Orange County

AOA News and Buyers Guide • Orange County • January 2023 • (714) 539-6000 52 e PB) by Mercedes Shaffer Waiting For the Market Crash T he media is full of head- lines indicating that a market crash is on the horizon, and according to Con- sumer Affairs, 78% of Ameri - cans believed there would be a housing market crash by the end of 2022, while 50% ex- pect it to happen in 2023. It’s also worth noting that 75% of the people Consumer Affairs surveyed responded that they would likely try to buy if the housing market crashed, and 84% of Gen Zers are actually hoping for a market crash so they can buy in, believing it could bring prices within their reach. With so many would-be- buyers waiting for prices to drop, and still record-low in- ventory, how likely is it that the market will tumble? Foreclosures Now that foreclosure mor- atoriums have expired, the number of bank-owned homes has been on the rise. In all of Southern California’s five counties, San Bernardino, San Diego, Riverside, Or- ange County and Los Angeles County, the number of resi- dential properties that have gone into foreclosure has more than doubled from the start of 2022. When you read about the foreclosure rate doubling, it sounds catastrophic, but when you look at the data and put it into perspective, South- ern California went from hav- ing under 70 foreclosures at the beginning of 2022 to hav- ing just over 170 foreclosures by the end of 2022. While it did more than double in one year, it’s a relatively small amount of foreclosures. Foreclosures Prior to the Pandemic Artificial Turf Maintain Curb Appeal • Water Bill Savings Maintenance Free • Financing Available Joe Chaides Artificial Turf Specialist Call Me Today for Your Free Estimate 714.747.6454 According to the Census Bureau, in the state of California, over 45% of the population are renters and the number is rising. Redfin published a study showing that the median monthly asking rent in the U.S. increased 11% in Southern California. (continued on page 57)