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Thanks to the data provided by the CAR, the overall housing market in the state of California is to be continued to slowly recover in terms of its home sales, as they climbed their way back to the highest level for the past two years back in July 2020. This has set unprecedented record-high median home prices on the market. For closed escrows sales of many already existing single-family homes Especially those that are detached homes in the state of California have also totaled a seasonable adjustment of an annualized rate of over 440k units back in July, at least according to the data that was gathered by CAR. This figure alone represents the possibility of would-be homes that could be sold in the next year if they maintain the steady price they have since July throughout the rest of the year. Thanks to the total annualized rate back in July, there was also a seasonally adjusted rate that went up by about 28.8% overall and that was back in June while it increased by about 6.4% back in July of last year (2019).
The LA county is filled with many vast and diverse sites when touring or walking around in general. However, there are a few spots that many tourists often find themselves exploring as they stay in LA county. Heck, even if you are an LA native, you can still find these amazing spots a memorable experience to be had and more!
According to the Mortgage Bankers Association, or the MBA, they have reported earlier this week that the U.S.’s mortgage credit availability had reached a decrease since August of 2020. What they found was that the MCAI fell by an overall 4.7% from its 120.9% back in August: This decline thus shows an indication that meant lending standards are beginning to tighten while increases to the index have been indicative due to loosening credit. This was then benchmarked to 100 back in March 2012. Meanwhile, conventional MCAI decreased by 8.7%, and government MCAI went down by 1.4%. Out of the indices shown from the Conventional MCAI, the Jumbo MCAI was also decreased by 8.9% overall. Lastly, conforming MCAI fell down by 8.6%.
Maybe you are one of the many who have been given the unique and thrilling opportunity to finally live in the LA region and call the beach, the atmosphere, and of course, the weather your home. Much like the city itself, the real estate market is one also has a similar feel, especially for the investors and the homeowners in the market. In fact, the real estate market of LA is known to be a premier market by the investors themselves, meaning that if you look at the price flow on a long-term basis, the chances of investments and buying property are all there. All thanks to LA being a very popular city.However, due to the circumstances of today, that being COVID-19, this has brought LA to a very rough halt, and perhaps have found you and many others to be put in a situation where you are looking for a new home to stay in while the pandemic starts to die down. Still, despite these intentions, thanks to the strict guidelines placed for social distancing and so on, it makes the buying process a lot more different, if not difficult than it did before the pandemic started. Business is still booming, but to the realtors involved, it is merely half of the job of what was before. That is why in this article, we are going to provide sufficient answers for those questions you often nag at your spouse or family member, or even your own realtor about what to do regarding the situation of COVID-19 and the way it impacted the real estate market here in LA.
