May 2022 RSS Feed

Found 2 blog entries for May 2022.

Orange County Housing Report:  The Sky: NOT Falling

 

Many are jumping to extreme conclusions about the impact of higher rates, high inflation, and a potential recession on the housing market.

A Seller’s Market Will Prevail

While the market is slowing, it is gradually evolving from its out of control, insane pace, to a normal Seller’s Market where pricing will be fundamental in finding success.

In flipping open a Merriam-Webster Dictionary and looking up “Chicken Little,” it states, “one who warns or predicts calamity especially without justification.” Economists are used to the constant chatter about recessions, bubbles, and plunging home prices. The current economic environment has amplified the noise: surging interest rates, highest…

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Unexpected Slump in Demand

Higher 30-year mortgage rates are having a major impact on Orange County demand, now at levels far below typical spring

 

Demand Slumping

Over the past month, demand dropped by 6% when it normally rises by 4%.

In 2002, the Los Angeles Angels won the World Series for the first time in franchise history. The next year they missed the playoffs completely with a losing record. After hoisting the Commissioner’s Trophy the year before as champions of the world, they missed post season play due to a slump in wins to close out the year from July through September. The Orange County housing market is amid a similar slump in the middle of the Spring Market following the best year for local real estate since 2005.

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