market Update  #realestate #market #dtla

Downtown L.A. —  Median home price dropped significantly in October, adding to a weak real estate market for more than a year, and demonstrating a solid three month down slide. The city’s urban center is feeling a real estate recession as nearly all of the numbers prove a slumping market in most every way, including falling home prices, declining number of transactions, smaller total volume and slower speed of sales in Downtown and the surrounding loft communities.

The median home price has slipped from $601,500 for October 2018 to $576,000 for October 2019.  That’s a significant drop of $25,500 for the month as compared to the same month last year.  Total October sales volume is down by more than $4 million. Most sellers now find that they must reduce prices and demonstrate more patience as properties move much slower.  The average home stagnated on the market for 70 days, which is 18 days longer to sell.   |   VIDEO

There’s always a silver lining in every economic storm cloud.  Lower prices bring new opportunities for prospective home owners and investors to get a better deal on an amazing loft, condo or house with lofty character, and with less competition from other home buyers and more motivated sellers.  More condominiums have opened up to FHA/VA 3.5% down and zero down payments. New first-time buyer programs offer lower down payments, as low as 0% to 2% down for moderate income home buyers. That’s good news for those who want to own and grow their wealth instead of facing a future of rising rents.

To further help lift spirits, the L.A. Loft Blog is hosting a special fun event with free virtual reality games in the Arts District. Just free tickets remain for food, fun and games at the world’s first indoor amusement park Two Bit Circus.  The event is for Corey Chambers Team clients, but all readers of the L.A. Loft Blog may request free tickets while supplies last.   |   Facebook   |   VIDEO

Get a free list of FHA, VA and low down payment lofts. Fill out the online form:

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 and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.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.   |   PDF 2018   PDF 2019 market-oct-2018-p market-oct-2019-p