AGENT MLS HOME FINDER

The Orange County real estate market is somewhat different from the rest of the Golden State, and in fact from the rest of the country at large. This is because of the relatively high median per capita and family incomes in the region, which result in a higher than usual renting and owning cost for local houses and apartments. Orange County, along with the rest of Southern California, was of course affected adversely by the downturn in the local real estate market and the national economy. The fundamental question now facing Orange County realtors and home owners is whether or not real estate in Orange County has declined far enough so as to preclude any further drops and initiate a housing recovery.

According to a September 15, 2009 article in the Orange County Register, there is a highly legitimate fear that the small period of apparent growth in the local real estate market may only be temporary, with further declines to follow. The article, written by Columnist Jonathan Lansner, stated that “Local housing’s recovery may have wilted a bit in the summer heat. Yes, Orange County’s homebuying winning streak continued last month – but by the slimmest of margins. DataQuick reported Tuesday that Orange County home sales grew again in August – but at only a 2.8 percent annual rate. That’s the 14th consecutive month of year-over-year Orange County home sales gains – a nice reversal following a 33-month losing streak. However, August marked the smallest gain in the current winning streak that dates to July 2008.”

A September 15, 2009 article in the Los Angeles Times reported largely the same facts and figures, although with a slightly different interpretation as to the implications for Orange County homes for sale. According to the article by Peter Y. Hong, “Southern California’s median home price continued to rise in August, to $275,000, up 2.6% from July, a San Diego real estate research firm reported today. The number of homes sold, however, dipped from July due to a constricted supply of foreclosed homes and lingering uncertainty among buyers, MDA DataQuick said.”