So far most of the pricing reductions in the L.A. housing market have been due to lack of easy credit and unaffordable prices, not the economic slowdown. That will be phase 2. Yet it looks like the fall-out from the banking crisis and the slowing economy are having an impact on the L.A. office market, with analysts predicting it to only get worse from here. From a Wall Street Journal story:
...brokers say the property market in and around the city is bracing for even tougher times as budget-conscious companies are looking to trim real-estate costs. Already-declining demand for office space in the Los Angeles region, one of the country's largest office markets, is expected to accelerate, says Whitley Collins, senior managing director of the Los Angeles region brokerage for Jones Lang LaSalle Americas Inc.
He sees a worst-case scenario in which metropolitan area companies over the next 12 months could put as much as 10 million square feet of office space back on the market and rents could decline by as much as 25%. "We're seeing a softening, but we're not nearly seeing the softening we'll see," Mr. Collins says.
2 comments:
Go over your loan documents for any violations of the FannieMae) guidelines, which is not only the vast majority of all mortgages, but is also used as an industry standard. Any violations (FRAUD), means the lender must buy back the loan.
The biggest investment most Americans will make is now the target of one of the country's largest financial scams and labeled:
"The Perfect Crime."
When fully exposed, this will make Enron look like a parking ticket.
Do note lose your home. Do not walk away. Do not refinance to get out of a loan you could not afford to begin with.
IMPORTANT TIP: One of the most effective tools to cut through the toxic mortgage maze is a mortgage audit or forensic loan document review that can help discover legal violations on your loan, which will help you negotiate your mortgage before you are late.
For public safety and awareness please visit our websites:
http://www.avenue-s.us/ and http://www.avenue-s.info/
Your only hope is to fight back. (http://www.youtube.com/watch?v=kswEb-iVsms)
It seems that the housing market in LA is begining to come back to life. Values have stabilized and we are seeing more buyers in the market today.
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