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LA’s real estate decline is another red flag — and a reason for change

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LA is fading as a destination for real estate investors from abroad.

Once a prime choice for international buyers, LA has been declining for six years. It attracts less than 5% of international buyers, compared to over 10% for Miami.

Hooray! you might say. Less competition for local buyers!

But prices in the broad LA metro area are still going up, even if prices in LA County have declined slightly. 

It’s hard to spin a lack of interest among buyers as good news.

Not that some won’t try. 

San Diego Mayor Todd Gloria claimed last week that his city was improving housing because it “is no longer a top 10 most expensive rental market.”

There might be other reasons — like beaches polluted with sewage from Mexico, a budget crisis at city hall, and new proposed real estate taxes.

Likewise with LA. It’s not a good thing that........

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