Will EVICTIONS SPIKE and home prices drop in San Diego

Now might be the time to cash-out from the ALL-TIME historic high price. 

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By: Renae Merle

July 6, 2020 at 8:27 a.m. PDT
Evictions are likely to skyrocket this summer as jobs remain scarce...

A backlog of eviction cases is beginning to move through the court system as millions of Americans who had counted on federal aid and eviction moratoriums to stay in their homes now fear being thrown out.

A crisis among renters is expected to deepen this month as the enhanced unemployment benefits that have kept many afloat run out at the end of July and the $1,200-per-adult stimulus payment that had supported households earlier in the crisis becomes a distant memory.
Meanwhile, enforcement of federal moratoriums on some types of evictions is uneven, with experts warning that judges’ efforts to limit access to courtrooms or hold hearings online because of covid-19 could increasingly leave elderly or poor renters at a disadvantage.

Of the 110 million Americans living in rental households, 20 percent are at risk of eviction by Sept. 30, according to an analysis by the Covid-19 Eviction Defense Project, a Colorado-based community group. African American and Hispanic renters are expected to be hardest hit.

Judge Yvonne Williams, glasses snuggled tight to the blue mask covering most of her face, peered into the camera in her Texas courtroom recently to press a renter about the more than $4,000 she owed her landlord.

“What do you have toward the rent?” Williams asked.

The renter appeared on another shaky screen from a dark room and explained that she had been furloughed as the spread of the novel coronavirus shut down much of the U.S. economy. But she had three kids and nowhere to go, the renter said and was working to raise the money, which included more than $1,000 in late fees.

“I have heard almost 60 cases so far, and this is everybody’s problem,” Williams responded before approving the eviction.  (See the Washington Post for the rest of the article). 

From George Lorimer 
As it relates to us in San Diego, there are very likely to be more evictions after September 30, 2020, and more landlords will put their rental homes up for sale. Therefore, if you are thinking about selling it would be a wise strategy to do it before the other homes come on the market to get the best price for your property. 

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