08/10/2021
OC Housing Update: Forbearance & Foreclosure?
Of the 7.2M homeowners that have taken advantage of the forbearance program, over 5.2M have exited as of mid-June. The vast majority – 90%, are either current and paying on time, or paid off the balance of the loan in full. The bottom line: there will be no wave of foreclosures due to forbearance.
There has not been much change in either supply or demand in the past couple of weeks. Typically, active inventory peaks between July & August, so the recent rises from June through July may have already come to an end. Demand is 17% lower than it was at this time last year with the arrival of a late Spring Market due to COVID. Even with lower demand than last year, it is still an incredible time to be a seller.
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