November pending home sales were unchanged, despite a sharp drop in mortgage rates
PUBLISHED THU, DEC 28 202310:00 AM EST Pending home sales in November were unchanged compared with October and 5.2% lower than November of last year, according to the National Association of Realtors. The reading, which is based on signed contracts during the month, is a forward-looking indicator of closed sales as well as the most […]
LA County’s median home price rises to $832,000
The region’s median home price hit $735,000 in October, up 4.3% in a year. High mortgage rates continued to contort the Southern California housing market in October, resulting in rising prices even as home sales fell to near record lows. Home prices saw their biggest percentage gain in a year, pushing the median home price […]
Incredible distortions in our marketplace’: 45% of US real estate agents say they’re struggling to pay rent — another bad omen for the housing market
Homeowners are staying put while new buyers are grappling with persistently high housing costs this year. Inventory is tight and home sales have hit multi-decade lows. But if you need yet another sign of turmoil, just ask the people whose livelihoods depend on the real estate market how they’re doing. Don’t miss Commercial real estate has […]
Mystery buyer purchases California ghost town for $22.5 million
What’s the going price for a town full of crumbling buildings and tumbleweeds nestled in the heart of the California desert? Big bucks, it turns out. A mystery buyer on April 17 paid roughly $22.5 million for the property and mining claims of Eagle Mountain, a former iron-mining town, according to a recent regulatory filing. Little […]
Navy Federal Credit Union, largest in US, rejected more than half its Black mortgage applicants
The nearly 29-percentage-point gap in NFCU’s approval rates was the widest of 50 lenders. The largest credit union in the US has the widest disparity in mortgage approval rates between White and Black borrowers of any major lender, a trend that reached new heights last year, a CNN analysis found. Navy Federal Credit Union, which […]
Home prices are getting slashed as inventory climbs and high mortgage rates push sellers to compete for buyers, Zillow says
Home prices are getting slashed at an unusual pace, thanks to a recent surge in inventory and still-high mortgage rates pushing sellers to compete for buyers, according to Zillow economists. The share of listings on the market that saw a price cut in November was 22.6%, down slightly from October’s 25% rate but still abnormally […]
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Commercial real estate is in big trouble — and the problems may have major financial fallout
The tremors rattling US commercial real estate are spreading to other countries and sectors, and threaten to escalate into a financial earthquake as refinancing deadlines loom. Some investors aren’t worried about falling through the cracks, though. They think the climate of fear and confusion is serving up prime properties at bargain prices. What’s going on? […]
Robocalls, ringless voicemails and AI: Real estate enters the age of automation
Southern California’s real estate market is as cold as the snow currently adorning the peaks of its mountains. Interest rates are up. Inventory is down. And deals are few and far between. In slow markets, the agents at the top — those with experience, connections and plenty of clients — typically maintain a modest but […]
