We have the OC Great Park balloon – but it’s not a “bubble” at Orange County CA real estate.
Even though some market skeptics have talked about rising home selling prices and possible “bubble” at Orange County CA real estate, we don’t expect this any time soon.
The Orange County real estate markets have more buyers than sellers these days – with 3,143 homes now listed for sale, Orange County needs more than 8,000 listed for any possibility of being balanced between buyers and sellers.
Although home prices have risen 24.1 percent in the past year, the median home price at Orange County declined 48 percent over the past 5 plus years.
The housing market at Orange County has recovered only 62 percent of its losses since this current recovery cycle started.
Between 1985 to 2000, mortgage payments in OC were 35 percent of monthly income of borrowers. As of the end of 2012 such mortgage payments were only 29 percent of average monthly income of borrowers.
The history comparison of Orange County CA household paycheck average to monthly average house payment average was 58.3 percent. But today during June 2013, that ratio is down to 53.8 percent.
Mortgage interest rates at Orange County averaged about 6.8 percent during 2006. During current time (June 2013) those mortgage rates on average have been around 4 percent. So borrowers have saved money on their house payments with new loans since 2006, and more people are getting qualified at these good rates.
People are buying Orange County homes these days the old-fashioned way – with cash or down payments and getting qualified for their loans.
Source of some information is Gary Watts, and this is for information only and is not the providing of professional legal or real estate services.
People ask us about listing and sale of Newport Beach CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Irvine and Orange County, CA.
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