Housing Worst is Over, But Still Leveling Off

Housing data from all over the media has been pouring in over the past few weeks.  One constant that has and never will die regarding real estate is location, location, location.   Specifically in Orange County, California we will never see modest homes in modest neighborhoods tumble in value.   Allow me to clarify, yes inflated home values had to correct, but I challenge you to find a 4 bedroom home under $400,000 in Orange County today.   That is simply because with the schools, parks, jobs and lifestyle that are offered to the Orange County resident value will remain strong.  I have added some additional insight from a news source I rely on, Zillow.com,

After plummeting sharply in July, existing home sales rose 7.6 percent in August, the National Association of Realtors reported on Thursday. Sales were down 19 percent from a year ago, while prices were up 1.2 percent.

Home sales data have been volatile in recent months due to the federal tax credit for home purchases, which expired in the spring. But August’s figures represent something of a return to normal, says Stan Humphries, chief economist of Zillow.com.

“The housing market is continuing its bottoming process,” Humphries tells me and Aaron in the accompanying clip.”What we’re seeing is what we’ve been expecting.”

The NAR’s figures largely jibe with data that Zillow, the popular home appraisal and real estate information site, crunches on its own. The Zillow Home Value Index, which measures the market values of homes for sale, shows values fell 3.2 percent between August 2009 and August 2010, and rose 0.2 percent between July 2010 and August 2010.

“We’re still seeing some depreciation, but it is trending upwards toward a flat market, which we expect toward the end of the year,” he says.

Homeowners remain torn about the prospects of the market. “Homeowners are in flux right now in terms of what their expectations are,” Humphries says, referring to Zillow’s homeowner sentiment survey. “A lot of them believe we’re in a bottoming process, but a fair number do believe the bottom still lays ahead.”

Zillow’s most recent sentiment survey, published in August , found that in the second quarter of 2010, 28 percent believed home values in their markets would fall in the next six months, while 30 percent said they’d rise and 42 percent said they’d stay the same.

Orange county cabinet remodeling is still in high demand and we can offer superior service and quality products in a down or up economy.   Give me a call for a free quote, Fred the OC Remodeler, 714.289.2600

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