Newport Beach is one of the elite residential sections of Orange County, which is one of the more upscale sections of the Golden State in terms of per capita income and prestige. Newport Beach real estate is easily more expensive than the state and national averages, although it still experiences periodic highs and lows just like any other real estate market. Newport Beach, however, like the rest of Orange County, is often cited in national news articles as being a good example of a resilient real estate market with the economic power and endurance to produce results that are often the inverse of the nationwide environment. One of the fundamental questions facing potential investors is whether they can expect for that trend to continue, or if it will fall along with so many other conventions that have collapsed during this downturn.
A September 18, 2009 article on the Orange County Register website seemed to indicate a degree of confidence in the ability of Newport Beach homes to get themselves sold. The piece, written by Jeff Collins, 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. Still, investors played a smaller role in the housing market here than they did in the region as a whole.” This seems to dispute some of the more dire predictions about real estate in Newport Beach, which argue that a decline is impending.
However, according to a September 16, 2009 article from the Union-Tribune Staff Writer stated in the headline that “Southern California home sales take a dip.” The article by Roger Showley, found that “The six-county Southern California region, including San Diego County, experienced a rare dip in home sales in August as the low-cost-foreclosure market contracted, MDA DataQuick reported yesterday.” There has also been a grassroots effort to defray the harms of foreclosure, as reported by Mortgage Orb, which found that “The Legal Aid Society of the Orange County Bar Association Inc. in Florida has been awarded $84,000 to be used for a new foreclosure defense assistance program. The program is funded by money obtained by the state’s attorney general, Bill McCollum, through a settlement with Countrywide Financial.”