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COVID effect: Southern California home sales drop, prices up

The number of homes sold across Southern California fell sharply in May as the coronavirus outbreak put a freeze on the region’s housing market.

Data released Thursday by DQNews reflect deals that closed escrow, meaning most buyers placed their offers in April and even March, during the height of stay-at-home orders.

Closed sales in May plunged 45% from a year earlier, while the region’s median home price rose 2.7%.

Experts say home sales usually decline before prices do in a market downturn because sellers are reluctant to drop their price until they have to.

As the coronavirus outbreak became a

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These companies are working from home until 2021 — or forever

Some employees won’t return to their offices until at least 2021, while others might not ever see their office again.
Twitter got the ball rolling in mid-May when it announced that some of its employees could permanently work from home. And just last week, Google announced that its employees will work from home until 2021.

“I hope this will offer the flexibility you need to balance work with taking care of yourselves and your loved ones over the next 12 months,” Google CEO Sundar Pichai wrote in a memo to employees, a copy of which was obtained by CNN

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Bad news for home buyers: Prices are going up everywhere

The nation’s median existing single-family home price climbed to $313,500 in the third quarter, up 12% from a year ago, according to a report from the National Association of Realtors. At that price, a family would need to pay $1,059 for a monthly mortgage payment and would need to earn $50,819 a year to afford it.

Home prices grew four times as fast as median family income, which increased at a rate of 3%.

The median sale prices of existing single-family homes rose from a year ago in all 181 metro areas measured in the report, and 65% saw double-digit … Read MORE

75 Beautiful Farmhouse Exterior Home Pictures & Ideas – November, 2020

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Buying a foreclosed home in California is about to change

Good morning. I’m Andrew Khouri, the L.A. Times Business section’s residential real estate reporter, filling in for Rachel Schnalzer to bring you our weekly newsletter. During the last financial crisis, millions of Americans lost their homes to foreclosure, and many of those houses were scooped up by investors — large and small — to flip or rent out.

Wall Street became a major

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