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Los Angeles in southern California, because of its warm and pleasant climate and free and relaxed environment, has become the place where many people’s “American Dream” begins, where rent prices have gone up year after year.
But when the epidemic swept through the United States, especially in California, where Los Angeles is located, a statewide state of emergency was declared in early March, the Los Angeles real estate market plummeted.
In the week of late February and early March, rents in Los Angeles fell for the first time in a decade, falling from $2.51 per square foot to $2.49 per square foot, according to CoStar, a real estate data research firm. That means the rent for an apartment of about 750sq ft fell by $15.
The decline looks modest, but it could be a harbinger of a crisis in the U. S. housing market.
For the US real estate market, late March is the beginning of the peak real estate sales season, which lasts until the end of June or early July, and US real estate sales in the second quarter usually account for about 28% of the year.
The housing market, which still grew strongly in the first half of March, cooled rapidly in the second half, with new listings falling 13.1 per cent and 34 per cent year-on-year in the weeks of March 21 and 28, respectively.
In the past two weeks, national real estate listing prices have risen only 3.3% and 2.5% respectively from a year earlier, the lowest figure that real estate sales company Realtor.com has been tracking since 2013.
National home sales in 2020 will be similar to those during the recession of 2008-09.
In the last recession, u.s. home sales fell to a low of 3.45 million in July 2010, similar to 3.77 million in November 2008. In 12 of the 25 months after the low point, sales were less than or equal to 4 million. At that time, the recovery of the real estate market was very slow. For more than eight years after the crisis, real estate sales have been below 5.3 million.
Although US real estate sales may soon fall into the same predicament as after the last financial crisis as a result of the epidemic, after all, the difficulties encountered in the market this time are caused by the epidemic, so the market recession is likely to be shorter and the impact will be smaller.
Not only in the United States, but also in many countries around the world, the real estate market has also been hit hard by the epidemic.
The real estate market of Canada, the neighbor to the north of the United States, was frozen overnight.
Similar to the United States, the Canadian real estate market has been “high and low” since the beginning of this year.
Home prices in Canada rose 2.9 per cent in February from a year earlier, the highest increase since December 2018, while home sales in Toronto and Vancouver soared 45 per cent.
Before the outbreak, the Toronto and British Columbia Real Estate Association predicted that sales would grow by more than 10% in Toronto and 19% in Vancouver by 2020.
But as the epidemic worsened in late March, the government urged people to stay at home, and the property market, which had a good start, ended gloomily in silence.