Economic News Lately

Economic News Lately
, 2 Yaers Ago, Comments [0]

As 2013 draws to a close, the luxury real estate market has shown continued strong sales.

Economic News Lately

As 2013 draws to a close, the luxury real estate market has shown continued strong sales. Los Angeles county has been a solid market in the U.S., with issued permits for construction and renovations at some of the highest levels in years. A lot of investors flocked to markets that showed solid sales figures.

The U.S. economy expanded 1.6% in the year ending in Q3 of this year. Since the 2009 recovery, the average annual growth rate of 2.3% was a clear indication that a slow recovery is still occurring. This is why, according to the Bureau of Economic Analysis, the Federal Reserve has elected to keep it's $85 billion a month financial asset purchases intact.

The home-ownership rate in the U.S. remained the same, at a mere 65.1% during Q3 of this year, which is at its lowest level in 18 years. This according to the U.S. Census Bureau in their Advance Monthly Retail Trade Report.

30-year fixed-rate mortgage rates in Freddie Mac's survey averaged 4.35%, ending November 14. This marks an increase from an average of 4.16% the previous week. The average rate for the previous month hovered at 4.19% Rates have been a moving target for the past few weeks, but the consensus is that they will remain relatively flat to finish out the year.

I have proudly served in the Los Angeles real estate market since 2002, and can find you a solid investment opportunity or sell your home at the right price. Call or email me today and let's get started on your deal today!

Submitted by DanielInLA on Monday, December 2, 2013, 2 Yaers Ago, Comments [0]
Posted in   Real Estate

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Daniel Sanchez is a Real Estate Broker providing insight to all of what goes on in Los Angeles real estate.

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