If, the people cant pay now and want/need forbearance what means they can pay when forbearance ends? There will be pressure to sell the home. I think it’s likely that will increase inventory, and favor buyers after the forbearance “dust” settles. Then motivated home owners will start flinging comp bombs.
I think the financial pause is just that a pause. Home prices are where they at because there are fewer homes for sale, and some people have to move. Home prices can only be supported by the buyer pool.
San Diego’s buyer pool is affluent and usually financially educated. When they tour a home and see a model match for 30k less, they first ask what’s wrong with the other home? When the answer is nothing, it becomes a will of motivation then a line on where a short sale will be.[/quote]
I’m assuming we can exclude most tech and biotech workers, since they seem to be doing well if not better and are an outlier.
Beyond that, what are the numbers looking like? Has anyone noticed if we’ve seen any pickup of migration from people North of us to down here, now that those workers are most likely working remotely indefinitely? Can’t say for sure, but I thought I’ve seen a few folks recently relocate down here from Bay Area because they think home prices here are cheap(er) and now they can work remotely from here indefinitely…