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O.C. home-price dip smaller than state’s loss
July 18th, 2008, 5:21 pm · 19 Comments · posted by Jon Lansner/O.C. Register columnist
Modest comfort for the Orange County real estate, a market that saw its median price drop $150,000 in a year from its June ‘07 high to last month:
Orange County home pricing, at least as far as the median selling price tracked by DataQuick, held up better in the past year than the rest of the state. Just look at the chart below that compares our June results to the six-county SoCal region, nine-county Bay Area region and the entire state …
| Region | Median | Vs. ‘07 | Sales | Vs. ‘07 |
|---|---|---|---|---|
| O.C. | $495,000 | -23.3% | 1,930 | -26.9% |
| SoCal | $355,000 | -29.3% | 17,424 | -13.6% |
| Bay Area | $485,000 | -27.1% | 7,178 | -9.9% |
| Statewide | $328,000 | -31.5% | 35,202 | -8.1% |
Of course, one could argue that Orange County’s relative pricing power — if a 23.3% price drop can be seen as a positive to anybody but a bargain hunter — has come at a price. O.C. sales activity has dropped far steeper in the past year (-26.9%) vs. statewide (-8.1%.)
Other California real estate news …
- Calif. home prices down 27.3%, nation’s worst
- Housing bubble hurt Calif. renters, too
- Gov. Arnold says Calif. will ‘grow out’ of housing ills by ‘09
July 18th, 2008 at 5:28 pm
and yet foreclosures are up and construction is down.
July 18th, 2008 at 6:23 pm
Bubble - why would construction not being up be an indication of anything? That is like saying the sky is blue.
July 18th, 2008 at 6:25 pm
now - the total number of foreclosures being down from the peak is an interesting topic for discussion.
July 18th, 2008 at 6:42 pm
Here’s how the whole mess started.
Chico: Well, you see, we come here to make money. I read the paper and it say, “Big Boom in California,” so we come; we’re a coupla big booms too.
Hammer: Well I’ll show you how you can make some real money. I’m gonna hold an auction in a little while in Cocoanut Manor. Uh…you know what an auction is, eh?
Chico: Sure! I come from Italy on the Atlantic Auction.
Hammer: Well, ah…let’s go ahead as if nothing happened. I say I’m holding an auction at Cocoanut Manor, and when the crowd comes around I want you to mingle with them…don’t pick their pockets, just mingle with them and…
Chico: (interrupting) I’ll find time for both.
Hammer: (pause) Well, maybe we can cut out the auction…Here’s what I mean, if somebody says a hundred dollars you say two…if somebody says two, you say three.
Chico: Bid up.
Hammer: That’s right. Now, if nobody says anything then you start it off.
Chico: Yeah, how’m I gonna know when they no say nothing?
Hammer: Well, they’ll probably notify you…You fool, if they don’t say anything you’ll here ‘em, won’t you?
Chico: Well, maybe I no listen.
Hammer: Well, don’t tell ‘em…Now then, if we’re successful in disposing of these lots I’ll see that you get a nice commission.
Chico: And, eh, how ’bouta some money?
Hammer: Well, you can have your choice. Now, in arranging these lots, of course, we use blueprints. You know what a blueprint is, eh?
Chico: It’s oysters.
Hammer: How is it you never got double pneumonia?
Chico: I go ’round by myself.
Hammer: (thinks) You know what a lot is?
Chico: Yeah, itsa too much.
Hammer: I don’t mean a whole lot, just a little lot with nothing on it.
Chico: Any time you gotta too much, you gotta whole lot. Look, I explain it to you…sometimes you no got enough, it’s too much, you gotta whole lot. Sometimes you got a little bit. You no think it’s enough, somebody else maybe thinks itsa too much, itsa whole lot too. Now, itsa whole lot, itsa too much, itsa too much, itsa whole lot…same thing.
Hammer: The next time I see you, remind me not to talk to you, will ya?
Chico: Alright, maybe…
July 18th, 2008 at 6:53 pm
ALFALFA FOR BRAINS
PLEASE LEAVE UR DUMB JOKES FOR UR BUDDIES
R U EVEN REAL PERSON. U ARE ABOUT AS GOOFY AS THE JOKE IS
July 18th, 2008 at 7:03 pm
Tell it to the Marx Bros.
July 18th, 2008 at 7:05 pm
hwood, I thought you were suppose to give grandpa his medication this morning? Did you forget again? Grampa Alfalfa - take two pills and crawl back in bed!
July 18th, 2008 at 7:35 pm
Is that a Marx Brothers bit?
You should leave it to them. You’ve been making efforts to be funny for a couple of days. For those of you in Rio Linda, it’s not working out.
July 18th, 2008 at 8:19 pm
Look at it this way.
The dollar value drop in OC is $184K at 23%.
Dollar value drop statewide is approx. $120k at 31.5%.
July 18th, 2008 at 8:24 pm
Looks like price reduction is quite comparable to Bay area but 26% drop in sales is quite an indication of things to come. Looks like the sales reduction will be followedby Furhter price reduction.
We shoudl comapre this data with Job market in each area and also rental vanacy. Then that may give some more meanignful picture for the rest of next 18 months.
July 18th, 2008 at 10:17 pm
And we all know the drop in “value” is magnified by the lack of funding at the higher end.
July 18th, 2008 at 11:12 pm
the government is doing its impersonation
of the marx brothers… heres a classic line
from chico.. yeah well who ya gonna believe-
me… or your own two eyes LMAO
chico is played by george bush
harpo is played by ben bernanke
graucho is played by henry paulson
http://money.cnn.com/2008/07/16/news/feds_fear.factor.fortune/index.htm?ref=patrick.net
July 19th, 2008 at 5:43 am
Here are some members of the Irvine Housing Blog at a Hot Tub party
http://www.just4funemail.com/pics2/rednecks1.jpg
July 19th, 2008 at 7:57 am
Oh, no. These groups would never use shills to move product. There is integerty in the Reality market. We all know that.
July 19th, 2008 at 8:24 am
What is the reality market?
July 19th, 2008 at 2:14 pm
“What is the reality market?”
Well, duh!
It’s not what the real estate market was during the unsustainable, unsubstantiated, run-up we saw…… which some believe was fed by unrealistic realtors spewing unreality, ie: “OC real estate never goes down”, or ” Buy now, or be forever priced out.”
A little dose of reality never hurt anyone. Oughta give it a try, Mulligan:)
July 19th, 2008 at 7:55 pm
Does anyone else notice that PDU and Bill repeat the same tired insults at realtors. Makes you wonder if they are the same person. “buy now or be priced out forever, etc.” The Realtors were armed and forced people to buy. lol. Just tell us why you must use realtors as a scapegoat. I bet you fools used a realtor when u recently sold your home. Did they hold a gun to your head and tell you sell?
July 20th, 2008 at 10:03 am
Shock, Bill has loathed Realtors from day one. Maybe he got burned very badly in the past in some sort of situation. Maybe he purchased during the peak. Maybe he followed advice from one in doing so…trying to hit it out of the park. Nobody knows nor will I surmise to presume I do. What I do see is misdirected anger. Where it stems from only William knows. This is the bitter renters blog…and the beat goes on and on and on. Right Lee?
July 21st, 2008 at 12:04 pm
i like the marx bros, and it sounds like the oc marketplace