It may be too early to suggest that the housing market is in recovery, but here in Orange County we continue to see positive signs pointing to an upswing for our local real estate market. For example, a recent Data Quick report states that Orange County experienced “a .2 percent year-over-year increase in its resale house median last month and was also the first for any month since August 2007”1.

Consumers are regaining confidence in the market as investors and first time home buyers are buying property at such a rate that inventory in the first three quarters of 2009 has dropped 42 percent year-over-year. Also, since April 2009 Orange County’s closed inventory has outpaced new listings for 6 months for the first time in two years and the remaining unsold inventory is at an all-time low.

Other positive signs for real estate are the low interest rates on many mortgage products2, the good news coming out of Wall Street3. We also believe that the stories of REO inventory coming will not satisfy the demand and that consumers will buy these properties up quickly.

Now may be the best time to buy as home prices and mortgage rates are still low. And, while the market will not be back to record levels soon, we are hopeful for a positive conclusion to 2009 and that 2010 will be a continuation of the good news that has come out in recent weeks. Don’t let this opportunity to buy pass you by. Check out our inventory on OCViewOnline.com and DesertViewOnline.com and use the latest in mapping technology to find your next home, second home or vacation property.