The demand for homes in California takes a bizarre twist

The demand for homes in California takes a bizarre twist

The demand for homes in California takes a bizarre twist
The house was nearly burned to the ground during a fire in Walnut Creek. The garage and the laundry room are essentially gone and the smoke damage is evident. This home just sold for $1,000,000 last week after a fierce bidding war.

The two-story, four-bedroom home was originally listed for $850,000. After receiving eight offers in three days, the price hit the million-dollar mark, despite the severe damage.

The buyer of the home turned out to be an experienced investor who intends to fix all the damage and flip it for a profit in the coming months.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

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