14September2008

Housing Recovery Likely in 2010, (But Wait) Expert Predicts Beginnings Could Start in 2009

Posted by staceysloan under: Housing and Economy; Housing Recovery.

Real estate economist Richard K. Green, director of the USC Lusk Center for Real Estate, was interviewed by Jeff Collins of the OC Register.  For a complete transcript of his interview, just give me a call and I will email to you.  Essentially Green thinks 2010 is still about right for the recovery, but believes there is some chance for next year because prices have fallen sufficiently.

Green also was enthusiastic about the raising of the conforming loan limits and changes with FHA and the positive impact it would have on Southern California in particular.

IMPORTANT!  I ALSO HAVE A GREAT ARTICLE ON HOW NOT TO GET SCAMMED IF YOU ARE FACING FORECLOSURE!  THIS IS A MUST READ IF YOU ARE IN A DISTRESS SITUATION.  Give my office a call and I will email it over to you.   Have a great month and give me a call with any real estate related questions.  It’s my pleasure to serve you and your referrals.

15May2008

Is it Time to Buy? Rents Increase Again

Posted by ericchristensen under: Housing and Economy; Buying a Home; Housing Recovery.

The OC Register reported an annual rate increase in rents in the LA/Orange County area of 4.2% from April 2007 to April 2008.  This is the most modest increase since 2000, showing a drop from the previous year-over-year increase of 6.4%.  With home values depreciation slowing down in Orange County, a future buyer needs to seriously work the numbers to determine if the when to buy is now.  Vacancy rates are still very low in the north Orange County area (Placentia is the highest at 5%), so renters should not anticipate any rental rate declines in the future.  In fact, Costa Mesa is the only city surveyed in a recent OC Register article that has a double digit vacancy rate (16.2%).  An excellent tool for the renter to use in this evaluation can be found in an earlier interactive chart found in the New York Times.

9March2008

Home Affordability Nudges Up in Orange County

Posted by staceysloan under: Buying a Home; Housing Recovery; Selling a Home.

This was the OC Register headline on February 24^th.  Hopefully by the time you read this it will have nudged up even more.  What makes for a real estate market recovery is pent up demand, and that is reliant on several factors aligning; incomes rising (3.5% the last 2 years and projected about the same for this year), prices coming down (check), and interest rates (stimulus package anyone?)  The California Association of Realtors reported that 28% of Orange County residents can afford a started home as of fourth quarter 2007.  That’s up from the all time low of 13% we saw in 2006.