orange county housing market conditions: Orange County Housing Demand Update - 08/11/08 12:52 PM
Fueled by the value and affordability of foreclosures and short sales, demand below $500,000 has swelled to its highest level of the year. Total Orange County demand now exceeds last year’s level by 63% and 2006’s level by 26%. Demand, the number of pending sales over the past month, increased by 197 in the past two weeks to 2,940. After unstoppable growth in the first half of 2008, demand is now following a typical summer cycle. For the first couple of weeks it diminished from June’s record highs and has continued to grow ever since. Typically, demand then starts to drop … (0 comments)

orange county housing market conditions: Orange County Active Home Listings update - 08/11/08 12:48 PM
The active listing inventory has shed 398 homes in the past two weeks, bringing it to the lowest level of the year, 14,358. The inventory continues to buck the trend of growing through the Spring and Summer markets. Instead, it has remained just below the 15,000 mark for most of 2008 until its recent drop, bringing it closer to the 14,000 threshold. Two things occurred since the beginning of the year: demand increased unabated and discretionary, non-distressed homeowners remained off the market and nobody tested the waters like prior years. Unlike 2006 and 2007, absent this year was any foolish anticipation … (0 comments)

orange county housing market conditions: Orange County Foreclosure and Short Sale update - 08/11/08 12:46 PM
The distressed home market, foreclosures and short sales, now accounts for 41% of the active inventory and 57% of demand. The distressed inventory grew by 56 additional homes in the past two weeks. An interesting statistic is the portion of distressed homes in the various ranges in comparison to a year ago. Last year 55% of all distressed homes were found below $500,000 and 92% were below $750,000. Today 78% of all distressed homes are located below $500,000 and 94% are below $750,000. It is easy to conclude that the distressed inventory is driving demand. As painful as the distressed inventory … (0 comments)

orange county housing market conditions: Orange County Pending Sales update - 08/11/08 12:38 PM
Total Pending Sales are now at 4,248, a decrease of 22 homes. Remember, this statistic is different than demand, which shows the prior month’s activity. These are TOTAL pending sales, including those that have been pending for months. Compared to last year, total pending sales are up 73%. The year over year discrepancy continues to grow. Four weeks ago, total pending sales were up 61% compared to 2007. The markets are moving in opposite directions. Last year, total pending sales reached only 2,461, 1,787 fewer. Current sold homes not only surpass 2007 levels, it now eclipses 2006 levels as well. The … (0 comments)

 
Garry Loss (The OC Coastal Group)

Garry Loss

Laguna Beach, CA

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The OC Coastal Group

Address: Laguna Beach, CA, 92629

Office: (888) 622-8439

Mobile: (949) 235-3474

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Orange County California Real Estate News, Market Conditions, Economy, Tips for Buyers, Sellers, Homeowners and Investors and Thoughts and Musings.


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