Here's recent history of the Fed’s policy committee and its Fed Funds rate. Next Fed decision is June 24/25.
O.C. ranked nation’s 22nd worst housing market
May 22nd, 2008, 7:52 am · 47 Comments · posted by Jon Lansner/O.C. Register columnist
The Office of Federal Housing Enterprise Oversight’s first quarter data puts O.C. home values down 11.16% in the year ended in the first quarter, 22nd worst among the 292 major markets the agency follows.
The OFHEO report noted that its math found the first quarter’s worst markets in California: Merced (-24.7%), Stockton (-21.5%), and Modesto (-21.0%). Best? Houma-Bayou, Louisiana (+11.2%), Grand Junction, Colorado (+9.1%), and Wenatchee, Wash. (+8%).
As for states, California (-10.6%) was the first quarter’s worst, followed by Nevada (-10.3%), Florida (-8.1%), Arizona (-5.5%), and Michigan (-3.1%). Best? Wyoming (+6.3%), Utah (+5.6%), Montana (+4.9%), Texas (+4.7%), and Alabama (+4.5%). (Read more of OFHEO report HERE!)
Some observers feel the OFHEO indexes have lost their significance because they track pricing by looking at information obtained from the two mortgage-owning giants OFHEO regulates: Fannie Mae and Freddie Mac, who only buy smaller “conforming” loans not larger “jumbo” loans. That higher-price market niche has been hard hit by the credit crunch in markets like O.C. In essence, OFHEO indexes may be understating the gravity of the current downturn. As an example, DataQuick has O.C. prices falling 20.5% as of April.
OFHEO has an interesting spin on this trend, noting: “While house price declines are widespread, homes financed with prime, conforming mortgages continue to hold up better than those financed with other types of mortgages, a phenomenon we’ve been observing for the last several quarters.”
May 22nd, 2008 at 7:55 am
More bad news for the housing market. OFHEO just released their home price index.
Home prices in California are down 10.6%
OUCH!!!
Read the report
May 22nd, 2008 at 8:19 am
Ok, Eat it, I have what you asked for:
“okay, then show me the ipoplaya type listings of all of the OC where the asking for NON-REO listing price/sales prices ratios are greater month over month or YOY…come on, show me”
Well, this is not precisely what you asked for, but close enough. These are two recent sales in good neighborhoods in Irvine. These are non-distressed sales. These type of sales are becoming more common by the week.
5 Arlington
Irvine
2,730 Square feet
Sold 5/2/2005 for $855,000
Sold 5/9/2008 for $845,000
104 Treehouse
Irvine
2,500 Square feet
Sold 1/12/2004 for $745,000
Sold 5/21/2008 for $1,020,000
May 22nd, 2008 at 8:31 am
Look at how the media is reporting today’s horrible housing numbers.
This is going to be all over the evening news tonight. Not good, not good.
May 22nd, 2008 at 8:32 am
That Arlington house? At $310 per square foot, it isn’t even high by Irvine standards (which can reach $500 per square foot) even now.
May 22nd, 2008 at 8:52 am
Jon, this was a good little find from the Wall Street Journal in the “Hot National Real Estate News” list on the right. It’s nice to see some balanced headlines there.
Weary and Wary, Homeowners Stay Put and Rents Rise
By JUNE FLETCHER
May 22, 2008
“Weary of bad news on the housing market, yet wary of missing a deal, readers continue to ask: Should I rent or buy?
There are powerful arguments for both cases. On the one hand, no one wants to buy something that’s falling in value. On the other, foreclosures are creating one of the best buying opportunities in years, and rents are ticking up. REIS, a New York-based real estate research firm, expects rents will rise 3.8% this year, compared to a 3.1% gain last year.
Although I think it’s much better to buy when prices are low — assuming you can get the financing and aren’t planning to move in the next year or two — many people apparently have become too pessimistic to make a move. Indeed, many Americans have become fence-sitters, according to a new survey done two weeks ago by Harris Interactive, a group that conducts online research - - though people who already own a home are the most resistant to moving.
The poll asked a pre-selected panel of consumers, consisting of 1,258 homeowners, 563 renters and 228 “others” (folks living with family or friends), questions about why they live where they do, and what their housing plans were for the future. The research was sponsored by the National Apartment Association.
The 2,049 respondents, whose answers were weighted to adjust for region, age, gender and other factors, were generally gloomy about the state of the economy. Eight out of 10 thought it would stay the same, or get worse, over the next six months. Consequently, 72% of homeowners and half of both renters and “others” plan to stay in their current residences over the next year.
The stay-in-place movement is a bit at odds with recent trends towards renting. Rising foreclosures and the credit crunch, along with widespread anxiety about the direction of home prices, have all played a part in swelling the tenant pool.
Homeownership rates fell to 67.8% in the first quarter of this year, down from a peak of 69.3% in the second quarter of 2004, according to the U.S. Census Bureau. Doug Culkin, president of the apartment trade group that sponsored the poll, says that multifamily builders, who favored condos during boom times, are now concentrating on apartments.
Although Mr. Culkin expects that demand from young people entering the workforce, downsizing empty-nesters and immigrants will keep the rental market healthy for the next few years, it’s unlikely that renting will ever be a permanent housing choice for most Americans.
And the survey seems to underscore this: Only 2% of owners and 12% of “others” said they planned to move out and rent with the next year, while 69% of tenants said they plan to rent for less than five years — at which point, presumably, they will try to join the ranks of owners.
So, while renting may make sense right now if it suits your lifestyle, or you’re financially stressed, don’t wait forever if owning is your dream. Already, bargain hunters are starting to scoop up properties in places like Southern California, where total sales of new and resale homes and condos jumped 27%, to 31,150, in April from the month before, according to Dataquick Information Systems, a research firm.
That doesn’t mean that the bottom of the market necessarily has been reached, but it is an indication that there’s still pent-up demand for housing, and money available to buy it. And when it is reached, today’s deals will disappear quickly.”
May 22nd, 2008 at 9:20 am
easy to create the ‘best buying opportunity in years’ when those prior years were the top of a massive bubble. Oh the people who fall for this stuff…
May 22nd, 2008 at 9:20 am
xtra xtra read all about it
next shoe to drop alt-a’s
http://www.reuters.com/article/gc03/idUSN2249493920080522
May 22nd, 2008 at 9:24 am
These are more common sales figures for that Irvine area:
Nearby Similar Sales
Closest homes of similar size and type, and sold within the past six months:
$799,000
14 ALLEGHENY
Sold on Mar 27, 2008 0.1 miles
4 br / 3 ba
2,557 Sq. Ft.
$740,000
11 LONGSTREET
Sold on Apr 25, 2008 0.2 miles
4 br / 2 ba
2,453 Sq. Ft.
$740,000
32 CHOATE
Sold on Feb 27, 2008 0.33 miles
3 br / 3 ba
3,216 Sq. Ft.
$775,000
19 DAVIS
Sold on Mar 18, 2008 0.35 miles
4 br / 2 ba
May 22nd, 2008 at 9:28 am
delinqencies rose sharply in first quarter…
of course this wont stop realtors
like thoughtless from offering more
jim jones type kool aid to the remaining
knife catchers will it thoughtless— gotta
make those sales anyway you can …
shameless or clueless? I say both
http://calculatedrisk.blogspot.com/2008/05/fed-delinquency-rates-rose-sharply-in.html
May 22nd, 2008 at 9:30 am
hey Thoughtful,
this is for you. I know you like her.
http://www.cnbc.com/id/24776457
May 22nd, 2008 at 9:32 am
Most homes listed in that Irvine area that Thoughtful is talking about are much lower than those fantasy sales prices…Maybe those two homes came with a couple of nice cars in the garage.
Nearby Similar Listings
Closest listings of similar size and type:
>>>Average: $297/Sq. Ft.<<< ($500/sq ft? Not quite)
$725,000
60 Monticello 0.14 miles
3 bd / 3 ba
2,369 Sq. Ft.
$795,000
26 Dewey 0.16 miles
4 bd / 3 ba
2,527 Sq. Ft.
$789,000
5 Nantucket Cir 0.19 miles
4 bd / 3 ba
2,711 Sq. Ft.
$899,000
18 Davis 0.32 miles
4 bd / 3 ba
2,939 Sq. Ft.
$799,000
13 Bennington 0.33 miles
5 bd / 4 ba
3,000 Sq. Ft.
Range: $725,000 - $899,000
May 22nd, 2008 at 9:40 am
Hard to find optimism out there.
http://biz.yahoo.com/ap/080522/home_prices.html
May 22nd, 2008 at 9:41 am
warren buffet on the upcoming recession..
hey thoughtless what happens to real estate
prices during a long deep recession? take
a while to ponder this article then go out
and sell another declining asset to another sucker
http://business.smh.com.au/buffet-warns-of-long-painful-downturn-20080522-2h10.html
May 22nd, 2008 at 9:54 am
Oh My … Ladera Ranch has 66 loans now in pre-foreclosure … I wonder how many are Alt-A loans that will eventually become Comp Killers.
Like Mr. Mortgage warned, here come the Alt-A’s.
May 22nd, 2008 at 10:00 am
You found TWO homes? No, what I was looking for was a majority of closing sales where the list price/sales price ratio is higher in a geographical region…let’s try Irvine. One glance Ipoplaya data is enough to see that there is no trend toward bidding up of prices. Also, show me a graph of $/sqft in that area for the last year, if you’re correct in your assessment of an increase in prices and an increase in demand, shouldn’t you see then an increase in price per sqft? Your always saying how you bring the facts, then bring them. I come back in 12 hours, since you’ll still be here (that’s one fact I believe everyone can agree on…your omnipresence on this blog).
May 22nd, 2008 at 10:06 am
Ok well here are my questions amid all this gloomy news….I’m in the 92649 zip, Huntington Harbour. Here it seems sellers are holding firm on their prices so they must not read the news or what? There are some listings around here that have been on the market for more than a year with little to no price reductions. Plus, the rental market on single family homes is nuts. I’m sure that some of them are houses that people want to sell but can’t get their price but to think that someone is going to come along a pay $4700 a month for an off-water place or $7000 for on the water? Is the the water that frickin’ important or they just think it is? And doesn’t it cost $$ for a listing to sit on MLS? How can someone leave their house on the MLS for over a year without a price reduction? Greedy or stupid? Is it the seller with their heels dug in or is it the realtor telling them to hold so as to not lower their commish? Someone enlighten me please because I don’t get it. We’re stuck in a condo here, it’s true and seems that if we wanted to move, it would have to be to another condo because these single family home sellers aren’t budging! And it’s frustrating to say the least.
May 22nd, 2008 at 10:10 am
Mick says my data are wrong, but the comps he gave are for OLDER neighborhoods, not the ones I posted. Let’s see what the OLDER neighborhoods really commanded, shall we?
$799,000
14 ALLEGHENY
2,557 Sq. Ft.
Built in 1979
Price per square foot = $312
$740,000
11 LONGSTREET
2,453 Sq. Ft.
Built in 1977
Price per square foot = $302
$740,000
32 CHOATE
3,216 Sq. Ft.
Built in 1978
Price per square foot = $230
(I think this one was a distressed sale)
$775,000
19 DAVIS
2,413 Sq. Ft.
Built in 1985
Price per square foot = $321
May 22nd, 2008 at 10:11 am
There’s a race going on. Which city can declare the most pre-foreclosure loans.
Irvine ~ 312
Laguna Niguel ~ 211
Mission Viejo - 334
Dinky Aliso Viejo - 194
Look at all the Comp Killers rushing in to crush the vastly overpriced Orange County real estate market!
May 22nd, 2008 at 10:16 am
Eat it, now you are just being silly. You discount my examples because they’re not higher than last year? Nonsense, just nonsense. And Lee, there a “comp killers”, but there are also “comp killer killers” out there.
May 22nd, 2008 at 10:25 am
Wow I feel sorry for anyone buying real estate in OC. For the same price as those $800,000 homes you can get 4 that are newer and nicer in cities like Murrieta and Temecula and just rent 3 of them out.
How sad.
May 22nd, 2008 at 10:27 am
And please, don’t post some moronic comment about that being 909 or the IE. If you’re too stuck up to live anywhere else but the OC, you don’t need to prove it in public. Keep it to yourself so you don’t look like a pompous arse.
May 22nd, 2008 at 10:45 am
It seems we are still in the denial phase. But then maybe the stages of grief are for sane people and Thoughtless is just nuts.
May 22nd, 2008 at 10:53 am
didn’t say anything about last year. I said show me the MAJORITY TREND (that means greater than 50%) in a metric like $/sqft that conclusively shows that homes are selling more than they were YOY. Not one or two examples, A MAJORITY. The majority rightnow are selling for less and less in price/sqft like this…
http://activerain.com/blogsview/460096/Price-Per-Square-Foot
From the link above
Price Per Square Foot - City by City October 07 - March 08
oct07 nov07 dec07 jan08 feb08 mar08
Aliso Viejo $317 $324 $324 $308 $309 $284 -1.73%/month
Irvine $425 $392 $415 $420 $376 $389 -1.4%/month
Mission
Viejo $323 $315 $316 $319 $324 $291 -1.65%/month
Newport
Beach $663 $875 $642 $674 $756 $775 +2.85%/month
Lake Forest $315 $326 $302 $301 $293 $286 -1.53%/month
Laguna
Niguel $371 $353 $351 $340 $362 $363 -0.36%/month
Santa Ana $347 $329 $314 $311 $283 $282 -3.12%/month
From this sampling you can see that some places indeed have held value but are also not selling at any appreciable rate..in those areas where sales are improving the $/sqft has lowered dramatically. So by relative price comparisons..the dramatic decline in prices appears very appealing in those areas with increased sales however if the demand for cheap homes is driving the sales momentum due to limited funding then the only recourse for those in the mid-low upper end homes is for lower prices..see, thoughts this is how you do it. Not just blather and pointless opinions..
May 22nd, 2008 at 11:04 am
wow, did you guys look at the 10 year Treasury Note? The rate is up almost 3% just today. Mortgage rate will follow shortly.
http://finance.yahoo.com/echarts?s=%5ETNX#symbol=%5ETNX;range=3m
May 22nd, 2008 at 11:50 am
Want to see a stop-motion video about a couple of mice who must second-guess their real-estate-purchase descision? I made this video recently. Please check it out and comment. Thanks.
Blemish and Pittance: The New Place
May 22nd, 2008 at 12:02 pm
Geez don’t wet yourself Bubbie.
May 22nd, 2008 at 12:05 pm
Would love some comps on zip 92660 and 92625 trend. It doesn’t look like prices are dropping here at all. I guess people are just holding at same price ,but nothing is selling also.
Also, thoughtful- yesterday when you said “I guess you support Bill?” and I answered about the president, yeah- can’t explain that one. Too many lunches to pack and crazy kids I guess, but what a random rambling from me, huh?
To answer your “real” question- I’m really a fence sitter. I want prices to drop dramatically because I want to purchase a home in a neighborhood here where there are tons of kids and newer homes. If they don’t drop- we’ll just keep renting, and possibly find a rental home in that neighborhood. I’m not wanting to purchase low and sell high. I just want a home suitable for my family. I also don’t like the idea that people bought homes with crazy money loans. But that’s just my opinion- don’t have a real problem with people, we’re all different and choose to save/spend our own money. I also hate the fact that people lose their homes. As for the bloggers- I share opinions with just about everyone, bears and bulls. I can see both sides. I’m not a confrontational person at all, so I come here wanting facts. I don’t have the time to do the research that I depend on you all for. I appreciate both sides of the action. Hope that clears up that stupid answer from yesterday.
I would love an earthquake blog though- anyone know one around here? There was an interesting prediction yesterday that took years to make and it happens right here. I’ve never been in an earthquake and it is very very interesting in a scary way to me. Know of a blog with lots of expert/not so expert opinion? let me know! Thanks all!
May 22nd, 2008 at 12:15 pm
There’s more ground shaking, rattling, and noise right here than the average old quake.
……….and yes, CdM Mom, I’d like some of whatever you were having yesterday:)
May 22nd, 2008 at 12:24 pm
David Poopoo stick,
Looks like someone already hates living in BFE and is desperately looking for a cholo to rent his sheisty condo. By the way, is your ‘condo complex’ that old Section 8 housing project that they converted a few years back?
May 22nd, 2008 at 12:31 pm
Mom in CDM, best advice especially with kids is be preppared to suppport yourself…wherever you are especially in the car you may be stuck without a good way to get home for atleast 24 hours. Food, water, blankets, extra clothes, firstaid, books/toys, radio etc. I keep all that in a bin in my cars just incase. At home, keep water, batteries, candles etc. You probably know the drill. Anyway, enough to keep you and your family supplied for 3-5 days.
May 22nd, 2008 at 12:39 pm
Oh man, my condo in Murrietta is turning out to be such a bargain. I sprung for the bullet-proof windows, and not a single shot has penetrated the glass yet. And regardless of what anyone else says, I enjoy the time I spend scrubbing graffitti off my front door. And all these renters who are moving in are so high-class. My new neighbor has 3 tear drops tattooed under his eye…he must be a really sensitive guy. And my commute to work is so short…I mean, the unemployment office is just around the block. Works out great!
May 22nd, 2008 at 12:42 pm
Thanks!
We used to have to do this (store items) in FL for Hurricanes (although we could predict when they were coming and evacutate). Which brings me to an interesting fact. After Hurricane Ivan, which left much of the coast with uninhabitable housing, home values went up dramatically (by 30-40%) if untouched by the hurricane. That was around 3-4 years ago. Now home prices have plunged once again to prices below even before the Hurricane (Pensacola, Gulf Shores, etc.).
What do earthquakes here do for property values? Do they have any impact whatsoever?
Poggi: too funny!
May 22nd, 2008 at 12:44 pm
Why thank you Mom in CDM. Did I mention that I love living in a severely overpriced apartment in an area that’s basically the nation’s taint?
May 22nd, 2008 at 1:02 pm
LBinOC:
Sorry to read what’s happening with the sellers in your neck of the woods. I would recommend that if you are interested in a home there, try submitting an offer along with the comps your realtor pulls. Just because they have a particular price listed doesn’t mean they won’t consider lower offers. I think some sellers are just slow to come around and your more realistic offer might help nudge them in the right direction. The house is only worth what someone is willing or able to pay. I can guarantee if the house has been on the market that long, they are seeing very little to no buyer activity. Your offer will likely be the only one on the table. Hope this helps. Let us know what happens.
May 22nd, 2008 at 1:12 pm
Poggi:
LOL. Thanks for the good one. My Pepsi just came out my nose. I copied & pasted it into a chat window for my friend to enjoy too. LOL. Cheers.
May 22nd, 2008 at 3:29 pm
Thoughtful,
There are lots of buyers out there that will pay “list” but the problem continues to be only a small number of these buyers will get funding.
There are 2 issues that people need to recognize:
1. Buyers who CAN buy but choose to wait
2. Buyers who WANT TO BUY NOW but can not due to new lending guidelines
As long as the above 2 factors are in play, sellers who don’t NEED to sell can always take their homes off the market. Motivated sellers who are distressed for whatever reason will LOWER PRICES to meet the needs of buyer #2.
The few buyers who are qualified to buy now and are buying now are not enough to sustain the market. They are mostly bottom scavengers buying REO properties for cash and turning them into rentals or flipping them after about $10K of improvements. This is the biggest source of “bump” we saw last year when almost 40% of home sales were foreclosure sales. Hardly the stuff Irvine is moving. What does this mean? People will avoid traditional resale homes and wait for REOs because it’s the current “in” thing.
May 22nd, 2008 at 3:32 pm
correction: I meant “last month when almost 40% of sales were foreclosures…”
May 22nd, 2008 at 5:16 pm
Mom in CDM-
You’ve probably already been through an earthquake and don’t even know it.
Most earthquakes here are small and hardly noticeable. I remember getting woken up one night because my head was hitting against the headboard. I was cursing the rambling trucks outside, when I remembered, there are no trucks outside. Then I heard the clinking of the dishes in the cubbards. Finally the swinging of the dining room table swag lamp was the final key.
Two more things I would have: a simple transistor radio and one of those new fangled wind up flashlights (you crank a handle built into the body to give it enough charge to keep it lit for sometime.
Lastly, should the roads be blocked, and you can’t get home (too much glass in the streets of downtown LA from all the windows blowing out…that sort of thing), you should have an agreed upon place to meet up away from the house, since cell service might be out. (The 1989 earthquake in SF Bay Area had phone service out for over 2 days). You may agree to contact an out-of-state relative to let them know you are ok, in case you can’t talk directly with each other. You just need to agree on who that should be.
Unlike Tornadoes or Hurricanes, which you can get out of the way of, should you choose to, Earthquakes happen without warning, and typically last under 10 seconds. To give you a reference point, the SF Earthquake lasted for over 1 minute.
I want to say the Mexico City earthquake lasted for over 4 minutes. Most buildings can’t handle being shaken for 4 minutes straight. That’s where the damage comes in.
Other than that, enjoy the little ones. They are really kinda fun.
May 22nd, 2008 at 8:06 pm
You would swear it was 2004 out there the way people are bidding for REO houses.
I showed this house in Costa Mesa on Saturday. It’s a nice house with lots of upgrades and an unbelievable back yard. It has a nice swimming pool and a large basketball court with room left over for a good size yard. Fantastic yard.
At $486,900 it’s a good price and my client, knowing there were going to be multiple offers, put in at $500,000 with the intention of going up to $535,000 if he had to. I felt like we had a shot at it. The listing agent left me a message today saying she had 29 offers and the bank wanted every one’s best and highest offer. The bank wanted her to tell everyone what the highest was thus far so people didn’t waste their time with low offers. She said the highest offer was for $566,000. HUH? $566,000!!! That’s $80,000 over asking!! When I called to make sure I heard the message right she said it was now up to $600,000. $114,000 over asking!!!
What the heck are people thinking?!?! There were 900 foreclosures in OC in April. There’s plenty more to buy. We won’t run out of houses. I’m in shock. The bank offered a 4% commission to the buyer’s agent so I’m sure they were putting on the full court press to get their clients to bid high.
I’ve got at least ten clients ready to buy but every house that’s decent has multiple offers and is going for over asking price. It’s a mad mad world and people have very short memories.
May 22nd, 2008 at 8:45 pm
only 22nd? surprising
May 22nd, 2008 at 8:59 pm
Marcia you obviously haven’t been following the news. So Cal including LA (hardest hit, dollar wise) and OC are going to be hit by a 7.8 or 7.9 — same size that hit China — from the San Andreas that is going to last 55 seconds. this was widely reported and also printed in the OCR today. there will be several aftershocks of 7+. http://sciencedude.freedomblogging.com/2008/05/22/huge-quake-could-kill-362-injure-3000-in-oc/
I remember the late 80’s - early 90s there were several 5.5-6+ magnitude quakes in So Cal and it seemed like this was commonplace, as would occur every year or two. we’re lucky there hasn’t really been much serious seismic activity since ‘94.
have fun “riding” the big one out - if you think every earthquake is a micro 2.0 that lasts 10-15 seconds obviously you didn’t live through Northridge or worse like some of us have. wasn’t fun but the big one’s gonna make that look like a kiddie ride. it’s going to be 10 times the size, being that the Richter scale is logarithmic
May 22nd, 2008 at 10:14 pm
NationalBooble had this to pitch: “More bad news for the housing market. OFHEO just released their home price index. Home prices in California are down 10.6% OUCH!!! Read the report
( And while I’ve got you suckered into visiting my website, please be sure to sign up for, or buy something - my house payment is rapidly approaching.)
May 22nd, 2008 at 10:16 pm
jj had this to say: “easy to create the ‘best buying opportunity in years’ when those prior years were the top of a massive bubble. Oh the people who fall for this stuff…”
Uh, does that mean you’ll hold out for the TOP of the NEXT bubble?
May 22nd, 2008 at 10:30 pm
bpsqwerty-
Of course there will be another “big one”, just like there will be Armageddon. The question is always when and where.
When SF Bay Area was hit in 1989, it was felt as far north as 90 miles away.
Even with the size of the quake, there were very few deaths. Nothing compared to the annual devastation that hurricanes and tornadoes and floods inflict each year.
Fortunately California has pretty strong earthquake building requirements, which is why places like China have such extreme devastation and in California, while devastation is heavy, the death toll is nowhere near what it is in other places in the world.
May 23rd, 2008 at 8:26 am
Try 200 miles. I was in Fresno at the time, watching the world series. The feed went down. Next thing I knew, all the plates were rattling in the china cabinet I was sitting next to.
May 23rd, 2008 at 8:44 am
Thanks for your post, Mom. Best of luck to you. Eat it is right, prepare as best you can for an earthquake. They can be pretty scary. My first was Northridge, I didn’t know my buidling wasn’t going to collapse. I heard on the radio yesterday though, that if a 7.8 hit in California the loss of life would be around 1,500 and injuries around 55,000, which is far better than around the world. You gotta wonder, though, about the national response given Katrina.
May 27th, 2008 at 9:47 pm
[…] is in line with federal data showing O.C. with the 22nd worst home market nationally out of 292 tracked. Says David Blitzer of Standard & Poor’s: “The steep downturn in residential real […]