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Orange
County Housing Report: December 11, 2011
Fewer Successful Short Sales!,,, Distressed properties play a major role
in the current housing market. In Orange County, the active distressed
inventory, both short sales and foreclosures combined, dropped by 56 homes and
now totals 3,357, the lowest inventory level of distressed homes since the July
2010. The foreclosed home inventory decreased by 25 homes in the past two weeks
and now totals 625 for all of Orange County, with an expected market time of 1.5
months. The short sale inventory decreased by 31 homes in the past two weeks and
now totals 2,732, with an expected market time of 2.5 months.
Orange
County Housing Report: November 12, 2011
Lowest Payments in Over a Decade!... Monthly Payments: We haven’t seen
monthly payments this low in Orange County since 2000. Everybody knows that home
values have dropped considerably since 2006. We are also very much aware that
interest rates have dropped to historically low levels. However, few people
really understand the combined effect on our wallets.
Orange
County Housing Report: October 13, 2011
Interesting Dynamics: Since August 3,370 homes were pulled off the
market, representing 34% of the current active listing inventory. Meanwhile,
demand has decreased by only 9%. The average decrease in demand over the last
eight years during the same time period is 12%. These dynamics represent a
healthy step in the right direction and may portend a more stable 2012 than some
leading economists are currently forecasting.
Orange
County Housing Report: September 7, 2011
The Fall Market has arrived: In contradiction to our current
temperatures, this past Labor Day weekend marked the official beginning of the
transition into the fall housing market for Orange County. And in keeping with
the fall market, demand has begun to slow and the inventory is declining.
Orange
County Housing Report: August 7, 2011
Demand Up 5%: The Orange County real estate market
continues to follow a typical cycle as we near the end of summer. The numbers
are not typical compared to some years past, but, the seasonal pattern is
normal, and is so without buyer tax credits and the like to provide artificial
support. We still have a long way to go before we will fully understand the real
estate markets “new normal”; however, it appears that the basic dynamics are
still in place.
Orange
County Housing Report: July 7, 2011
The Tax Credit Hangover Is Finally Over: Demand usually
decreases during the first week of July due to the beginning of the summer
and the Fourth of July holiday. This year was no exception. Demand, the
number of new pending sales over the prior month, decreased by 196 homes in
the past two weeks and now totals 2,864. This 6% decrease was the smallest
decrease for this time of year since....
Orange
County Housing Report: May 12, 2011
Demand has cooled over the past month: Demand, the
number of new pending sales over the past two weeks, decreased by 5% or 147
pending sales and now totals 3,042. So far this year, the height in demand
was reached on March 31st with 3,358 pending sales. Two weeks prior, on
March 17th, demand had increased to 2,982. The Orange County market was
following a normal cyclical pattern, but it appears to have changed course
over the past six weeks....
Orange County Housing Report:
March 17, 2011
The spring housing market is under way: Demand, the
number of new pending sales over the past month, increased by 225 homes and
now totals 2,982. Generally the Orange County housing market posts it lowest
demand level of the year at the beginning of the year. At the beginning of
this year, demand was at 1,856 pending sales. Since then, it has increased
by 61%. Spring is the strongest time of the year in terms of buyer activity....
Orange County Housing Report:
February 3, 2011
A Normal Housing Cycle: Demand is not quite where it
was in the mid-2000s, but it finally appears to be following a normal annual
cyclical pattern. Demand is not being artificially manipulated like it
was last spring or the winter of 2009 with first time home buyer tax
credits. Absent housing rebates, the real estate market is finally
functioning on its own, making it is easier to gauge where the market is
heading. So, what does a "normal" housing cycle mean to Orange County?...
Orange County Housing Report: January 6, 2011
A Good Start: Happy New Year! The Orange County housing market is off to a good start and appears poised to follow a normal annual cyclical pattern. During the past two weeks the listing inventory decreased by 211 homes and dropped below the 10,000 mark for the first time since last May, and now totals 9,987 homes. Last year there were 2,694 fewer homes on the active listing inventory...
Orange County Housing Report: December 9, 2010
Rates on the Rise: Buyers should be more concerned in cashing in on historically low interest rates rather than waiting for home values to drop more. Mortgage interest rates have jumped a half of a percent recently, an indicator that we may have already experienced the lowest rate...
Orange County Housing Report: November 24, 2010
The Holiday Season is Here: Everyone's attention is turning to the holidays. The holidays provide us with something we chase after all year: time. As we wrap up this year and put the finishing touches on our plans for the next, we turn our attentions to making memories with family and friends, reflecting on those we love and on those we have lost, and reflecting on the memories of times past, and the promise of things yet to come. The Orange County housing market typically goes on autopilot at this time of year, and this holiday season is no exception...
Orange County Housing Report: November 11, 2010
Many Have Distorted Expectations: Many buyers and sellers alike have expectations that have become somewhat distorted by the volume of information available on a daily basis, much of which is based on national, state or regional averages or medians that do not adequately represent the Orange County housing market...
Orange County Housing Report: September 30, 2010
The Listing Inventory Has Peaked: It is officially the autumn market, and as is typical for this time of year, the active listing inventory is now, finally dropping. Up until this week, the inventory has been increasing. Even with increased demand at the beginning of the year, the inventory grew. The inventory is now decreasing, but not because of an increase in demand. Instead, more sellers have come to the conclusion that the spring and summer markets are behind us and we are going into a slower selling season, and thus are removing their homes from the market...
Orange County Housing Report: September 16, 2010
Interest Rates Trump Tax Credit: I have always found it fascinating that so little attention is paid to how much interest rates can affect purchasing power. The current low rates actually pencil out to be so much more beneficial to a buyer than the $8,000 First Time Home Buyer Tax Credit; yet, the lower rates seem to generate much less demand than the tax credit did...
Orange County Housing Report: September 2, 2010
Report Card: Summer is unofficially over and schools are back in session. Let's take a look at where the grades stand as the fall Orange County housing market gets underway...
Orange County Housing Report: August 19, 2010
A Normal End of Summer Cycle: Summer is winding down and "back to school" shopping is in vogue, and the real estate market is following a normal pattern for this time of year...
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...
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