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Orange County Housing Report: August 5, 2010
Attention Lenders: Change the Short Sale Process!!! The backlog of short sales that are pending is dizzying. The lenders are in control of the real estate market and they are taking their sweet ol' time...
Orange County Housing Report: July 8, 2010
Unreal Median Prices and Misinterpreted Media = Unreal Expectations: The Orange County Housing Inventory has inflated by 48% since the beginning of the year because of unreal fact-based expectations...
Orange County Housing Report: June 24, 2010
Demand Dynamics Appear Normal Again: After dropping nearly 22%, Orange County housing demand dynamics now appear to be entering a normal summer cyclical pattern...
Orange County Housing Report: June 10, 2010
Is Demand Returning to Normal? The decrease in demand appears to be leveling off. In retrospect, the end of the Federal tax credit definitely had an impact on Orange County housing demand, if in no other way but timing. The ending of the credit prompted many first time home buyers to purchase sooner than they originally planned. Had the credit not been in place, demand would have been somewhat less in both March and April, and somewhat higher in May and June. March and April's surge in demand due to the ending of the housing credit appears to have robbed May and June of normal activity...
Orange County Housing Report: May 28, 2010
A Late Spring Pause: Could it be graduations, the end of the tax credit, Europe's influence, or the roller coaster stock market causing a temporary housing lull? Only time will tell, but the Orange County housing market has slowed considerably...
Orange County Housing Report: May 13, 2010
A Housing Report Card: News reports of recent median price increases in Orange County appear to be fueling an unhealthy increase in available active inventory. However the increase in available inventory is not translating to an increase in sales, a situation that occurs when unrealistic home sellers decide to "test" the market, by putting their home on the market at a price higher than what was received for the last comparable sale. Often times the percent of increase correlates with the increase in recently reported median prices. This becomes an especially unhealthy situation when the increase in median prices is due largely to the current mix of homes sold, rather than actual appreciation...
Orange County Housing Report: April 29, 2010
End of Tax Credit Won't End Demand: At the stroke of midnight on April 30th the Federal first time home buyer tax credit will come to an end, but it doesn't appear that it will spell the end of demand. Everybody has been looking to the end of the tax credit as if it were likened to the infamous Y2K predictions of a little more than decade ago. Remember those days? I had a neighbor who bought a trash can from the local hardware store and filled it with bottled water and canned goods claiming that the end of life as we knew it was upon us. Governments, banks, power companies, airports, traffic systems and more were all supposed to fail on the first day of the year 2000. Nothing really happened. For Orange County real estate, the end of the tax credit is not going to have much of an impact either...
Orange County Housing Report: April 15, 2010
A Changing Market: Talk to an Orange County buyer, especially a first time home buyer, and you will quickly find that the real estate market is exasperating. Currently there are two different markets, below $1 million, HOT, and above $1 million, COLD. The below $1 million market accounts for 77% of the total active inventory and 94% of demand. The lower the range, the hotter the market...
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