Downtown Los Angeles Real Estate Inventory Explosion: Desperate Sellers Debut
Los Angeles For Sale
REAL ESTATE NEWSThe number of properties available for purchase has recently shot up tremendously, as a whopping 251 homes have been listed for sale. The problem: only 16 properties sold in May. With so many for sale, and so few selling, it could take 16 months to get all of these properties sold. To make matters more clogged, the mainstream news media has been doing the worst job in recent memory when it comes to reporting economic woes. MSN and CNBC report that the flight to the suburbs is real and growing, as coronavirus changes the way people live. We’ve seen historic stock market volatility, historic job loss and historic drop in GDP, all surpassing the Great Depression, laying the foundation for The Greater Depression of 2020. The IMF agrees that the near future looks bleak. #losangeles #realestate #glut13 loft condos now actively listed for sale at the Shybary Grand. Little Tokyo Lofts sellers are trying to unload active 6 listings. 10 units up for grabs at Bunker Hill Tower. 9 Skyline condos; a dozen lofts languish at Market Lofts; 9 new units at 939 Lofts; and at least a dozen lonely luxury units seeking owners at Metropolis. 28 listings have already reduced the asking price, with more likely to come. 17 listings show potential signs of distress, which could sometimes indicate more room for negotiation or price drops. SB Grand has recently been approved for FHA 3.5% down financing, which could help. | Blog Video
Unless the Fed creates runaway inflation through continued radical money printing (which it has indicated it could), prospective home buyers can expect to see more inventory and more falling prices in the coming months.
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Los Angeles sees glut of homes for sale as prospective buyers head for the suburbs
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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