Orange County Housing Report: Hunkering Down
Significantly higher mortgage rates are preventing a massive number of homeowners from selling their homes, and the trend has only grown more problematic recently.
In August there were 30% fewer FOR-SALE signs than the average prior to COVID, more than 1,000 missing sellers.
On March 19, 2020, the Governor of California issued a “stay at home” order. Offices, small businesses, shop owners, and schools all closed their doors and headed home. Only essential workers, such as health care, emergency services, and food services, were able to leave their houses and head to work. Once congested freeways were empty. Outings were limited to a once per week trip to the local grocery store.…