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California Real Estate News - Week of 1/23/17

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2017 is already shaping up to be a wild ride as the LA Times reports on the Department of Housing and Urban Development has indefinitely suspended a pending rate cut for mortgage insurance within hours of Trump swearing into office. This is a big blow to first time homebuyers looking for a little help. Realtor.com reported on the top 20 hottest markets for real estate and while Los Angeles came in at 17, it's worth noting that the state of California holds 12 of the top 20 spots! Taking a closer look at Southern California, the LA Times highlights the improving economy matched with a shortage of homes for sale has seen home prices go up but sales going down. Read the full story for more details.

First up in our weekly Curbed wrap up, the city council has approved a new 16 story tower by the Beverly Center under the agreement that a portion of the units will be sold as affordable units. And while Southern California home prices in general have been on the rise, Los Angeles county has actually seen a slight dip in average sale price month over month. To clarify, home prices in Souther California are at a near decade high though, so the month over month dip is nothing alarming. Curbed reports on the finalized bid for LA to host the 2024 olympics and depending on how you feel about that, you can either root for or against Paris and Budapest who are still in the running with Los Angeles. Lastly, Los Angeles is looking to make its streets more safe by addressing the high number of traffic deaths in the city (highest in the nation).

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