Here is a link to the latest, bi-weekly Market Report produced by the President of our brokerage:

http://www.OurAgentSpot.com/sthomas/MarketTime-Jun-12-08.pdf 

For a synopsis of the report, the news for O.C. real estate continues to get better in almost every respect.  Sales are up, while inventory is declining.  What USUALLY happens in such a scenario is that prices is that prices become stable, and the market becomes more balanced between sellers and buyers.  That definitely seems to be the case at the moment.  These are signs that the recent market downturn is slowly, but surely grinding to a halt. 

As an aside, the problem in this recent real estate downward cycle has never been interest rates. It's been overleveraging by home owners, unsustainable price increases relative to local incomes, and a tightening of lending guidelines - not rising interest rates. Remember during the 2004-2006 boom years the average 30 year fixed loan was about 6.25% - just about where it was today - and just about where it will be in December. By the way, the "temporary" High Cost Area Jumbo Conforming and FHA loan limits are already in the process of becoming permanent. Expect extensions of the provisions of the Stimulus package to be completed by November of this year.

So, interest rates are "OK", and there is still a good selection ( albeit declining.) of properties to choose from, and prices seem to be bottoming out.  This just might be a great time to be looking for property, at least in Orange County, California.

If you've been thinking of buying a house in South Orange County, give me a call and let's talk real estate.  I've been helping my friends and neighbors with their real estate decisions for over 31 years!  Call Bob Phillips, of Re/Max, at 949-643-2100, or email me at BobPhillips@ReMax.net.