L.A. real estate news and insights.
The net value of property in Los Angeles County jumped 5.91% from last year to nearly $2 trillion, according to the county assessor's office.
It's the 13th consecutive year that the overall value of all taxable properties included in the more than 4,000-square-mile county has gone up, according to the Los Angeles County Assessor's 2023 Annual Report. The assessor's office estimates that it will collect $20 billion in property taxes to fund public services such as schools and medical care.
Pending home sales fell this fall to the lowest level since 2001. Pending deals dropped 8.5% year-to-year as the National Association of Realtors index fell to 71.4, the lowest mark reported since the trade group began tracking the metric in 2001.
My Take: There will be huge pent up demand in 2024.
Source: National Association of Realtors and The Real Deal
Fannie Mae has lowered their required down payment for owner-occupied, multi-family (2-4 unit) properties from 15% - 25% to 5%. This means you can buy a property with 5% down, live in one unit, and rent out the other 1-3 units.
The new policy took effect on November 18, 2023 and applies to several Fannie Mae mortgage types including conventional and renovation loans.
If you’ve wanted to buy a home but haven’t been able to figure out how to save enough for a down payment and meet your monthly mortgage payment requirements, your time has come.
Source: Crosscountry Mortgage
