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living in the LA market and owning a real estate company, i can say that no doubt the # of people looking at homes has declined as well as asking prices begininng to drop. last year homes went for over asking - now they usually go for a small discount to asking. also, the it appears that interest rates have finally upticked and now rates are 10%-15% higher than they were just 3 months ago - this will slow the market as now homes cost more even without raising the prices.
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