Archive for May, 2010

Garden Grove real estate

Sunday, May 16th, 2010
Mom and her ducklings outside the library in G...
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Garden Grove real estate, found in a rather exclusive suburban community, has been facing largely the same financial situation as the rest of Orange County, California. One high point for Garden Grove real estate for sale is the median home price, according to a February 23, 2010 article in the OC Metro. The article noted that “Orange County’s median home price rose 13.6 percent in January, compared to the same time last year, according to stats released by the California Association of Realtors.” The piece, composed by Kristen Schott, continued to say that “The region’s home price hit $480,790 in the period, up from $423,100 in January 2009. But the median price fell 3.1 percent from December, when the number was $496,070. The pattern was also reflected statewide, according to C.A.R., which measures its statistics from MLS information. California’s median home price increased 15 percent to $287,440 in January.”

This same pattern for Garden Grove homes for sale was noted by a February 23, 2010 article in the Orange County Business Journal. That piece stated that “The median price of an existing Orange County home declined by more than $15,000 in January from December, thanks in large part to an influx of first-time home buyers snapping up more affordable homes, the California Association of Realtors said on Tuesday.” The article, written by mark Mueller, also noted that “Including condos, the median price of a home here in January was $370,000, a 6.8% decrease from December, and a 15% decrease from a year earlier, according to San Diego-based MDA DataQuick…”

One traditional market of market distress, the number of short sales, increased in January of 2010, indicating a potential trouble spot for Garden Grove real estate for sale. According to a March 1, 2010 post in the Orange County Register, “Orange County home sales for less than a residence’s total debt increased 33.8% in January from the year before, Southern California Multiple Listing Service figures show. The listing service reported that 487 of January’s deals were ‘short sales’ – or sales in which the purchase price is less than mortgage balance.

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Los Gatos real estate market

Saturday, May 15th, 2010
Town of Los Gatos, California
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The Los Gatos homes for sale is very closely related to the trends of the greater Bay Area. Most indicators seem to suggest that the Bay Area real estate market is slowing, after a period of rapid growth towards the end of 2009. According to a February 19, 2010 article in the San Francisco Chronicle, “The Bay Area housing market lost some of its 2009 momentum in January, according to an authoritative real estate report, but prognosticators do not necessarily see a shift towards slower sales in 2010.” The piece, written by Robert Selna, continued to say that “Data analyzed by MDA DataQuick, a San Diego research firm, show that 4,853 new and resold houses and condominiums closed escrow in the nine-county Bay Area last month. That represented a decline of 38 percent from December and a 4 percent drop from January 2009.”

A February 18, 2010 article in the Contra Costa Times noted that there is mixed news facing the greater Bay Area real estate market as well as Los Gatos homes for sale. This piece found that “Bay Area home prices rose in January for the fourth-straight month on a year-to-year basis while the number of home sales dropped below what they were a year ago for the first time in 17 months. But whether the sales slowdown stems from a lower number of homes for sale due to banks holding onto foreclosed properties or cooling buyer interest is unclear.” The article, written by Eve Mitchell, continued to say that “From December to January, home sales dropped 38 percent. While home sales typically fall off between those two months, the average decline has been 28 percent, according to DataQuick records that go back to 1988.”

A February 19, 2010 article in the Mercury News presented a more positive outlook for Los Gatos real estate, finding that “…most experts interviewed said the recovery that started last year is likely to continue later this year, citing an increase in home prices in the same report and a shift to a more sustainable mix of homes on the market, with fewer foreclosures.”

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Costa Mesa real estate market

Friday, May 14th, 2010
Official seal of City of Costa Mesa, California
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The Costa Mesa real estate market, which is heavily dependent on the larger and inclusive Orange County real estate market, faced some moderately bad news in a report released by ForeclosureRadar.com, which indicated that the number of foreclosures in the region increased slightly from December of 2009 to January of 2010. This trend was reported in a February 16, 2010 article in the OC Metro, which stated that “In addition, 523 properties were returned to banks, up 86 from December but down 193 from January 2009. And 303 homes were sold to a third party, up 81 from December and 183 from the same time last year, according to the report.” The founder and CEO of ForeclosureRadar.com, Sean O’Toole, also said that “With delinquent payments rising, foreclosures slowing and foreclosure alternatives failing, it appears the foreclosure crisis will be with us for many years to come.”

A related indicator for Costa Mesa homes for sale, the number of short sales, spiked much more sharply in January of 2010. According to a March 1, 2010 article in the Orange County Register, “Orange County home sales for less than a residence’s total debt increased 33.8% in January from the year before, Southern California Multiple Listing Service figures show.” The piece, written by Jeff Collins, continued to note that “The listing service reported that 487 of January’s deals were ‘short sales’ – or sales in which the purchase price is less than mortgage balance. That’s nearly 28% of all Orange County resales traded through the MLS.”

One positive note for Costa Mesa real estate was reported by Kristen Schott of the OC Metro, who wrote that “Orange County’s median home price rose 13.6 percent in January, compared to the same time last year, according to stats released by the California Association of Realtors. The region’s home price hit $480,790 in the period, up from $423,100 in January 2009.” The February 23, 2010 piece continued to state that “But the median price fell 3.1 percent from December, when the number was $496,070. The pattern was also reflected statewide, according to C.A.R., which measures its statistics from MLS Information. California’s median home price increased 15 percent to $287,440 in January.”

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