by Calculated Risk on 11/26/2013 08:01:00 PM
Tuesday, November 26, 2013
Six parking lots in downtown Los Angeles recently sold for $82 million. But the buyers aren't interested in the parking business: They want to build 1,500 rental apartments on the properties.The cranes are returning to downtown LA!
A dearth of apartments is fueling one of the city's largest building booms in years. There are about 14,000 apartment units in downtown Los Angeles. About 5,100 units are under construction, and more than 3,400 units were built between 2008 and 2013, according to Polaris Pacific, a real-estate sales, marketing and research firm. More than 3,000 additional rental units have been approved, with another 7,000 proposed.
• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
• At 8:30 AM, the initial weekly unemployment claims report will be released. The consensus is for claims to increase to 330 thousand from 323 thousand last week.
• Also at 8:30 AM, the Durable Goods Orders for October from the Census Bureau. The consensus is for a 2.0% decrease in durable goods orders.
• Also at 8:30 AM, the Chicago Fed National Activity Index for October.
• At 9:45 AM, the Chicago Purchasing Managers Index for November. The consensus is for a decrease to 60.5, down from 65.9 in October.
• At 9:55 AM, the Reuter's/University of Michigan's Consumer sentiment index (final for November). The consensus is for a reading of 73.3, up from the preliminary reading of 72.0, and up from the October reading of 73.2.
• At 10:00 AM, the Conference Board Leading Indicators for October. The consensus is for a 0.1% increase in this index.
Posted by Calculated Risk on 11/26/2013 08:01:00 PM