OC Housing Report

By Uncategorized December 11, 2024
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No Detectable Plunge

Housing data demonstrates that a significant drop in home values are not on the horizon despite the current  market slowdown.  With a limited inventory and over a decade of tight lending standards, housing values will not plunge as they did during the Great Recession. 

A surprising 44% of Americans thought the housing market would crash and values would plunge, according to a LendingTree survey conducted at the end of last year. A shocking 52% of millennials believed in a 2024 crash. The same study was conducted at the end of 2022, and 41% of Americans thought housing values would nosedive in 2023. The market did not collapse in either 2023 or 2024. How could so many convinced Americans get it wrong? 

The Great Recession was a painful downturn for housing. So many homeowners were burned as values cratered and equity evaporated seemingly overnight. Everyone was affected by it personally or they knew someone who was painfully impacted and left with nothing. It was the most devastating period for housing since the Great Depression. As a result, the immediate knee-jerk response to any slowdown in housing is that values will tumble once again like they did during the Great Recession. 

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Excerpt taken from an article by Steven Thomas.

About the Author
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Tim Morissette, REALTOR®

Tim Morissette, also known in the community as Mr. Foothill Ranch, offers over 46 years of real estate experience which has given him an established reputation and unmatched market knowledge. He is joined by his wife, Michele and sons Matt and Jeff, as they continue to offer personal service with an emphasis on achieving his clients’ real estate goals.  This unique combination of traits has led to his proven track record of referral and repeat business. This can be witnessed by the trust of homeowners in Foothill Ranch where he has sold twice as many homes and represented three times more buyers than the next-leading real estate agent for the last 26 years.

As residents of Foothill Ranch since 1994, Tim and Michele are actively involved in the community by fundraising for Foothill Ranch Library, Make-a-Wish Foundation, Cancer Society, Homes for Habitat, Relay for Life, South County Outreach, and the local church and schools. Tim enjoys sponsoring community-wide garage sales, paper shredding and e-waste recycling event, an Easter egg hunt, & a Meet Santa Event.

Tim and Michele are dedicated to their family of four sons, daughter-in-laws, and grandchildren. As a family, they enjoy many outdoor activities which include camping, spearfishing, mountain climbing and exploring the miles of hiking and equestrian trails in Foothill Ranch and the Whiting Ranch Wilderness Park. Tim and his sons are also avid snowboarders and enjoy mountain biking and lobster diving. Family is a top priority in the Morissette household. They look forward to helping more families achieve their dreams of homeownership.