News, Did you buy a home in SoCal at the peak of the market? We want to hear from you : detailed suggestions and opinions about Did you buy a home in SoCal at the peak of the market? We want to hear from you .
Buying a home is usually the biggest investment someone makes in their life, leading to second-guessing about when is the right time to take the plunge.
At the moment, Southern California home prices are falling and are now 5.4% below the peak reached in May, according to Zillow.
Prices have turned negative because of rising mortgage rates, and many experts predict home values will decline further. That raises the prospect that homeowners will increasingly be underwater on their loans — that is, owe more on their mortgage than their home is worth.
The risk is greatest for people who bought in spring or early summer 2022.
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