Los Angeles & Orange County Housing Market Update - mid-September 2020
Hot off the presses, here are the mid-September 2020 housing numbers plus foreclosure data. In both LA and OC, the single-family sales aren’t slowing and inventory remains tight. Traditionally, this time of year sales will start to slow through the holidays, but we’re still seeing year over year pending sales 30%+ higher. OC and LA multifamily tells a different tale, pending sales and inventory numbers are stable, but not seeing the same record setting sale space that single family markets are.
We’ve also included the latest foreclosure numbers for August and Notices of Default (NOD) are way up. The earliest that a Notice of Default is filed when a payment is missed is 120 days after. Subtracting 120 days from August means that the payment was missed in April. Due to the foreclosure moratorium that many lenders put in place, we don’t expect to see a big surge in these numbers…yet.