Rising interest rates cools off Southern California's red-hot real estate market

"Every time we'd put an offer in it wouldn't go through because somebody put $50,000 more, $60,000 more," said homeowner Ariana Sipavich. "Our home was probably the ugliest home on the block," she said.

The latest round of interest rate hikes has bumped 30-year-fixed-rate mortgages to about 6% compared to about 3% in December. Real estate agent David Smith said he's had to make price adjustments on his listing in Woodland Hills after 65 days on the market. He added that sellers have to manger their pricing expectations while buyers are in the driver's seat, essentially making it a buyer's market now.

Green said it's unlikely to see home prices bottom out as they did during the Great Recession since borrowing standards are much tighter now.

It already has for the las 2 months…

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Market Wrap: Markets Wait for Fed to Officially Announce What It Has Signaled for WeeksMARKET WRAP: Bitcoin continues to trade in a tight range as markets await the U.S. Federal Reserve’s decision Wednesday on the next interest rate increase. GWilliamsJr_CMT and _jocelynyang_ report GWilliamsJr_CMT _jocelynyang_ thnnks! GWilliamsJr_CMT _jocelynyang_ Glad I have fiinally found thiis triick GWilliamsJr_CMT _jocelynyang_ ⏰⏰⏰
Source: CoinDesk - 🏆 291. / 63 Read more »