Some Zips in Orange County See Price Gains, 4th Highest in U.S.

While no one is predicting that the Orange County economy is back on the right track and in fact many are calling for minimal growth in 2010 and 2011 in both business and real estate, there exist some evidence that good homes in good neighborhoods will always have a demand.   The OC Register recently featured a piece outlining:

Things are looking up in O.C.’s housing market, if you believe the Federal Housing Finance Administration – the agency that oversees Fannie and Freddie. According to FHFA, Orange County’s home-price appreciation was fourth highest among 303 of the nation’s metro areas this past spring.

That’s right, we’re Number 4 according to the federal government’s House Price Index, which dates back 35 years.

Based on FHFA math — which compares repeat transactions involving Fannie and Freddie loans for home purchases and refinancing — O.C. home prices increased 1.45% in the 12 months ending on July 30.

Still:

  • It’s the first time in the federal HPI that O.C. home values increased since the winter of 2007. The HPI pegged O.C. values as dropping from year-ago levels for the past three years, with values down as much as 18.2%.
  • The HPI determined that home values were up 0.36 of a percent from the first quarter of 2010.
  • However, the HPI pegs local home values as down 17.18% from where they were five years ago — in the spring of 2005. That was two years before O.C. home prices reached their peak.
  • The HPI puts just three other U.S. metro areas ahead of O.C.: Springfield, Ill., with prices up 2.68%; Dubuque, Iowa, with prices up 2.41%; and San Jose, with prices up 1.89%.
  • Nationally, U.S. home prices fell 4.9% in the year ending June 30, according to the HPI.

So where is the housing market headed?  Are you finding good deals in real estate?  Will President Obama receive another term? These are the questions that I talk about with my neighbors and clients.  It’s the reason that Signature Design has seen modest growth in the past two years, as we have narrowed our focus and enhanced the level of service we give to every client.  The economy has been good for us in that it has weeded out a lot of companies that did not care for their customers but rather how much money they could make.

We remodel investment houses for “buyers and sellers”.  If you need a quote for Orange County Investment Kitchen Remodel, give me a call at 714-289-2600

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