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Los Angeles Times
an hour ago
- Business
- Los Angeles Times
Price-gouging charges slowly mount after the fires, but some say it's not enough
California Atty. Gen. Rob Bonta accused real estate agent Iman Shaghyan this week of increasing the price of a Beverly Hills rental by more than 30% in the days after the Jan. 7 fires. It's the fourth charge Bonta has filed since price-gouging rules went into effect that prohibit rent hikes of more than 10% after a natural disaster. 'Profiting off Californians' pain through price gouging is illegal and I will not stand for it,' Bonta said in a news release. In the weeks after the fires, city officials vowed to crack down on violators as thousands of complaints poured in, with some organizers even compiling spreadsheets documenting the skyrocketing rents. Bonta enlisted teams of lawyers to evaluate complaints, and his office has primarily targeted real estate agents. But some critics claim that government officials aren't doing enough to address the rampant price gouging that appeared across the region in the wake of the fires, saying that the charges filed represent only a small fraction of the complaints submitted to the city and state. 'More needs to be done,' said Chelsea Kirk, co-founder of the activist organization the Rent Brigade. 'It's been de-prioritized, and all discourse from elected officials and the press around rent gouging has ended.' Kirk's organization checks Zillow for examples of price gouging and said there are currently more than 10,000 active listings that qualify. Her team submits weekly reports to government officials but said transparency is a problem since no one knows exactly what is being investigated. As a result, her team worked with L.A. City Councilmember Hugo Soto-Martínez to draft a motion that, if passed, would require L.A. City Atty. Hydee Feldstein Soto to produce monthly reports detailing the total number of price-gouging complaints received, response times and enforcement actions. The motion has been introduced but not yet placed on the agenda. 'There's an utter lack of urgency,' Kirk said. In addition to Shaghyan, Bonta filed charges in January against La Cañada Flintridge agent Mike Kobeissi and Glendale agent Lar Sevan Chouljian. In February, he charged Hermosa Beach agent Willie Baronet-Israel as well as Edward Kushins, the landlord of the property. All four cases are active. If convicted, the maximum penalty for the misdemeanor could result in a year in prison and a fine of $10,000. In addition to the charges, state Department of Justice officials said they have sent out more than 750 warning letters to hotels and landlords accused of price gouging. The department also is investigating fraud, scams and low-ball offers on burned properties. Bonta is investigating on behalf of the state and Feldstein Soto is filing lawsuits on behalf of the city. So far, she's been targeting more than just real estate agents. In February, Feldstein Soto's office sued rental giant Blueground, citing more than 10 cases of price gouging. In one instance, Blueground allegedly jacked up the rent of a downtown L.A. apartment by 56% on Jan. 7, the day of the fires. In March, Feldstein Soto's office sued a group of homeowners and companies for $62 million, citing not only price-gouging violations but also violations of the city's short-term rental ordinance, which places restrictions on rentals such as Airbnbs. The group of defendants included four homeowners and five limited liability companies: Akiva Nourollah, Micah Hiller, Haim Amran Zrihen, Rachel Florence Saadat, Hiller Hospitality, Hiller Hospitality Group, 1070 Bedford, Red Rock and Coastal Charm. The Times reached out to all the individuals charged with price gouging or short-term rental violations — except for Zrihen and Saadat, whose contact information could not be located — and did not receive any on-the-record responses. In the first few weeks after the fire, Feldstein Soto's office issued more than 250 cease-and-desist letters to owners, landlords and property management groups based on price-gouging tips. Price-gouging rules are set to expire July 1.
Edinburgh Live
2 hours ago
- General
- Edinburgh Live
Three colours to 'affect house price' if homeowners use to paint their front door
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info The front door of a home is more than just an entrance; it's a statement piece that offers a glimpse into the character of the dwelling behind it. Is it a gateway to a sleek, modern interior or does it hint at a cosy, rustic abode? A pristine, polished door might suggest a meticulously kept home, while a battered door with chipped paint could tell a different story altogether. This becomes especially crucial when you're considering selling your home. The front door is one of the first things potential buyers will notice, even before they step foot inside, so it's important to make a good impression. Interestingly, the colour of your front door can significantly influence this impression. Property and DIY experts from have some advice on this matter, reports the Mirror. So, which colours should you avoid for your front door? According to the experts, there are three colours that are best avoided. Drawing on research conducted by American property website Zillow, identified three colours that could potentially deter prospective buyers. These are bright red, cement grey, and olive green. Among these, bright red is considered the least appealing, with homes sporting doors of this hue less likely to attract viewings. Experts caution that grey doors can give off a "dull and less inviting" vibe, and warn against pairing them with white houses due to the lack of contrast between the two shades. Similarly, olive green is deemed to have a "a dull appearance" and can be challenging to pair with other colours. On the other hand, certain colours can elevate a front door's appearance. Black is hailed as "a classic, elegant, and timeless choice", while white boasts "a clean aesthetic" - though it does require more maintenance to keep it looking its best. Colours inspired by nature, such as forest or sage green, can be an excellent fit, particularly in areas with an abundance of greenery. Blue, meanwhile, is said to evoke "calmness and tranquillity that invokes images of water and the sky". For those looking to make a bold statement, brighter shades of green, blue, turquoise, or yellow might be the way to go. According to the experts, "The style and colour palette of the exterior of your home can guide your choices." They suggest that for lighter or neutral-hued homes, adding more colour to the front door can be a good move. Ultimately, the ideal choice will be the colour that best reflects the homeowner's personal style, the architectural style of the home, and the surrounding landscape.
Yahoo
3 hours ago
- Business
- Yahoo
America's 5 Most Overvalued Housing Markets That Are Finally Cooling Off
A report by Zillow found that home prices surged by 45.3% between 2020 and 2025 — more than double that average appreciation rate. That caused many housing markets to outpace local fundamentals like income, creating unaffordable homes. Now those chickens are coming home to roost in many of the cities that skyrocketed the most in cost. Explore More: For You: Keep an eye on these overvalued markets that have finally started cooling. Average home price: $773,258 (Zillow) Year-over-year price change: -1.1% Average days from listed to pending: 39 Homes in Honolulu cost more than double the national average of $367,711, although that may not last. Prices have declined over the past year, and real estate listings are sitting on the market for double the national average of 19 days. For Hawaiian homebuyers, that spells some much-needed affordability relief. Consider This: Average home price: $743,496 Year-over-year price change: -0.6% Average days from listed to pending: 29 Montana home prices shot the moon during the pandemic, as urban Californians, Oregonians and Washingtonians fled for more open space. Now reality has started setting in, and prices have started settling down. Don't expect them to drop anywhere near 2020 levels, but Bozeman home values remain flat since July 2022 when they reached $742,017. Average home price: $595,318 Year-over-year price change: 1.4% Average days from listed to pending: 49 In 2025, surging home prices and insurance premiums have caught up with Miami. Home prices have dropped by 1.09% over the last three months, as the market quickly turns south. Real estate broker Anthony Askowitz has seen the market shift over the last few months. 'Sellers have had to negotiate their prices to get properties sold, resulting in the number of days on the market jumping,' he said. Sure enough, only 6.3% of Miami home sales close above listing price, compared to 79.1% that sell under it. Average home price: $586,370 Year-over-year price change: -6.4% Average days from listed to pending: 64 It's a terrible time to sell a home in Naples. Real estate listings languish for more than triple the national average, and home prices have dropped by a dizzying $40,000 over the last year. High interest rates, soaring insurance premiums, a glut of new supply, and of course too-fast appreciation post-pandemic all collide for a perfect storm of a buyer's market. Average home price: $536,565 Year-over-year price change: -5.5% Average days from listed to pending: 39 Like Honolulu, Austin home listings are lying fallow for double the national average. 'During the post-COVID real estate run-up, Austin saw prices shoot up faster than what local incomes or job markets could realistically support,' explained Larry Shinbaum, real estate broker with Luxuri International. 'It just wasn't sustainable. We're now seeing a slow correction, with sellers finally adjusting expectations. Homes sitting on the market longer, bidding wars are rare and incentives are back on the table.' More From GOBankingRates 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on America's 5 Most Overvalued Housing Markets That Are Finally Cooling Off
Miami Herald
16 hours ago
- Miami Herald
Are hidden treehouses for sale ‘a dream'? Or weird? Zillow Gone Wild has thoughts
Hidden in the trees of Covington, Virginia, right on the banks of a flowing cerulean creek, a secret sits. And that secret is for sale. Listed for $589,000, a residence looms if you squint hard enough to find it within nature highlights. And there are two of them. 'Escape to this rare 12-acre hideaway tucked in the heart of the Alleghany Highlands,' the listing on Zillow says. 'Featuring two unique waterfront homes along the crystal-clear waters of Potts Creek, this property blends privacy, natural beauty, and endless outdoor potential. 'Enter through a gated drive into a private, park-like setting that opens up to giant cliff faces (and) the soothing sounds of mountain water. The creek shimmers in shades of blue, green, and bronze by day, while wildlife — deer, bear, trout, and more — abound.' The first home — a studio called 'The Treehouse' — has several decks that allow an observer to take in all the water views. The second is a two-bedroom, one-bathroom home referred to as 'The Beach House' because it sits close to the water. 'Each home offers privacy, yet they're connected by a well-worn trail that parallels the water's edge. The homes are ready for personal touches to become multi-generational dream homes or potential income-producing short-term rentals,' the listing says. The property was featured on Zillow Gone Wild, a Facebook page that showcases unique homes on the market. People either loved the secluded treasure, or found it odd. 'This is such a dream, and not too far away from me,' one person said. 'Omg, I would be in heaven,' another added. 'I could live in a treehouse!' someone said. 'Gosh, I want it for the view! Build a real house near it and rent this weirdo as a bnb,' one person said. Covington is about a 175-mile drive northwest from Richmond.
Yahoo
a day ago
- Business
- Yahoo
Mortgage and refinance interest rates today, June 19, 2025: Rates fall to a 4-week low
Today, mortgage interest rates fell to a four-week low. According to Freddie Mac, the average 30-year fixed mortgage rate slipped three basis points to 6.81%. One year ago, it was 6.87%. The 15-year fixed rate ticked down one basis point, to 5.96%. Last year on this day, it was 6.13% 'Mortgage rates moved lower, with the average 30-year fixed rate reaching a four-week low,' Sam Khater, Freddie Mac's chief economist, said in a release. 'More available inventory to choose from, coupled with this week's decline in mortgage rates, could be the spark to get potential homebuyers off the sidelines." Dig deeper: What the latest CPI report means for mortgage rates Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.72% 20-year fixed: 6.32% 15-year fixed: 5.90% 5/1 ARM: 6.83% 7/1 ARM: 6.90% 30-year VA: 6.27% 15-year VA: 5.66% 5/1 VA: 6.29% Remember, these are the national averages and rounded to the nearest hundredth. Learn more: How to get the lowest mortgage rate possible Here are today's mortgage refinance interest rates, according to the latest Zillow data: 30-year fixed: 6.81% 20-year fixed: 6.37% 15-year fixed: 6.01% 5/1 ARM: 7.14% 7/1 ARM: 7.01% 30-year VA: 6.25% 15-year VA: 5.94% 5/1 VA: 6.15% As with the purchase mortgage rates, these are national averages we've rounded to the nearest hundredth. Refinance rates can be higher than purchase mortgage rates, but that isn't always the case. Use the mortgage calculator below to see how various mortgage rates will impact your monthly payments. The free Yahoo Finance mortgage payment calculator goes even deeper by including factors like homeowners insurance and property taxes in your calculation. You can even add private mortgage insurance costs and HOA dues if they apply to you. These monthly expenses, along with your mortgage principal and interest rate, will give you a realistic idea of what your monthly payment could be. A mortgage interest rate is a fee for borrowing money from your lender, expressed as a percentage. There are two basic types of mortgage rates: fixed and adjustable rates. A fixed-rate mortgage locks in your rate for the entire life of your loan. For example, if you get a 30-year mortgage with a 6% interest rate, your rate will stay at 6% for the entire 30 years. (Unless you refinance or sell the home.) An adjustable-rate mortgage keeps your rate the same for the first few years, then changes it periodically. Let's say you get a 5/1 ARM with an introductory rate of 6%. Your rate would be 6% for the first five years and then the rate would increase or decrease once per year for the last 25 years of your term. Whether your rate goes up or down depends on several factors, such as the economy and U.S. housing market. At the beginning of your mortgage term, most of your monthly payment goes toward interest. As time passes, less of your payment goes toward interest, and more goes toward the mortgage principal or the amount you originally borrowed. Dig deeper: Adjustable-rate vs. fixed-rate mortgage — Which should you choose? Two categories determine mortgage rates: ones you can control and ones you cannot control. What factors can you control? First, you can compare the best mortgage lenders to find the one that gives you the lowest rate and fees. Second, lenders typically extend lower rates to people with higher credit scores, lower debt-to-income (DTI) ratios, and considerable down payments. If you can save more or pay down debt before securing a mortgage, a lender will probably give you a better interest rate. What factors can you not control? In short, the economy. The list of ways the economy impacts mortgage rates is long, but here are the basic details. If the economy — think employment rates, for example — is struggling, mortgage rates go down to encourage borrowing, which helps boost the economy. If the economy is strong, mortgage rates go up to temper spending. With all other things being equal, mortgage refinance rates are usually a little higher than purchase rates. So don't be surprised if your refinance rate is higher than you may have expected. Two of the most common mortgage terms are 30-year and 15-year fixed-rate mortgages. Both lock in your rate for the entire loan term. A 30-year mortgage is popular because it has relatively low monthly payments. But it comes with a higher interest rate than shorter terms, and because you're accumulating interest for three decades, you'll pay a lot of interest in the long run. A 15-year mortgage can be great because it has a lower rate than you'll get with longer terms, so you'll pay less in interest over the years. You'll also pay off your mortgage much faster. But your monthly payments will be higher because you're paying off the same loan amount in half the time. Basically, 30-year mortgages are more affordable from month to month, while 15-year mortgages are cheaper in the long run. According to 2024 Home Mortgage Disclosure Act (HMDA) data, some of the banks with the lowest median mortgage rates are Bank of America and Citibank. However, it's a good idea to shop around for the best rate with not just banks, but also credit unions and companies specializing in mortgage lending. Yes, 2.75% is a fantastic mortgage rate. You're unlikely to get a 2.75% rate in today's market unless you take on an assumable mortgage from a seller who locked in this rate in 2020 or 2021, when rates were at all-time lows. According to Freddie Mac, the lowest-ever 30-year fixed mortgage rate was 2.65%. This was the national average in January 2021. It is extremely unlikely that rates will dip below 3% again anytime soon. Some experts say it's worth refinancing when you can lock in a rate that's 2% less than your current mortgage rate. Others say 1% is the magic number. It all depends on what your financial goals are when refinancing and when your break-even point would be after paying refinance closing costs.
