9 min
October 2020 Southern California Real Estate Market Update Nahed Benyamein's Estate of Grace
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This is your October Southern California Real Estate Market Update and the hottest topic this month is…
UNEMPLOYMENT!
At the end of August, the Bureau of Labor Statistics released a report showing that unemployment dropped to 8.4%! This is the lowest unemployment has been in the last 5 months. In fact, unemployment was at nearly 15% back in April when Covid had hit our economy the worst. Although there was a slight change in the underlying methodology which makes comparisons to the previous few months difficult, this marks significant ongoing progress, nonetheless!
Another thing that we discuss is…
INTEREST RATES!
According to Fannie Mae, a 30-year fixed-rate mortgage was 2.94% in the month of August. Rates remain near historic lows and this continues to drive demand for housing. I got into this business in 1988 and at that time interest rates were above 10%! If we just look back to 2018, interest rates were nearly 5%!
We also discuss…
HOME PRICES IN LOS ANGELES,
INVENTORY IN ORANGE COUNTY
WHAT IS HAPPENING WITH HOME VALUES IN SAN BERNARDINO
FORECLOSURES
I hope you enjoyed this October 2020 Southern California Real Estate Market Update from your favorite SoCal Realtor, Nahed Benyamein!
This is your October Southern California Real Estate Market Update and the hottest topic this month is…
UNEMPLOYMENT!
At the end of August, the Bureau of Labor Statistics released a report showing that unemployment dropped to 8.4%! This is the lowest unemployment has been in the last 5 months. In fact, unemployment was at nearly 15% back in April when Covid had hit our economy the worst. Although there was a slight change in the underlying methodology which makes comparisons to the previous few months difficult, this marks significant ongoing progress, nonetheless!
Another thing that we discuss is…
INTEREST RATES!
According to Fannie Mae, a 30-year fixed-rate mortgage was 2.94% in the month of August. Rates remain near historic lows and this continues to drive demand for housing. I got into this business in 1988 and at that time interest rates were above 10%! If we just look back to 2018, interest rates were nearly 5%!
We also discuss…
HOME PRICES IN LOS ANGELES,
INVENTORY IN ORANGE COUNTY
WHAT IS HAPPENING WITH HOME VALUES IN SAN BERNARDINO
FORECLOSURES
I hope you enjoyed this October 2020 Southern California Real Estate Market Update from your favorite SoCal Realtor, Nahed Benyamein!
9 min