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Largest Calif. home price gains in 3 O.C. cities
October 27th, 2009, 2:00 am · 40 Comments · posted by Marilyn Kalfus, real estate reporter
Three cities in the state’s Top 10 for median home price gains in September are in Orange County, the California Association of Realtors reports. It was the 7th month in a row that median prices went up in California.
In Orange County:
| City | Yr. gain |
|---|---|
| San Juan Cap | 40.2% |
| San Rafael | 30.5% |
| Moorpark | 29.8% |
| Thousand Oaks | 20.7% |
| Calabasas | 19.3% |
| Lake Forest | 17.7% |
| Walnut | 13.6% |
| El Cajon | 13.5% |
| Tustin | 13.1% |
| Big Bear Lake | 12.1% |
- The overall median price in September was $496,790 down 0.5% from August and down 0.2% from September, 2008.
- Sales were up 9.4% from September 2008, and up 0.7% from August.
- The county’s unsold inventory was at 5.8 months in September, compared with 6 months in August and 7.6 months in September 2008.
- Time that O.C. homes spent on the market: 35.4 days in September, compared with 33.7 days in August and 43.5 days in September a year ago.
Newport Beach was among the Top 10 cities in the state for median home prices in September, at $1,050,000.
Statewide:
- Home sales increased 2.1% in September compared with the same period a year ago.
- The median price of an existing, single-family detached home in September was $296,090, a 7.3% decrease from the $319,310 median for September 2008, but up 1.1% from August’s $292,960.
- The state’s unsold inventory in September was at 4.2 months, compared to 6.5 months last September.
- Thirty-year fixed-mortgage interest rates averaged 5.06% in September, compared with 6.04% in September, 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.59% in September, compared with 5.14% in September a year ago.
“The market’s momentum continued in September, as many home buyers took advantage of the federal tax credit for first-time home buyers,” C.A.R. President James Liptak said. “The success of the federal tax credit is clear. Nearly 70 percent of first-time home buyers report that the tax credit was ‘the most important’ or a ‘very important’ factor in their decision to buy a home.”
C.A.R. is calling for the U.S. Senate to adopt the Dodd-Lieberman-Isakson amendment extending the federal tax credit through June 30, 2010, and making the credit available to all home buyers, not just first-time buyers. The amendment also would change income limits so more families can qualify for the credit.
C.A.R. Vice President and Chief Economist Leslie-Appleton-Young said:
“A new milestone was reached in September, when five C.A.R. regions reported positive year-to-year increases in the median price, the first such increase since January 2008. September also marked the seventh consecutive month of month-to-month increases in the statewide median price and the first single-digit decline in the year-to-year median price since October 2007, after 22 consecutive months of double-digit decreases.”
For city by city breakdowns, CLICK HERE
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San Juan up 40& wow! who would have thought. Must not be the mission (gang) area.
If you take advantage of the 8K tax break for first time home buyers, do you have to pay it back if you sell your home within 3 years????
That’s reason in enough to love America.
they make miracles at any time. Masters of the Illussions.
Yet you chose to immigrate to the US.
Sure - and the rent is cheap.
Liar did you have that choice??
Everybody has a choice. I choose to live here, but I’m just wondering why you did?
CAR is a trade group, not a legitimate source of independent data. They are biased, not credible, and to be blunt, essentiually behave as PR flacks. They are not a credible economic organization, they are not legitimate researchers, they are nothing more than hired guns pushing their members’ agenda.
The numbers are simply based on sales both current and historical. It’s good to see some areas recovering while many have a ways to go. Personally I like to see all the data out there and draw my own conclusions. Some are weighted more heavily then others.
Newport Beach down 10.7 percent, Dana Point down15.3 percent, Ladera Ranch freefall. Good thing I bought last year on the advice of my Realtor (c)!
ROFLMFAO!!!! Oh yea, spin spin spin. The country is tanking, rich people getting MUCH richer, Wall St. being bailed out while CEO’s pay goes through the roof. All manufacturing goes to a COMMUNIST country, good jobs gone, would you like a taco with your frijoles?
The system is currupt from the top down, and we have a loooong way to go with foreclosed housing. There are THOUSANDS of people just like me sitting in their homes not paying a dime until they get thrown out….and we don’t feel bad because the system was FRAUDULANT. The Federal Reserve is unconstitutional, yet every President that has opposed them has been killed, or attempted to be killed.
Americans have been ignorant…and in many cases, WILLFULLY ignorant, and now the chickens are coming home to roost. Hope you all enjoy your republican blather about free market and un-restrained capitalism…because this is the result. Thanks Reagan, the trickle down theory is working, the tears are trickling down middle america’s faces.
Dang Swiller, I agree almost everything in your post, except the part where you blame the fraudulant system for you not paying your mortgage.
I tend to agree. They have their own agenda.
proof that statistics can be misleading, this reminds of when a politician opens his mouth and spews “no new taxes” , then raises fees across the board
Housing: Round Trip to Pre-Bubble Prices Underway
(October 26, 2009)
http://www.oftwominds.com/blogoct09/bubble-retrace10-09.html
We all know this is not accurate data. Until I see areas like Irvine drop to normal levels we are still in a bubble.
Normal levels = What Tom can afford on his $50K salary.
Something is very wrong from those reports. I’m quite sure that NOT even the local realtors are buying that.
Its just #’s, one ocean view mansion on the hillside will throw the numbers off.
So much for the 500k median death grip… Can’t seem to hold it despite sales of higher priced homes that continue to fall.
Are u seriously cheering a $3K drop of the median. You are a joke.
Not cheering anything - just pointint out a fact. And, it didn’t go up… oh well. Glug, glug glug. So much for that death grip. Another theory failed.
This site is a joke and censors posts. All hail freedom of the press….not. I’m cancelling my week-end OC Register and ordering the LA Times.
Yea…delete this one too jerks.
My friend Patty says her house is now worth $200,000 - she kind of lives very poorly tho - She has been my friend for 10yrs and she likes to post on this site. She has a very ugly bird and my cats want to eat it.
LATimes today article of homes prices nation wide decline 11.4%
And those reports from above were from last sunday dataquick. Wich anybody have to take it with twizers.
Or plain and simple :pure gimmicks.
Prices will go up, and will go down. Big whoop, it’s statistics, not sure why everyone gets their panties in a bunch.
It is interesting how people who think that RE has more to decline are able to comment on articles that relate to RE going both directions, whereas bulls only appear and post general statements when the news happens to support their agenda and have nothing else to point to except for that particular article.
To be honest, I think the bulls are just bored by the debate here. Besides the occasional rent reduction story, Lansner isn’t throwing many scraps to the bears these days.
If you were honest……?
Liar Loan…….?
Bears aren’t looking for scraps. That thought ever enter what’s left of your mind?
Most of those who post here and saw this coming, that you boosters of the bubble-past have disparagingly called bears, are just realists who saw the foolishness and knew it couldn’t last.
Affordability, my man, affordability. Pretty darn basic.
Debate that all you want. That’s like debating the sunrise tomorrow or whether the foreclosures will hurt the market.
Get a grip.
.
I’ve never boosted bubble past and I think there is still a good chance of further price declines. So what does that make me?… a bear. My advice for the past year has been wait until the end of 2010 to make your move. That’s not the position of our resident bull crowd. I’m just not on board with anybody that preaches that this is the next Great Depression either.
Affordability is there for a large segment of OC residents. Why do the 20 or so bears on this blog think they were the only ones that saw this coming? There are thousands of people who made a concious choice not to buy in 2006 and they have been saving money ever since. They have down payments and they can see that the cost of renting vs owning is very close right now. Prices might still fall some if more supply comes online, but that’s not a concern to first time buyers that plan on staying put, or investors that are squeezing out some flow.
Liar says:
“Prices might still fall some if more supply comes online, but that’s not a concern to first time buyers that plan on staying put, or investors that are squeezing out some flow.”
Liar, you lie.
Sound like a realtor trying to lure another susceptible, easily-led chump into signing, so you get your percentage.
Prices might fall some more for a lot of reasons. You know that.
“If more supply comes online” ……..that’s such a double-shuffle-cop-out….”IF”….
The supply WILL come. Much of it from the REOs and foreclosures. That’s a lock.
Those alone, will drive prices down.
More from those still waiting for the ‘BamaBailOut. They too will add to the inventory. Some voluntarily and some involuntarily.
The unemployed aren’t going to be able to hang on forever and the next leg down will cause some others to throw in the towel.
Affordability, my man. Affordability.
You, of all people should know what’s going on with the appraisals, and that’s going to jolt any traction delaying the next leg down.
Remember when some of those fools who still post here were arguing as to whether short sales or foreclosures were counted by an appraiser?
This place is filled with deception and disinformation.
Why would you want to contribute to that? Greed? Despair?
No, when the article or data goes against your agenda you automatically shoot it down.
You are the one with the agenda, Mr. underater NAR monkey.
How about a little Reality Check OC…
“1. We consumed more than we produced for a decade. Consumers are deep in debt and need to take care of their balance sheets.
2. We built enough houses for 15 years in a 5 year window.
3. People thought home prices would rise forever and borrowed against their homes. They are now underwater and cannot sell or move.
4. There is rampant overcapacity everywhere. We do not need any more Walmarts, Pizza huts, nail salons, Targets, Home Depots, Lowes, gas stations, grocery stores, or anything else.
5. Global wage arbitrage and outsourcing.
6. Boomers heading into retirement are scared half to death. They will not be spending or traveling as much as they thought. Indeed they will be attempting to downsize their lifestyle.
7. Attitudes everywhere have changed. People have finally caught on to the idea that home prices do not always go up. Businesses have caught on to the idea that home prices and commercial real estate does not always go up. Thus banks have tightened lending standards and consumers are reluctant to borrow.
8. “Frugality is the New Reality”. Here is a Search for the word “frugality” in this blog.
9. Misguided federal tax policy. The administration plans to raise taxes on the wealthy. On top of that the health care plan is going to be very costly for small businesses. Thus the administration has inadvertently given small businesses two more reasons not to hire. Instead the administration should be slashing corporate tax rates.
10. Government Pension Plans. States are raising property taxes to help fund pension plans that have blown up. This is a drain on the economy. These plans need to be killed. Please see California Treasurer Spanks Legislature Over Pension Reform And Reckless Spending for an interesting rant about the pension mess in California. Most states are in the same boat, although California is the worst of the lot.
11. Stimulus Spending. Japan has already proven that Keynesian and Monetarist solutions cannot and do not work, yet we try anyway.
12. Deficit spending in general. Spending what you don’t have and cannot afford never solves anything. We can no longer afford to be the word’s policeman but still attempt to do so at enormous cost. Indeed, there are many things we cannot afford and do anyway. As a result, interest on the national debt is soaring, the dollar is weakening, and this is drain on the real economy regardless of what the stock market thinks about it.”
Great post.
Too much sophisticated concepts for the Realtors here to comprehend though ..
Got that right, Artes.
It’s long and requires one read and think. Mutually exclusive concepts for the t roll, regardless of which of her names she uses to vent under.
.
All this stat means is that inflated numbers happen when the government is involved. Whether dumping money to new homeowners or into 10 year bonds or to aig or to clunker owners etc. One more year or so of government intervention then the bubble can completely burst and recovery can begin.
Spin Doctor’s of C.A.R. I think the political parties are on hold for you. This is hilarious, the bad news is over, we sold a home in San Juan as opposed to the condo last year. Bring out the champagne there’s 40% price increase. I bet the un-realtors in Big Bear Lake are partying, but those in adjacent Big Bear City must be hating life, they had a decline in values. They should talk dollar per square foot which is far more realistic of a measurement and differentiate between SFRs and Condos
The first thing you learn in college when researching sources is, “are they a reliable source?” And, the same is true in any Statistics course or Science class. Clearly a reputable newspaper is supposed to uphold these same standards in their reporting of information. Sadly this is not the case with this report. A Real Estate entity, the California Association of Realtors, report would never be allowed as a reputable source because of their extreme bias and lack of ethics and moral conduct. Everything boils down to opinion and perspective with these people because absolutes and reality are a figment of imagination that only the disgruntled segment of society cling to according to their popular defense against truth.
Taking a critical look at the selective data in the article, “can anyone point to anything that would support the rather dubious large price gains in the month of September?” No! In fact, I recall another set of datum about a month or so ago published in a report by the Register that was from independent sources that showed that Lake Forest, CA was in fact one of many areas where prices had dropped over the past year in South Orange County. That report report showed only slight to modest gains in I believe 7 cities over the past year and all of the gains were attributed to the tax $8,000 first time buyers break–a temporary bump noted by the author of the article. Yet in this article, claims are made that California in general has been on the up in price gains throughout the year. Hmm, somebody must have their facts twisted here. I wonder which source can be trusted?
Never, ever, expect unbiased accurate information from a Realtor on anything other than than the time of day is, and look upon that with a bit of distrust. These people are driven entirely by greed and will tell a client or prospective buyer or seller anything they can to make sure their job requires as little work as possible and they make as much money as humanely possible for this work. When these two factors are combined you get something with the ethics and moral standards akin to a used car salesmen, lawyer, business executive, crack addict, and pimp all rolled into one smiling dressed up bag of all things that are wrong with this country and the world in general.
I will leave you with a little joke my Economy professor brother that is married to an attorney told me because it applies here as well. What does an attorney, (or Real Estate agent), have in common with a human male reproductive cell, (sperm)…. They both have a one in a chance of becoming a human being. Ha! Now you must admit that’s a good one and so true!