Higher mortgage rates appear to be doing very little to cool home prices. Nationally, prices were 3.9% higher in September compared with the same month a year earlier, up from a 2.5% annual gain in August, according to the S&P CoreLogic Case-Shiller Index. This occurred as the average rate on the 30-year fixed mortgage climbed toward 8%. Of the 20 metropolitan markets highlighted in the report, Detroit saw the biggest annual increase at 6.7%, followed by San Diego at 6.5% and New York at 6.3%. Three of the 20 cities, Las Vegas, Phoenix and Portland, Oregon, reported lower prices compared with a year ago. Those cities were some of the biggest gainers in the first few years of the Covid-19 pandemic. |
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USC Forecast Predicts Rising Rents and Commercial Real Estate Financing Struggles
The University of Southern California’s Lusk Center for Real Estate predicts an upward trajectory in multifamily rents across Southern California over the next two years, signaling potential hurdles for commercial real estate financing. The 2023 USC Casden Real Estate Economics Forecast analyzes market conditions and provides two-year projections for multifamily rents and vacancies. This year’s forecast also examines the impact of high-interest rates, migration patterns, and financing on the future of housing in Southern California. Moussa Diop, associate professor of real estate at the USC Sol Price School of Public Policy and author of the forecast, anticipates moderate rent growth in the near term. However, concerns arise about the impending wave of maturing debt in commercial real estate, with challenges in refinancing loans at nearly double the original interest rates. “ Read More |
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Join the Venice Chamber of Commerce, special guests, and your community for what has become a beloved tradition of changing the lights on the Venice Sign from white to red and green for the holidays! Now in its 12th year, Windward Avenue east of Pacific Avenue will be closed for the event to include live music and activities for the whole family. Read More |
Join us in celebrating the holidays at our Holiday Village and experience the joy of the season with one-of-a-kind experiences for the entire family. Embark on a journey through Santa’s Bungalow, meet the man himself and enjoy self-serve photo moments and more. Enjoy a variety of live performances of holiday favorites and experience magical moments of snowfall in the Holiday Village. Read More |
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© Compass 2023 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under
multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075,
1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented
herein is intended for informational purposes only and is compiled from sources deemed reliable
but has not been verified. Changes in price, condition, sale or withdrawal may be made without
notice. No statement is made as to accuracy of any description. All measurements and square
footage are approximate. Equal Housing Opportunity.
Photos may be virtually staged or digitally enhanced and may not reflect
actual property conditions.
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