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We are just about to say goodbye to 2020 and start the new year. What an insane 12 months it has been. Last year, for the conclusion of 2019, I wrote a blog titled, “The Best (and Worst) Performing South Bay Real Estate Markets of the Decade.” That sure was an interesting data-dive as we moved into the new decade. With the unprecedented happenings this year, I thought we might as well look at how local submarkets performed amidst the Coronavirus pandemic. As always, this weekly blog focuses on the Palos Verdes Peninsula and the beach cities of Manhattan, Redondo, and Hermosa Beach. There are 33 unique submarkets to be exact and I will breakdown the
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Important Real Estate News Good News: Forbearance Grows but Flattening Mortgage forbearance plans continues to grow according to the Mortgage Bankers Association. There were about 4.1 million mortgages in forbearance between May 4 and May, 10 which is around 8.16% of all loans outstanding. It is still growing, but if we can “flatten the curve” here and put an end to homeowners not being able to make payments, that is very positive news. Good News: Rent Collections According to the National Multifamily Housing Council’s Rent Payment Tracker, 87.7% of apartment households made a full or partial payment by May. That is an improvement from the April 13th numbers, where the number stood at 85%. According to
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As we continue to wait for full April data to shine a light on Coronavirus’ impact on our local real estate markets, I am sharing weekly real estate big-data that is useful. Important News This Week Ugly News According to Black Knight, a mortgage data and analytics firm, about 3.4 million borrowers are in forbearance. That represents about 6.4% of all mortgages outstanding. The Labor Department has now reported new unemployment filings over the past five weeks that have totaled more than 26 million. The Mortgage Bankers Association reported that California mortgage purchase applications are down over 40% compared to the same time last year. Better News After I shared huge pending sales drops in the
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The new year is just beginning, and the early trends of 2020 will start to reveal themselves in the next couple of weeks. This week I wanted to give a broad-brush stroke of the Palos Verdes Hill. If you read last week’s blog, you know that South Bay median prices are down year-over-year. In case you missed it, you can read the past blog here. Also, a few months ago I wrote a blog post titled, “Palos Verdes Luxury Property: Years to Sell & Huge Discounts,” so for those who read that blog, you would know that many Palos Verdes luxury properties are having a tough time selling. To reiterate last week’s information, when you split
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