Is the media calling the Orange County housing bottom?
Photo by emdot
Is the media calling the Orange County housing bottom? Here is a summary of recent news articles from the Orange County Register on the housing bottom over the last month:
October 7, 2009–The California Association of Realtors said home prices hit bottom early 2009 and forecasts that the median home price will rise 3.3% next year.
October 14, 2009–Prices and sales rose together, year-over-year, for the first time since September 2005. 15th consecutive month with year-over-year sales gains.
October 20, 2009–Aliso Viejo is the hottest housing market in Orange County with a market time of 1.2 months to sell all current inventory. For all of Orange County, market time is down to 2.4 months from 4.76 months a year ago.
October 24, 2009–September national home sales had largest increase in 26 years and jumped 13% in the West. Deutsche Bank chief economist calls the bottom.
October 28, 2009–Three Orange County cities, San Juan Capistrano, Lake Forest, and Tustin, are in state’s Top 10 price gainers in September.
October 29, 2009–UCLA economists project Orange County median price to rise next year by 15.9% to 16.6%. Projected price increases to be smaller 2011-2015.
November 4, 2009–Expected market time for Orange County short sales is 56 days compared with 7 months a year ago. Bank owned homes current inventory is just 21 days.
As with the housing peak, no one is going to perfectly call the housing bottom and no one can predict the future. However, today the Orange County housing market is moving in the right direction, as reflect in the media reports. If it continues, we will see price and sales increases in the future.
November 23rd, 2009 at 10:41 pm
I think the low end has hit bottom in most of the country. However the upper end hasn’t. Jumbo’s are not givaways like FHA is. FHA 620 credit score and 3.5% down. Jumbos need a 740 credit score with 30% down.
There is a difference in buyer pool.
November 27th, 2009 at 2:23 pm
I agree that the low end is selling much faster than the high end. Here, FHA and conventional are up to $729K. So, the “low end” is up to about $900K. Above that homes move more slowly. In a town like Aliso Viejo, where there are only a handful of communities above that price range, there is less than 2 months of inventory.