Since the start of Covid-19 Crisis, California Association of REALTORS® has been sending out a weekly digest to keep us the REALTORS® informed with the housing market and the latest news on Coronavirus outbreak. It's very informative, and I would like to share some information from the current issue to you.
According to C.A.R.'s 12/09/2020 California Coronavirus Weekly Update:
"With home prices still elevated by about 20 percent across the state and 25 percent in the Central Coast, it remains a seller’s market. C.A.R. data confirms that homeowners with under five years in the home who sold in 2020 averaged a 16.5 percent profit on their sale; homeowners with over five years in the home averaged a 100 percent profit.
At the same time, more than 3.3 million homeowners nationwide will owe delinquent payments on their mortgages when forbearance ends — the Federal Housing Finance Agency (FHFA) extended its moratorium on Fannie Mae- and Freddie Mac-backed mortgages through January 31, 2021. Redfin Chief Economist Daryl Fairweather anticipates that after forbearance ends, the ensuing foreclosed properties will be swept up by first-time buyers and investors, thus not significantly impacting the housing market."