In Orange County many people say, "No, things are going to get worse!" or "Realtors are always overly optimistic". When we see the numerous foreclosures and short sales, it does seem that the downturn is not over and prices will continue to fall. I say prices have fallen enough (40% to 50%) in Anaheim and Santa Ana that it's now time for buyers to jump in before it's too late. After all, when is the last time you could buy a two bedroom condo at $840 a month? With $10,000 down and a low 6% interest rate on a 30 year fixed mortgage, that price is realty. I was just showing a 2 bedroom condo the other day that was a minimum of $300,000 last summer and is now listed in the $160,000 to $150,000 range. That's a 50% drop in less than a year. 3 bedroom houses that were selling at $525,00 less than a year ago are listed at $330,000! I think the other cities in Orange County have not been affected as much because there hasn't been as much turnover and there weren't as many people buying in the last three years with risky loans, but still the surrounding cities of Fullerton, Orange, Buena Park, Brea, Tustin, Anaheim Hills, Placentia and Yorba Linda will be affected by what's going on in Anaheim right now. I believe Anaheim has hit bottom because it's cheaper to buy than to rent in most areas (that's including HOA + mortgage compared to current rental prices). Anyone else has an opinion on the housing outlook for spring and summer of 2008?

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