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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