AGENT MLS HOME FINDER

The Irvine real estate market is often overshadowed by another important attribute of this medium sized, high class Orange County city, the real estate company that maintains its headquarters in the city, RealtyTrac. There are no outright surprises about the Irvine real estate market – the city in itself is relatively characteristic of the remaining cities of Orange County, a high priced community that often has pricing and purchasing trends contrary to those of the remainder of the country. Irvine, Orange County, and Southern California at large are often cited as a good example of a real estate market capable of resisting nationwide trends in the real estate market and the economy, although that capability may become a thing of the past relatively soon.

According to a September 15, 2009 article in the San Diego Union-Tribune, there is a mixed prognosis for real estate in Irvine based on the most recent relevant statistics. The piece, written by Union-Tribune Staff Writer Roger Showley, said that “Southern California home sales dipped in August as foreclosure activity slowed, while median prices rose for the fourth straight month, MDA DataQuick reported Tuesday…With fewer low-cost foreclosure sales taking place, the overall median rose as nondistressed and higher-priced properties closed escrow, DataQuick noted. ‘There’s still a lot of uncertainty out there about prices, interest rates, and the availability of mortgage money,’ DataQuick President John Walsh said in a statement. ‘Additionally, we don’t know if this drop in foreclosure resales is temporary. We’re hearing from public agencies and the banking industry that there’s still a lot of financial distress in the pipeline.’”

Another real estate source had a slightly more optimistic outlook for Irving homes for sale, finding that “Investors driving up O.C. Home sales,” according to the title. The article posted on the Orange County Register on September 18, 2009, stated that “Investors bought an increasing number of Orange County homes in the past four months, helping to drive this year’s housing rebound, figures from MDA DataQuick show. Both total home sales and median prices have been rising since the start of the year.”