Marked Improvement in Orange County California Real Estate
Joel Singer, noted economist and vice president of the California Association of Realtors addressed the membership of the Orange County Association of Realtors and has indicated that we have finally hit the bottom of the market in Orange County and that prices have stabilized and that the market is in the early stages of recovery.We can still expect to have a high number of homes in foreclosure, high unemployment with the economy and job picture are dismal. Homes in the $1.2 million and above should see inprovement in the 2nd quarter of 2009. The affordability index is at 60% and Orange County should see improvement before other markets since it started the cycle earlier earlier than many other areas.
Comments (1)
Wouldn't all the stats you quote at the end of your blog indicate that we're not near the bottom? I find it difficult to believe the opinions of the heads of the State and National Realtor Associations, who have an inherent interest in leading people to believe that we are, in fact, at the bottom. Unless the guy is a tried and true futurist, I'd rather watch, wait, and determine the bottom after the market has actually recovered. Staking bets on the bottom of any market is a fool's game.
Joshua Dorkin, about 15 years ago