Black Knight says OC prices have fallen 7% so far this year. Must be seasonal!
As home prices decline, Southern Californians who bought at the peak are nervous
Justin Bragg and his wife stretched to buy a home in Boyle Heights late last year. Now, after hearing of multiple shootings at parks near their home, they wonder if they made a bad choice. Bragg, a high school teacher, feels unsafe just bringing their 3-year-old daughter to their neighborhood playground. But he worries they won’t be able to sell or find a renter who’ll cover their mortgage.
“Are we stuck in this place?” Bragg, 42, said.
Overall, U.S. homeowners with a mortgage have lost a collective $1.5 trillion in equity since equity peaked in May, an 8% reduction, according to September data from mortgage services company Black Knight. The number of
underwater mortgages — where someone owes more on their loan than their home is worth — has
more than doubled to roughly 450,000 nationwide.
According to Black Knight data, U.S. home prices have so far dropped 3.2% from the peak, while
prices have fallen 7% across Los Angeles and Orange counties and 6.3% in the Inland Empire.
Southern California home prices are falling, eroding equity homeowners could spend on renovations or emergencies. People who bought at the peak are particularly nervous.
www.latimes.com