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Economy: Housing / Los Angeles, California #1021325

CBS Evening News for Tuesday, Apr 24, 2012
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(Studio: Scott Pelley) New figures on home sales cited.

(Studio: Anthony Mason) Signs of a housing recovery examined; details given about the rise in home prices in Phoenix and 4 other cities, while prices fell in Atlanta; housing inventory graph shown. [Arizona State University Real Estate Center Michael ORR††- says we’re seeing a turn in the market.] [Moody’s Analytics chief economist Mark ZANDI††- predicts consistent house price gains by spring of 2013.] How we will know the market is recovering discussed.

(Studio: Scott Pelley) Report introduced.

(Los Angeles: Ben Tracy) The return of bidding wars and house flippers in Los Angeles featured; statistics on homes bought by investors in Highland Park and nationwide shown; details given about the changed role of flippers and the disadvantage for people trying to sell homes that have not been redone. [Home owner Adam BAUER††- comments on paying more than the asking price.] [House flipper Matt MANNER††- says they plan to do 24-30 houses this year.]

Reporter(s):
Pelley, Scott;
Mason, Anthony;
Tracy, Ben
Duration:
00:04:50

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