Housing hits plateau. A survey of comparable homes for nine randomly selected sales from last year show no clear pattern as Orange County's housing market continues to undergo a transition. Lower-priced homes are having a harder time selling – due in part to a tightening of loan standards for the "subprime" buyer with lower credit scores and to uncertainty among first-time buyers, observers say. Hence, the median price – or the midpoint of all home prices – has been skewed upward because bigger, more expensive homes dominate, even though many are fetching a lower price than they would have a year ago. For the most part, sellers still are making a decent profit since most owned their homes for four years or more. Real estate agents in Cypress, Garden Grove, Tustin and Ladera Ranch said they've noticed a clear downward trend in prices, with current home values off between 5 and 10 percent. Click here to read more from the OC Register.
Tips For Rookie Home Buyers In Down Market. Ray Martin Sheds Light On Best Ways To Get Best Deals. There's no guarantee that home prices won't fall further after you buy. In fact, there are signs that home prices will continue to decline this year, especially in regions where markets were overheated by speculative home buying, such as in Florida, California and Nevada. The rising number of homeowners in default on their adjustable rate mortgages is causing more and more of them to throw in the towel and sell, just to get out of the debt. In the worst of cases, some owners are walking away and forcing the lender to foreclose on the home. The bottom line is that the current trends point to a rise in the number of sellers eager to cut a deal, which is the good news that many home buyers have been waiting for. Click here to read more from CBS News.
~Tina Jan~
Coldwell Banker Kivett-Teeters
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