Published On: Wed, Sep 15th, 2021

Normalcy May Be Returning to Southern California Housing Markets

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Commentary The Southern California housing market seems finally—maybe—to be returning to some semblance of normalcy. Of course, some places are still super red-hot. Scott Barr, for instance, relates that the clients of Pacific Sotheby’s Global International looking for a home within five blocks of the ocean in Laguna Beach are still paying “all cash” for the $2 million and $3 million homes they want to buy. At the same time though, Valerie Voss, a real estate agent in the Inland Empire area of southern California, reports that the buyers she’s seeing are no longer showing up with $50,000 and $75,000 for a down payment. Indeed, she says, “If you’re an FHA buyer with 3.5 percent down, now is the first time in a long time you have a good change to be able to move into a home of your own.” The FHA, or Federal Housing Administration, guarantees the debt …

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