Orange County Real Estate Report March 2010

OC Market Update: Move-up Buyers Benefit from Affordability

One of the bright spots of the economy is the rise in economic indicators for the last ten months. But in January 2010, five of the ten indicators that rose weren’t the ones the economy is watching most closely. Jobs, money supply, building permits and capital goods ordered all declined.

The home building industry posted its first production gains in years in January, but new home units are still 75% below where they were at the peak of the housing market. Further hampering construction recovery are the rising costs of lumber and any goods derived from oil.

That’s a good thing for California home sellers, whose properties don’t need more competition. Foreclosed homes are being dumped on the market and selling at an average 28% discount (according to research by Zillow.com). This has driven housing prices to pre-boom levels.

What’s changed? Jobs – 8.4 million have been lost in a little over two years.

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