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Inventory down 6.8% M-o-M, 36.5% Y-o-Y for Los Angeles
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2012 Nov 26, 7:03am 1,404 views 2 comments
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FuckTheMainstreamMedia
2012 Nov 26, 11:44am
Is that $360,000 median a 10% down "skin in the game price"
Or is it an FHA I've got nothing to lose ," bilk the general public price"...
Funny you should ask.
I can't say for certain, but in many parts of LA(and in particular the VERY HOT submarkets from Silver Lake to NELA), "investors" are getting sweetheart insider deals and turning around and putting maybe $50K of work into the place(which contractors would quote you $150K to do and if you're an idiot you would pay that without attempting to negotiate) and then re-list 3 months later on the MLS for a tidy $200-300K markup, some of which gets kicked back to the original REA after sale is completed(hence why "investor" got the property at a sweetheart deal).
So now you see the difference between the cash only buyer and the bent over and fucked hard with no lube FHA 3.5% down buyer. Oh and thats if theres not another willing FHA sub willing to go through the process and ignorantly overbid cause a $25K overbid is "just" $100 or so a month more.
Ventura is down over 60% Y-o-Y.
"As of November 26 2012 there were about 21,569 single family and condo homes listed for sale in Los Angeles California. The median asking price of these homes was approximately $360,000. Since this time last year, the inventory of homes for sale has decreased by 36.5% and the median price has increased by 7.5%."
http://www.deptofnumbers.com/asking-prices/california/los-angeles/