Home sales in Southern California have been rising since May. But as of the week ending Aug. 29 — in which buyers signed contracts for 3,770 properties — home sales were rising so quickly that they were outpacing available inventory. 3,770 new escrows represents a 0.7 percent rise week-over-week, and a 6 percent rise year-over-year. By contrast, the 25,800 homes…
Coronavirus be darned; the L.A. Clippers are betting on back-to-normal basketball — at least by 2024. On Wednesday, September 8, the Clippers closed on a $66.3 million deal to acquire 13 acres of Inglewood land, which will be the eventual host of the Inglewood Basketball and Entertainment Complex (IBEC), including Murphy’s Bowl, the team’s new stomping grounds. “This arena will…
The mortgage giants Fannie Mae and Freddie Mac are raising fees for lenders on mortgage refinancing, which will lead to a rise in consumer costs. The Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Association (FHLMC), more commonly known as Fannie Mae and Freddie Mac, buy loans from lenders, then package them into securities and sell those…
Is now the time to buy? It might seem implausible, but Los Angeles homes are actually selling more quickly, despite the pandemic. According to an ABC7 analysis of Zillow’s data, homes in the L.A. area sold 8 days faster the last week of July this year than they sold in the same week last year. According to the same analysis,…
What does it really mean? Gita Gopinath, the Economic Counsellor and Director of the Research Department at the International Monetary Fund (IMF) pointed towards an unprecedented economic downturn caused by the coronavirus. In an article for the IMF, she explained that, “as countries implement necessary quarantines and social distancing practices to contain the pandemic, the world has been put in…
Burton Chase Park is a pristine, waterfront escape in Marina del Rey. The 10-acre park juts out into the main channel of the marina, offering excellent views of the harbor. It is the site of many Marina del Rey festivities, including the Summer Concert Series in July and August as well as the Marina Spooktacular in October. This well-loved…
Torrance is a bustling city in the South Bay region of Los Angeles County with a history of being an exceptional place of residence for the working man. In the tumultuous year of 1910 the city’s founder, Jared Sidney Torrance, envisioned an open-shop industrial community. Following this vision, he bought 30,000 acres south of Los Angeles proper to become what…
Federal Housing Administration loans, known as FHA loans, are often the first type of loan low-to-moderate income borrowers will consider. The loans require a lower minimum down payments and credit scores. As of 2020, you can borrow up to 96.5% of the value of your home with an FHA loan. So, if you have a credit score of at least…
Topanga is one of those places whose rich history can still be felt when you’re in the area. The name Topanga was first given the region by the Tongva tribe, one of the most powerful indigenous people groups of Southern California before European settlement. The name most likely means “where the mountains meet the sea” or “a place above.” Europeans…
How COVID-19 is Affecting Rent The widespread impacts of the coronavirus pandemic are most notable in big cities, where high-density populations are especially susceptible to becoming hotspots for the virus. One way that the virus has affected Los Angeles is by causing a dip in the price of rent. In May, the average asking rent for L.A. apartments dropped 3.3%…
