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Villa Park has highest rate of O.C. home price cuts
June 5th, 2009, 3:00 am · 27 Comments · posted by Marilyn Kalfus, real estate reporter
| Town | ZIP | Avg. price | % Cut | Avg. Cut |
|---|---|---|---|---|
| Villa Park | 92861 | $1,392,900 | 56% | 12% |
| Seal Beach | 90740 | $381,452 | 43% | 11% |
| Irvine | 92618 | $718,123 | 43% | 12% |
| Midway City | 92655 | $106,770 | 42% | 15% |
| Orange | 92869 | $876,549 | 42% | 11% |
| Buena Park | 90621 | $621,161 | 39% | 7% |
| Los Alamitos | 90720 | $1,027,597 | 39% | 13% |
| Newp. Coast | 92657 | $3,343,538 | 38% | 12% |
| Newp. Beach | 92661 | $4,159,082 | 38% | 13% |
| Huntington B. | 92648 | $913,247 | 37% | 9% |
| San Clem. | 92672 | $1,118,309 | 36% | 13% |
| San Clem. | 92673 | $870,921 | 36% | 11% |
| Brea | 92821 | $514,877 | 36% | 8% |
| Orange | 92868 | $424,207 | 36% | 11% |
| F’hill Ranch | 92610 | $426,921 | 35% | 9% |
| Lag. Niguel | 92677 | $951,447 | 35% | 10% |
| Santa Ana | 92705 | $1,159,137 | 35% | 11% |
| Yorba Linda | 92886 | $907,627 | 35% | 11% |
| Aliso Viejo | 92656 | $447,000 | 34% | 10% |
| SJ Capo | 92675 | $1,014,196 | 34% | 13% |
| Silverado C. | 92676 | $666,745 | 34% | 11% |
| Fullerton | 92831 | $566,512 | 34% | 8% |
| Buena Park | 90620 | $480,268 | 33% | 9% |
| Dana Point | 92629 | $1,451,000 | 33% | 13% |
| Ladera Ranch | 92694 | $1,002,292 | 33% | 12% |
| Dana Point | 92624 | $1,051,803 | 32% | 11% |
| Corona dMar | 92625 | $1,815,223 | 32% | 10% |
| Costa Mesa | 92627 | $654,964 | 32% | 10% |
| Lag. Beach | 92651 | $3,237,595 | 32% | 12% |
| Mission Viejo | 92692 | $564,882 | 32% | 9% |
| Orange | 92867 | $633,192 | 32% | 11% |
| Cypress | 90630 | $443,711 | 31% | 9% |
| La Habra | 90631 | $468,189 | 31% | 17% |
| Lag. Woods | 92637 | $230,744 | 31% | 10% |
| Huntington B. | 92649 | $1,010,770 | 31% | 10% |
| Laguna Hills | 92653 | $793,602 | 31% | 10% |
| Newp. Beach | 92660 | $1,655,537 | 31% | 10% |
| Newp. Beach | 92663 | $2,192,857 | 31% | 11% |
| RS Margarita | 92688 | $435,876 | 31% | 10% |
| Tustin | 92782 | $1,041,110 | 31% | 9% |
| Garden Gr. | 92843 | $332,071 | 31% | 14% |
| Lake Forest | 92630 | $319,699 | 30% | 10% |
| Trabuco/Coto | 92679 | $1,135,803 | 30% | 9% |
| Santa Ana | 92701 | $383,309 | 30% | 12% |
| F’tain Valley | 92708 | $406,265 | 30% | 9% |
| Brea | 92823 | $519,964 | 30% | 7% |
| Fullerton | 92832 | $657,583 | 30% | 10% |
| Orange | 92865 | $425,887 | 30% | 9% |
| Irvine | 92603 | $2,040,464 | 29% | 10% |
| Newp. Beach | 92662 | $3,404,385 | 29% | 11% |
| Santa Ana | 92703 | $242,255 | 29% | 24% |
| Tustin | 92780 | $383,961 | 29% | 10% |
| Orange | 92866 | $690,182 | 29% | 9% |
| Placentia | 92870 | $416,301 | 29% | 11% |
| Yorba Linda | 92887 | $809,837 | 29% | 8% |
| Irvine | 92602 | $823,369 | 28% | 7% |
| Irvine | 92620 | $565,589 | 28% | 10% |
| Mission Viejo | 92691 | $444,376 | 28% | 8% |
| Anaheim | 92801 | $280,343 | 28% | 12% |
| Irvine | 92614 | $524,219 | 27% | 10% |
| Santa Ana | 92706 | $467,325 | 27% | 13% |
| Anaheim | 92805 | $352,925 | 27% | 12% |
| Fullerton | 92833 | $440,222 | 27% | 13% |
| Irvine | 92612 | $578,280 | 26% | 10% |
| Huntington B. | 92646 | $487,136 | 26% | 7% |
| Westminster | 92683 | $447,070 | 26% | 8% |
| Santa Ana | 92704 | $254,665 | 26% | 17% |
| Anaheim | 92807 | $898,839 | 26% | 13% |
| Stanton | 90680 | $279,720 | 25% | 13% |
| Huntington B. | 92647 | $549,553 | 25% | 10% |
| Santa Ana | 92707 | $272,806 | 25% | 19% |
| Irvine | 92606 | $513,292 | 24% | 6% |
| Anaheim | 92804 | $352,329 | 24% | 12% |
| Anaheim | 92808 | $492,110 | 24% | 11% |
| Fullerton | 92835 | $652,953 | 23% | 8% |
| Costa Mesa | 92626 | $581,475 | 22% | 11% |
| Anaheim | 92802 | $265,830 | 22% | 11% |
| Garden Gr. | 92845 | $458,317 | 22% | 3% |
| Irvine | 92604 | $547,229 | 21% | 7% |
| Garden Gr. | 92840 | $309,405 | 21% | 10% |
| Garden Gr. | 92844 | $549,483 | 21% | 9% |
| Anaheim | 92806 | $239,577 | 19% | 8% |
| Garden Gr. | 92841 | $299,470 | 16% | 10% |
| La Palma | 90623 | $490,475 | 15% | 9% |
| Sunset B. | 90742 | $2,349,333 | 12% | 3% |
Almost 1 in 4 homes on the market around the nation have seen at least one price reduction, online hometracker Trulia.com reports. In all, $27.4 billion has been cut from homes for sale around the country.
Key findings:
- The average price-reduced home has seen a listing price reduction of 10.6%.
- Major metropolitan areas continue to be hit hard by price reductions.
- Of the top 50 cities in the U.S. based on population, 33 have seen 25% or more of home listings reduced in price, higher than the national average of 23.6 %.
- For price reductions around the country, CLICK HERE.
In Orange County, an average of 30% of homes for sale see at least one price cut.
Chart at right details the Orange County price cuts by ZIP code: average listing price; share of homes with price cuts and the average percentage price cut.
We see that Villa Park — 92861 — is the No. 1 town for discounting! Meanwhile, Sunset Beach has the smallest percentage of price reductions. Santa Ana 92703 has the biggest discounts on prices, 24%; Sunset Beach the least, 3%
“Summer time is the peak season for buying and selling, and with some of the lowest prices in the last decade, we expect to it be a busy season,” said Pete Flint, Trulia co-founder and CEO. “Everyone wants to think they are getting the best deal available and price reductions are helping to spark a renewed interest in the U.S. real estate market.”
In luxury housing, 24% of homes with a selling price of $2 million plus are seeing price reductions compared with 23.6 percent of homes on the market for less than $2 million. But the discounts on the luxury homes are steeper, with 14.3% chopped off the original listing price compared to only 9.7 percent of homes for under $2 million.
Time frame for the study: Methodology: Live listings on Trulia.com, as of June 1, 2009, tracking price reductions from June 1, 2008 to June 1, 2009. The data does not include foreclosures.
Read more:
May’s most-popular real estate news …
- 1. Realtors see ballooning Calif. house-price drops
- 2. Big Irvine builder was close to bankruptcy
- 3. Realtors see calif. at or near price bottom
- 4. See Irvine bank’s demolition of unsold homes
- 5. OC home values down 32% from peak
- 6. OC 5th priciest u.s. place to rent
- 7. Calif. home prices to drop another 36%?
- 8. Luxury rents tumble in Anaheim
- 9. Got $33 million for discounted beach house?
- 10. Portabello mansion mystery continues
- 11. Supply of OC homes for sale at 3-year low
- 12. Hear why ZipRealty thinks bottom may be forming
More current news:
- Repo’d and ravaged oceanfront home gets 8 offers
- Bottom or not? Housing debate heats up
- Is FDIC’s LLP DOA?
- O.C. housing 11% too cheap
- Realtor: ‘Something will always go wrong’ in a sale
- This is how your mortgage gets set
- New Home Smackdown: Irvine vs. North Tustin
- Realtor: The market is a tale of ‘opposites’
- 1-in-4 O.C. homebuyers borrow 96% of sale price
- Cheated by rental service? File a complaint!
- Hear why Anaheim landlords offer 2 free months
27 Comments
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The price cuts will continue as more people become out of work!
http://www.forbes.com/2009/06/04/default-bankruptcy-gm-moodys-markets-bonds.html?feed=rss_markets
92% of OC residences are gainfully employed. Job losses significantly declinced in May. 600K jobs available in the West and 3M countrywide.
Prices are going up, up, up and the people that will be left in the dust are the lazy, uneducated 8% of our workforce population as well as the bears on this blog.
LOL, ya right…
So how come your trying to sell a house a year?
Your reasoning is ignorant at best.
You don’t need 100% of residences unemployed to cause a further housing collapse.
You just need a bump in the inventory to cause huge price drops.
As we’ve already witnessed, an elevated inventory has already caused a 40% drop in prices.
135,900 are unemployed in OC.
OC housing inventory 10,000.
If just 7% of the unemployed end up in default, it would double our inventory.
This isn’t including the thousands that have been delinquent on their mortgages for over a year now.
The amount doesn’t include the thousands of future defaults from people that have jobs.
Actually the existing NODs and REOs include most of these unemployed you speak of. Almost half of OC residents are renters, so you would also water down your number by that amount (more, really).
That’s where you’re wrong.
I’m hearing reports of people who have not paid their mortgages in over a year, some 2 years and they’re still waiting for a call from their lender.
If the banks are a year or more behind with processing these people, I highly doubt they’re processing recently unemployed defaults.
That’s an urban legend.
Filed under “nothing lasts forever”:
http://jan.freedomblogging.com/2009/06/05/more-california-employers-advertise-job-openings/15231/
O.C. third worse percentage job loss, right behind Detroit’s auto fallout.
Are job losses are becoming horrific.
The lowest since February of 2003.
http://economy.freedomblogging.com/2009/06/05/oc-third-in-us-percentage-job-loss/
“Our” job losses are becoming horrific.
Your whole existence is an urban legend.
OMG, I don’t think Bill’s idiotic comments even deserves my response….lol.
That’s old news (YOY). Also, OC has a huge number of commuters.
And 90% of mortgages are fine….yet the bulk of the remaining 10% not only inflated the bubble during the last 8 years but also destroyed decades old banking institutions. Quality matters more than quantity does.
Gunner
Are you Bagdad Bob or did you just play him in a movie.
Villa Park is absurdly overrated.
I guess that’s why they have 52 active listings and sold all of 3 homes in May.
What’s missing in the discussion: Realtors in droves told people that California is special and RE prices always go up but prices went down.
And…. since 30yr money soon will be in the mid 6’s, prices will fall further. It’s simple math. Lot’s of deals are going to be deadwood and it’s going to be an ugly Oct-Dec in OC.
Ta ta
Sure.
So what if 30 year money is in the mid 6’s. Those are still historically low rates. During the gulf war in the early 90’s rates were in the 7-9% range and people were all over it. Prices will continue to fall and the OC renters will now provide the market for homebuyers since over the past 5 years they have been priced out of the market but now can afford to buy a home and pay equal to rent or less. This cycle should last for another 4 years until Obama is out of office and stops using the country as an ATM.
“Summer time is the peak season for buying and selling, and with some of the lowest prices in the last decade, we expect to it be a busy season,” said Pete Flint, Trulia co-founder and CEO. “Everyone wants to think they are getting the best deal available and price reductions are helping to spark a renewed interest in the U.S. real estate market.”
I LOVE WHEN HE SAYS “EVERYONE WANTS TO THINK THEY ARE GETTING BEST DEAL”
THATS FUNNY THEY THINK THEY ARE…..LOLLLL
Not one bank owned in my tract 92869 possibly other tracts in my zip but not in mine. I think there is only 1 for sale in my tract as well.
I keep waiting for the bank owned signs to start popping up, but so far it hasn’t happened. Time is the only solution to this problem.
http://www.bankownedproperties.org/lview.php?zipcode=92869&go=Search
I’ve been in OC for 15 years, and honestly I don’t see what the big deal is about living here. Anyone who paid the insane, over-inflated prices for housing in this county from about 2002-2006, deserves to take it in the shorts now. There simply is no good value equation anymore for buying a residence in OC. Time to get out.
I find it hard to believe that the average home price in Buena Park is more than Mission Viejo.
Deb:
I have always heard that the “south county” people look at Mission Viejo as their very own Santa Ana. I believe that Buena Park is a step up from Santa Ana therefore it must be a step up from MV.