Orange County Real Estate Market Update

This week’s compilation of real estate headlines includes positive reports on Orange County home prices and home sales. If you are interested in receiving a weekly round-up of Orange County real estate news, sign up for our RSS feed to receive instant updates regarding real estate in all Orange County cities including Newport Beach, Newport Coast, Corona del Mar and Laguna Beach.  

“MEDIAN HOME PRICE RISES IN 4 IRVINE ZIPs”
The sales trends in Irvine ZIPs for the 22 business days ending in Aug. 9 were as follows:

Citywide sales totaled 230 – that’s +10 percent vs. a year ago. Countywide, sales were -15 percent vs. a year ago.
Of Irvine’s 8 ZIP codes, 5 had sales gains vs. a year ago while 4 had a gain in their median selling price vs. a year ago.
4 of these 8 ZIP codes beat the 3.4 percent overall performance of the countywide median for the past year.
-Erika Chavez, Orange County Register Real Estate Irvine Homes Blog 8/30/2010

“SOUTH COUNTY’S SHARE OF HOME SALES RISING”
764 homes sold in 19 South Inland ZIPs, up 1 percent from a year ago. The median price was $470,375, up 4.1 percent from a year ago.
-Jeff Collins, Orange County Register Real Estate Lasner on Real Estate Blog 8/29/2010

“O.C. 4TH-HIGHEST IN U.S. HOME PRICE GAINS”
Orange County’s home-price appreciation was fourth highest among 303 of the nation’s metro areas this past spring, according to the Federal Housing Finance Administration (FHFA).

Based on FHFA math — which compares repeat transactions involving Fannie and Freddie loans for home purchases and refinancing — O.C. home prices increased 1.45 percent in the 12 months ending on June 30.
-Jeff Collins, Orange County Register Real Estate Lasner on Real Estate Blog 8/26/10

“FEWER MORTGAGES ARE IN DEFAULT”
Fewer mortgage borrowers are delinquent on their loan payments, with the nation's overall delinquency rate dropping to 9.85 percent in the second quarter, down from 10.06 percent of all loans outstanding three months earlier.

Even better, the percentage of seriously delinquent loans -- ones 90+ days late or already repossessed by lenders -- dropped to 9.11 percent from 9.54 percent in the first quarter.
-Les Christie, CNN Money Real Estate Section 8/26/2010