A New Year! A Better Start!
By Bob Phillips, CDPE, SFR, South Orange Co., CA
(Realty ONE Group)
I've just received the latest Orange County real estate market report, as compiled every couple of weeks by Steven Thomas, of Altera Real Estate. You can see the entire report by clicking on: http://www.OurAgentSpot.com/sthomas/MarketTime-Jan-8-09.pdf For a brief synopsis, the report details the promise of a better start to a real estate year, than we've had for the past couple of years. Prices are down substantially, the number of available houses has shrunk to levels of 2 or 3 years ago, and interest rates for mortgages are among the lowest ever seen. The possible bad news? No one - I repeat - no one, knows whether prices will drop much further, and loans have become more difficult to obtain, especially in higher amounts. The majority of sales presently taking place are distressed...