Uncommon Knowledge
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Sellers in some of California’s biggest cities are slashing the price of their homes listed for sale on Zillow, according to the latest data on the real estate marketplace’s app
Read more: How to Sell Your Home
One site shows 15 per cent of all properties listed in the state had price reductions, aimed at attracting hesitant buyers.
As of Thursday morning, there were a total of 83,093 properties—including single- and multi-family homes, townhomes, apartments, condos and lots—in California listed by agents on Zillow, and 3,822 listed by owners and others. Of these, 13,311 listed by agents and 319 listed by owners had a price reduction—roughly 15 percent of all homes for sale in the Golden State.
But the rate of properties for sale with a price reduction was even higher in some of California’s major cities, including Los Angeles, San Francisco, Oakland, San Diego and Sacramento.
Mario Tama/Getty Images
In Los Angeles, one of the most expensive housing markets in the entire country, there were a total of 6,039 properties listed for sale on Zillow, 971 of which had a price reduction. That’s about 16 percent of all homes for sale in the metropolis.
Read more: What Is a Mortgage? Types & How They Work
In another very expensive city, San Francisco, there were 1,358 homes listed for sale on Zillow as of Thursday morning, 216 of which had a price reduction—nearly 16 percent of the total.
In Oakland, a city which has seen an increase of violent crime and other felonies in 2023, there were 888 properties for sale on Zillow, 158 of which had a price reduction—about 18 percent of the total. In San Diego, the percentage of homes for sale with a price reduction was 19 percent, for 286 out of 1,494 listed on Zillow.
In Sacramento, 21 percent of all homes listed for sale on Zillow had a price reduction as of Thursday, for a total of 183 out of 859.
These are the top five cities in California with the largest number of homes for sale and the number of homes with a price reduction. But not all these cities’ housing markets are facing the same situation. In some of these cities, house prices are dropping year-over-year; in others, they’re climbing.
In Los Angeles, the median sale price of a home, according to Redfin, was $970,000 in March, down 1.5 percent from a year earlier. In Oakland, it was $840,000, down 7.7 percent from March 2023.
In San Francisco, the median sale price of a home was $1,415,000 in March, up 4.8 percent year-over-year. In San Diego, it was $931,000, up 6.5 percent from March 2023, while in Sacramento it was $502,500, up 10.2 percent compared to a year earlier.
Read more: Find the Lowest Rates From Top Mortgage Lenders
At the state level, prices are increasing, mainly due to a historic shortage of homes. According to Redfin, the median sale price in California was $816,800 in March, up 10.1 percent from a year earlier.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
A damaged chemical tank in southern California cracked over the weekend, which authorities were hopeful would relieve pressure and reduce the risk of an explosion.
Some 50,000 residents in Garden Grove, a city of roughly 170,000 about 40 miles (60km) south of downtown Los Angeles, have been evacuated and are waiting for a resolution.
The tank overheated on Thursday and began venting vapors, leaving local and state officials scrambling to evade a worst possible scenario at the aerospace company site.
No injuries have been yet reported.
Fire officials planned to send in a team overnight to determine if the pressure has been relieved, which would reduce the worst-case scenario of an explosion, TJ McGovern, the Orange county fire authority interim chief, said in a video posted late on Sunday to the agency’s X account.
Atmospheric modeling showed an active leak from the tank as of Sunday night, McGovern said.
Firefighters have repeatedly sprayed the tank with water in an attempt to cool the chemical inside, methyl methacrylate, which is used to make plastic parts. The tank’s interior reached 100 degrees (37.7 Celsius) on Sunday, an increase of 10 degrees Fahrenheit (5.5 Celsius) since Saturday.
Fire officials over the weekend discovered the tank had cracked, lowering the potential for a devastating blast.
The tank at GKN Aerospace Transparency Systems, which makes parts for commercial and military aircraft, holds 6,000 to 7,000 gallons (22,700 to 26,500 liters) of methyl methacrylate used to make plastic parts.
Monitoring tests found air pollution around the evacuation zone was within normal limits and specialized equipment is being used to ensure gas is not released, state and federal environmental officials said Saturday.
The first goal of firefighters is to cool off the chemical inside the tank to prevent a leak or explosion.
Drones were monitoring temperatures at 10-minute intervals to watch for any spikes. Containment barriers have been set up to prevent the chemical from getting into storm drains or reaching creeks or the nearby ocean in the event of a spill, the Orange county fire authority division chief, Craig Covey, said on social media.
As the interior temperature rises, methyl methacrylate converts from a liquid to a gas and increases the pressure, according to Andrew Whelton, a Purdue University engineering professor who said the crack could mean product or pressure is being released, reducing the chance of explosion.
“Think of a soda can. If you leave it in a hot car it can explode,” Whelton said. “But if you put a hole in the can, the product is released and the can itself doesn’t explode.”
Aerial photos taken by the Associated Press showed streets in the area were empty on Sunday, while several evacuation shelters were open. At a high school in neighboring La Palma, people slept in cars or on mats and sleeping bags on the asphalt.
Garden Grove is next to Anaheim, home to Disneyland’s two theme parks, which were not under evacuation orders. Park officials said they were monitoring the situation.
Exposure to methyl methacrylate can cause serious respiratory problems, neurological problems and irritation to the skin, eyes and throat, according to fact sheets about the chemical.
Some Garden Grove residents filed a class action federal lawsuit on Saturday against GKN Aerospace Transparency Systems, which operates the facility where the tank is located. Lawyers for the residents argued that regardless of what happens, property values in the surrounding community are sure to be impacted.
GKN Aerospace did not comment on the lawsuit but has apologized to residents and businesses forced to evacuate. It said Sunday it was “working around the clock to mitigate the risk of a leak”.
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A former California hotel staffer claims that he was fired on Friday after harassing Israeli guests and publishing footage of the incident, but the hotel said on Saturday that he had resigned.
A hotel staffer, identifying as Ryan Smith on a GoFundMe fundraiser, said in a Thursday Instagram post that he had said “free Palestine” to a pair of Israeli guests at the Oceanpoint Ranch in Cambria.
An Israeli woman confronted him, according to the video published by Smith, telling him that he should be “completely objective” to paying guests.
Smith expressed shock when the guest said that she was a Zionist after he had used it as a slur, and then demanded to know if her partner had served in the IDF.
“Are you a baby killer?” asked Smith.
The Israeli man said that he refused to interact with the hotel staffer and continued on, but his partner expressed concern about staying at a hotel where he worked.
“I won’t stay here, certainly he’ll break into our room and do something,” the woman said in Hebrew.
Smith claimed on Instagram that the woman threatened to call the police because “the only thing these cowards can do is hide behind the pedo[phile] regime that runs the country.”
Alongside the video, Smith called for others to “give them hell” if one saw them in California, and that if he “could’ve he would’ve.”
“I’ve never stared into the soul of the devil like I did tonight,” wrote Smith. “The woman (dual citizen of Israel) proceeds to confront me after I see [sic] ‘free Palestine’ as they leave the lobby. She then takes a step further and proceeds to admit to being a Zionist.”
Smith later opened a fundraiser, claiming that he had been “let go” from his job, and asked for donations to support him while he sought new employment. As of Sunday morning, Smith raised $11,773 dollars.
“The world needs to be set free, and I believe peace and love will overcome,” Smith said on his fundraiser web page.
The Oceanpoint Ranch did not immediately respond to a query from The Jerusalem Post, but said in a Saturday social media post that Smith had “unilaterally resigned” from his position after the hotel opened an investigation into the incident.
“The events in the video do not reflect the professionalism and hospitality that our team members are trained to deliver to all our valued guests,” said Oceanpoint Ranch.
“Our team remains committed to fostering a respectful environment for all of our guests, employees, and community.”
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