Recent news and statistics regarding California real estate show plenty signs of recovery and an upswing for our local real estate market. During the 4th quarter of 2009, California mortgage defaults declined 24.3 percent from the previous quarter, indicating that the worst may be over for the hard hit entry level markets.1
The Orange County market is providing good news rather quickly in 2010. So far, countywide sales are up 7 percent versus a year ago during the same time and the median home price in more than half of Orange County’s zip codes have increased versus a year ago.2
Irvine is a prime example of our local market recovery. The recent grand opening of the Irvine Company’s Woodbury and Woodbury East developments sold a total 70 out of 71 houses and condominiums, the largest Irvine Ranch sale on record since around the peak of the housing bubble in 2006. In addition, to meet the demand of over 700 prequalified buyers, the Irvine Company began selling homes for the next construction phase in Woodbury.3 On the coast, Huntington Beach has seen a 5 percent increase in sales in 2010 versus a year ago.4
Let one of our Coldwell Banker associates help evaluate the right location and property for you—and don’t forget to ask about the soon-to-expire Extended and Expanded Homebuyer Buyer Tax Credit. Also, visit www.OCViewOnline.com today to view available open houses and to search our fine properties.
1 dqnews.com “Another Drop in California Mortgage Defaults” January 27, 2010. http://www.dqnews.com/Articles/2010/News/California/CA-Foreclosures/RRFor100127.aspx
2 www.ocregister.com “Home Prices Up in 51 ZIPs” February 1, 2010 http://lansner.freedomblogging.com/2010/02/01/home-prices-up-in-51-zips/54571/
3 www.ocregister.com “Demand for Irvine homes is sign of recovery” February 2, 2010. http://www.ocregister.com/articles/irvine-232282-woodbury-company.html
4 www.ocregister.com “Surf City starts year with home sales up 5% ” February 2, 2010. http://huntingtonhomes.freedomblogging.com/2010/02/02/surf-city-starts-year-with-home-sales-up-5/82599/