Deutsche Bank predicts US recession in 2023

13 years ago, when many of the homes on the market were bank-owned, I remember looking up for my clients which bank owned the property I was about to show them. The one name that kept coming up was "Deutsche Bank". I could not believe how many foreclosures they were stuck with at that time. Since they know a thing or two about recessions, I advise you to take their opinion into consideration.

"We no longer see the Fed achieving a soft landing," Deutsche Bank economists led by Matthew Luzzetti said in the analyst note. "Instead, we anticipate that a more aggressive tightening of monetary policy will push the economy into a recession."

This Echo Park Spanish bungalow sold WAY OVER the asking price! Take a look.

Here is the cheapest home sold this week in Echo Park.

Asking price: $899,000

Sold price: $1,255,000 ($356,000 over the asking price)

This renovated Spanish bungalow has 2 bed/2 bath, 828 sq. ft. of living space, and is on a 4,280 sq. ft. lot.

The property is close to hiking trails, the LA River bike path, and the historic “hidden stairs".

Fewer buyers searching for a home

In Los Angeles County, the median price increased last month to $781,050, up from $773,490 in February and $689,440 a year ago — a year-to- year increase of 13.3%.

While sales remained solid, there are signs that imply a market slowdown could be forth coming in the second half of 2022. A quarterly report released by National Association of Home Builders suggests that fewer buyers were trying to find a home to buy in the first quarter of this year. The share of prospective buyers who were actively searching declined to 46% in Q122, back to pre-pandemic levels after reaching a recent peak of 61% in Q221.

For those who had not been successful in finding a home, the share who plan to give up their home search until next year or later rose for the third straight quarter to 25% in Q122, after bottoming out at 20% in Q221.

Higher mortgage rates and double-digit growth in home prices are slowing down the housing demand momentum and the effect may become evident very soon.

Source: California Association of Realtors.

Loft for sale in the unique, Art Deco Eastern Columbia Building in DTLA!

This is the most unique property for sale this week in DTLA.

Asking price: $1,399,000

This live/work loft has 1 bed/2 bath, and 1,540 sq. ft. of living space.

The loft is located in The Art Deco Eastern Columbia Building, built in 1930 and was originally a department store.

Johnny Depp could be your neighbor. He bought 5 penthouses in 2007, totaling a combined 11,500 square feet.

Text me if you want a tour at 818-445-7953.

Fan of "Gone With The Wind"?! Then this might be the home for you!

Text me if you want a tour at 818-445-7953.

"Hot Home” alert in Sun Valley.

Asking price: $1,995,000

This "Gone with the Wind" inspired home has 5 bed/5 bath, 5,359 sq. ft. of living space, and is on over an acre of flat land.

The entertainer's backyard has a covered patio, swimming pool, spa, and a large barn that is approximately 2,400 sq. ft.

“Frankly, my dear, I don't give a damn.”