The median price of a house sold in February in Orange County, CA was $820,000.
8.2 million people nationwide are behind on their mortgage payments. Biden extended the foreclosure moratorium until 6/30. It will be interesting to see the effect foreclosures will have on the market when that ends.
I have a friend who has a rental he was thinking about selling. I said...sell it now and run. I’m not sure when but the housing market has to crash. Once they lift the foreclosure moratorium they’ll start to hit the market en masse.
Everyone has equity in their homes, but many have no income to pay the mortgage, and are months, if not years, behind. Expect to see a flood of Chapter 13 ad Chapter 11 bankruptcies filed where debtors are trying to get sale plans approved to cash out instead of being foreclosed on.
My son owns four houses in LA county, Two in Glendora and two in Sierra Madre. He wanted to make an offer on two houses in Redondo Beach and both sold for more than the asking price before he could make the offer.
He says the Chinese are buying everything that comes on the market.