Will La Jolla get a COVID-related surge of foreclosures?

Compared to 2008 in which home prices dropped thirty-five percent in a year- and thus, many householders were left with less equity, and higher debt than their home was worth, the median home price in La Jolla is still high and increasing. Coupled with high demand and many options for homeowners, it will likely prevent a possible increase in foreclosures.

Protections under the federal CARES Act should allow most owners to postpone payments in their mortgage for a year.

Even if the pandemic continues to affect the economy, it'll likely be a long time before we see a notable increase in foreclosures. With all the new federal options, it could take years, due to the lengthy foreclosure process, before homes are sold by banks again.

Foreclosures in San Diego are practically nonexistent, making up 0.09% of homes.

Even though the figure is on the rise in the number of borrowers who asked to delay their mortgage payments temporarily, California's current nonpayment mortgage rate represents one among rock bottom within the nation. San Diego's delinquency rate is analogous to the state total at 6.6%.

Additionally, Most people who lost jobs during this recession are mostly renters, especially in high-priced areas like La Jolla.