Orange County Real Estate Market Update

Tuesday, September 7th, 2010. 480 Views

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.    

 

MARKET’S SPLASH IS AT THE BEACH


Corona del Mar ranks first in quarterly index of housing strength. For the second quarter CDM 92625 was the top performer of 83 major Orange County ZIP codes.
 
CDM was also third for sales momentum (up 130 percent)

- Jonathan Lansner, Orange County Register Real Estate Section 9/5/2010

 

ROBUST RECOVERY A YEAR AWAY, UCI PROFESSOR SAYS


-Kerry Vandell, Professor and Finance Director of the UCI Center for real estate
 
Q. August wrapped up with a raft of bad housing news…
 
A. Things were expected to fall, so I don’t that as much of an issue.

Q. Are we heading for a housing crash ?
 
A. No, I think there is going to be some bouncing around for a bit in terms of prices and sales levels. We will bounce around for another year or so before we see a general recovery.
 
Q. Are home prices going to drop?
 
A. I don’t see them coming down much more, if at all, at this point. And most of the indicators have suggested that they’ve come up from their bottoms.

-Jeff Collins, Orange County Register Real Estate Section 9/5/2010

 

UNDERWATER RATE FALLS TO 18%


 Fewer Orange County homeowners were underwater last spring than in the winter.  102,000 Orange County mortgages or 18.1 percent were underwater compared to 19.2 percent the first quarter…Nationwide, 23 percent of homeowners were underwater.

-Marilyn Kalfus, Orange County Register Real Estate Section 9/5/2010

 

TRENDS FOR THE 22 BUSINESS DAYS ENDING AUGUST 16TH


Resale Homes          Up 3.5%
New Homes             Up 35.7%
Resale Condos         Up 5.3%
 
Median Price           $438,500 up from $420,000 a year ago

-Jonathan Lansner, Orange County Register Real Estate Section 9/5/2010

 

HOMEBUILDING TO TRIPLE BY 2012

New homes sales have risen 60 percent in Orange County this year. Researchers are projecting that new home construction will rise 246 percent in California by 2012. Under the most optimistic estimate, residential permits could rise to 126,000 units statewide in 2011, up 246 percent from 2009’s total of 36,421.

-Jeff Collins, Orange County Register Real Estate Section 9/5/2010

 

SANTA ANA FRIM EXPECTS RISE IN O.C. HOME PRICES OF 1.8 PERCENT

More coastal California markets are showing signs of improvements.

-Jonathan Lansner, Orange County Register Business Section 9/3/2010

 

PENDING HOME SALES UP


The  number of buyers who signed contracts to purchase previously occupied homes increased in July.

-Jebb Harris, Orange County Register Business Section 9/3/2010

 

REALTOR GROUP’S INDEX OF CONTRACTS FOR HOME PURCHASES RISES 5.2%


We should be seeing more sales with financing so cheap. Improved affordability conditions should help with a recovery.

-Alejandro Lazo, Los Angeles Times Business Section 9/3/2010

 

PENDING HOME SALES INDEX CLIMBS 5.2% IN JULY

Pending home sales in July rose 5.2% from downwardly revised June levels, the National Association of Realtors reported Thursday,

The July index came in better than the 1% monthly drop that economists had forecasted.

-Market Watch 9/2/2010

 

INDEX


The index was up 9.2 percent for the year ended in June, the sixth consecutive year-over-year increase.
 
June marked the highest LA/O.C. price level since November 2008.

-Jonathan Lansner, Orange County Register Business Sectopm 9/1/2010

 

HOME PRICES RISE IN JUNE

A key index shows a 1% gain from May.

-Los Angeles Times Business Section 9/1/2010
 

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