Orange County Real Estate Trends (Long Beach, Yorba Linda: foreclosure, refinancing, homes)

[CA4Now]

Closed sales in May plunged 45% from a year earlier, while the region’s median home price rose 2.7%.

In Orange County, sales fell 50.6%, while the median price rose 4.2% to $750,000.

https://www.latimes.com/homeless-hou...es-hold-steady

[CA4Now]

Sales increased across the Southland in July from June and were up in many locations year over year even though inventory is below 2019 levels.

In Orange County, sales rose 38.7% from June and 6.7% from a year earlier. The median home price rose 6.3% from a year earlier to $775,000.

Southern California home sales, prices rose in July despite high unemployment:
https://www.latimes.com/homeless-hou...-july-increase

[Gaylord_Focker]

Originally Posted by CA4Now

Sales increased across the Southland in July from June and were up in many locations year over year even though inventory is below 2019 levels.

In Orange County, sales rose 38.7% from June and 6.7% from a year earlier. The median home price rose 6.3% from a year earlier to $775,000.

Southern California home sales, prices rose in July despite high unemployment:
https://www.latimes.com/homeless-hou...-july-increase

So can we expect prices to drop soon? Soon?

[Racer46]

Originally Posted by CA4Now

Sales increased across the Southland in July from June and were up in many locations year over year even though inventory is below 2019 levels.

In Orange County, sales rose 38.7% from June and 6.7% from a year earlier. The median home price rose 6.3% from a year earlier to $775,000.

Southern California home sales, prices rose in July despite high unemployment:
https://www.latimes.com/homeless-hou...-july-increase

And they will keep going up as long as enough people and investment groups have the money.

[TimTheEnchanter]

The original article was pointless and the statistics meaningless, as statistics often are. The numbers were macro numbers, not micro and entirely dependent on what homes come up for sale and which ones sell.

There are currently 97 homes for sale on Coronado, only 6 are under $1 million, but let's say the bottom 5 priced homes sold and the top 2 priced homes sold. The median price would be $854,000, but the average sales price would be $3,121,571 and neither number would give you a clear picture of home price trends in Coronado.

[amokk]

Originally Posted by Gaylord_Focker

So can we expect prices to drop soon? Soon?

Unlikely. White collar people are still employed and interest rates have come down. The people getting crushed by covid are the blue collar workers working retail/food service, but they are usually renters so it doesn't affect the home buying market.

[CA4Now]

Originally Posted by amokk

Unlikely. White collar people are still employed

We don't know what will happen in the next few months, though.

Mortgage delinquencies double in Southern California in coronavirus era/
Census poll: 9% of L.A.-O.C. borrowers worry about next payment:
https://www.ocregister.com/2020/07/2...rn-california/

[amokk]

Originally Posted by CA4Now

We don't know what will happen in the next few months, though.

Mortgage delinquencies double in Southern California in coronavirus era/
Census poll: 9% of L.A.-O.C. borrowers worry about next payment:
https://www.ocregister.com/2020/07/2...rn-california/

Sadly can't read the article since OCR is pretty nasty with paywalls. And yes, who knows what will happen in the next few months. However, I can assure you that if Orange County starts having massive mortgage defaults, that means the rest of the country is completely in the toilet.

[NORTY FLATZ]

Originally Posted by Gaylord_Focker

So can we expect prices to drop soon? Soon?

Maybe. Maybe not. It depends on a few factors. with the 4.1 million houses in "forbearance" it's only a matter of time before "blood is running in the streets."

[CA4Now]

In Orange County, the median home price rose 11.6% to $800,000, while sales climbed 10.9% for the month of August.

https://www.latimes.com/homeless-hou...cent-in-august