Articles Tagged with ''Los Angeles''

Singapore real estate giant CapitaLand enters U.S. multifamily with $835 million acquisition

Buying 16 Class-B properties in Seattle, Portland, Los Angeles, and Denver
With rents continuing to rise with little sign of slowing, multifamily real estate in the U.S. is beginning to draw some serious international investor interest, as one of Asia’s largest real estate companies is planning a U.S. invasion of its own. Singapore’s CapitaLand announced Tuesday that it is entering the U.S. multifamily market with an $835 million acquisition of 16 apartment communities in Seattle, Portland, Los Angeles, and Denver.
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Los Angeles hit record multifamily investment activity this year

From June 2017 to June 2018, the City of Angels logged $10 billion in apartment building sales
In the last year, multifamily investment activity in Los Angeles hit its highest level ever. According to a CoStar report and an article by The Real Deal, there were $10 billion in apartment building sales from June 2017 to June 2018 with a record average sale price of $275,000.
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Lenders beware of these new fraud schemes in California

Fannie Mae issues fraud alert for Los Angeles area
Fannie Mae issued a fraud alert to mortgage lenders in Southern California, saying it identified several employment entities that appear to be fictitious. The GSE issued a list of potentially fake employers in the area, and warned lenders to be cautious.
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Los Angeles now tops San Francisco as least affordable housing market

San Francisco falls to No. 2 after 19 consecutive quarters
For the first time in five years, San Francisco fell from its spot as No. 1 least affordable housing market in the U.S. It’s replacement, another Californian city, holds a median home price significantly lower than San Francisco’s $1.18 million, however its median incomes are unable to keep up with its growing prices.
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Los Angeles prepares to reopen Section 8 housing list after 13 years

City expects up to 600,000 applicants
Los Angeles will soon open its Section 8 waiting list for a two-week registration period for the first time since 2004. This time, analysts expect a surge of 600,000 applicants will register for the limited spaces, and even the few selected could be left waiting in line for the next decade to receive their voucher.
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After finding success in U.K., flat-fee real estate agency Purplebricks debuts in U.S.

“Next-generation” agency launching in Los Angeles
Purplebricks, which bills itself as “next-generation” real estate agency, is launching in the U.S. after building successful businesses in the United Kingdom and Australia. The company, which offers a flat fee for home sellers along with other technological advances, will roll out its service in the Los Angeles market first.
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U.S. joins whistleblower lawsuit that accuses Los Angeles of misusing HUD money

City accused of not providing enough accessible housing
The federal government is joining a lawsuit that accuses the city of Los Angeles of misusing hundreds of millions of dollars from the Department of Housing and Urban Development that were earmarked for providing accessible housing for people with disabilities, the Department of Justice announced this week.
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Court of Appeals hands Wells Fargo victory over Los Angeles in fair housing lawsuit

Appeals upholds lower court’s dismissal of discriminatory lending suit
Wells Fargo may be facing a lawsuit from the city of Philadelphia over alleged discriminatory lending practices against minority borrowers, but a federal Court of Appeals just handed the bank a victory in a similar lawsuit brought by the city of Los Angeles back in 2013.
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