Southern California home prices are falling, eroding equity homeowners could spend on renovations or emergencies. People who bought at the peak are particularly nervous.
Surging mortgage interest rates threatened to squash Michael and Christine Hawkins’ dream of home ownership. But this fall when the couple saw a Canoga Park condo languish on the market, they devised a plan.
The shift in the market is unnerving some recent buyers who told The Times they worry falling prices will trap them in theirJustin Bragg and his wife stretched to buy a home in Boyle Heights late last year. Now, after hearing of multiple shootings at parks near their home, they wonder if they made a bad choice. Bragg, a high school teacher, feels unsafe just bringing their 3-year-old daughter to their neighborhood playground.
For now, the number of people with little to no equity is tiny compared with the aftermath of the Great Recession, even if it’s rising. Boston University economist Adam Guren said falling home prices cause consumers to cut back, mostly because they have less equity to tap and spend through home equity lines of credit and cash-out refis, but also because as prices decline some people feel poorer.
As development fills every crack of L.A. County, some of the most prized parcels are left untouched. Why?
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