I wish I had better news, but OC Covid data is all bad. Compared to last week, the 7-day averages of:
Given that Hospitalizations and ICU patients lag new cases,we should have a big spike this week.
As I discussed a few days ago, housing price appreciation is accelerating. I expect this trend to continue as inventory is low and demand is high. More evidence of demand? Mortgage purchase apps continue to growth.
Here’s a graph of the year-over-year change in the MBA Purhcase Application Index.
The Fed has done its job – lowered interest rates and goosed demand. We’ll see what happens to prices as the summer goes on.