Mortgage interest rates surge past 7%, hit highest level since 2002

Home mortgage rates have surged past 7%, hitting the highest level in more than 20 years and dealing another blow to Americans trying to break into the housing market. The average rate on the popular 30-year fixed mortgage was 7.09% this…

The median home listed in Los Angeles and surrounding areas will soon cost more than $1 million — up 30% in 5 years

The already dizzying Los Angeles housing market is poised to reach new heights, as the latest data from Zillow suggest that the median home listed in the city will soon cost more than $1 million. As of June 30, the figure was $975,333,…

Does your home insurance cover a landslide? Here’s what you need to know

Over the weekend, 12 houses on Peartree Lane in a gated subdivision of Rolling Hills Estates began to slide into the canyon that ran below their back patios. In the days since, several of the houses fell all the way in. The owners of these…

US housing market defying crash expectations as supply shortage keeps prices high

The U.S. housing market is defying expectations of a crash this year as limited inventory and high demand keep prices high. That is according to Fannie Mae economists, who predicted in a revised forecast that home prices will fall at a slower…

Looking for a housing price crash? That’s unlikely, real estate economists say

The nation‘s housing market is going through a correction, not a crash. While sales are down and mortgage rates are up, home prices are still rising because there are so few homes for sale. And after a decade of rising prices, commercial…

Agents gauge State Farm’s exit from home insurance market

With State Farm’s announcement that it will stop writing new home, business and casualty insurance in California, some L.A. agents anticipate that it will change the process of home sales, while others take a wait-and-see approach. The…

Selling a rental property? Here are the tax consequences

** THIS IS NOT FINANCIAL ADVICE ** Dear KAD: My siblings and I are considering selling a triplex. It was bequeathed to us by our mother when she died in 2007. There is no mortgage and it is fully occupied. If we sell, my wife and I (both…

Some buyers find deals in shifting Southern California housing market

Jackson lost out on more than a dozen properties as home prices surged during the pandemic housing boom. He finally called off his search in 2021 when someone outbid him for a Tarzana condo by $25,000 — and paid in cash. “I was like,…

Home buyers get some relief as mortgage rates come off 7% highs

In October, mortgage interest rates topped 7% for the first time in two decades, the latest milestone reached this year amid a surge in borrowing costs. But potential home buyers may have noticed something different recently: Rates are falling. On…

Real estate gurus: It may be time to buy a home—now

The housing market is cooling as consumers grow weary of higher mortgage rates. In December, the number of newly-listed homes sold had fallen about 37% from a year ago, according to Redfin data. What are real estate professionals seeing…