San Diego Real Estate Market Pandemic

Certainly, at times like this, I think being optimistic is a priority. But, I don’t think being overly optimistic is prudent at this time. I believe, that if he gathered up 10 top economist and asked him the same question,”what do you think will be the effect on residential real estate as the economy emerges from our lockdown state,” will most assuredly get 10 different opinions each of which will most probably be backed up by very believable scenarios.

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San Diego Real Estate Market Pandemic

California Eviction and Foreclosure Bans

California Gov. Gavin Newsom issued an executive order making it clear that local city governments can impose eviction protections for tenants who are unable to pay their rent because of the coronavirus or loss of income as a result of the outbreak. Almost immediately, San Francisco, San Diego, and many other California cities, announced such bans. Currently it looks like these bans are effective until May 31, 2020, unless extended. What I find disturbing about this compassionate order is the fact that I have not seen any definitive outline of how the rental owners are going to be compensated for what could easily be thousands in unpaid rent! Gov. Gavin Newsom’s executive order definitively states that California cities can put the bans in effect immediately, but only asks mortgage lenders to look for solutions granting some relief. Personally, I believe that before or in unison with our California governor and cities issuing these bans they should have clearly defined how the rental owners would be compensated for their loss of rental income..... Please visit our very popular San Diego real estate blog to gain valuable insights not only for current San Diego homeowners but also for future purchases of residential real estate here in San Diego California!