Orange County Continues Real Estate Expansion

 

 

In fact, home values in the O.C. jumped nearly 20 percent and housing sales climbed a whopping 42.6 percent from this time last year.

As the housing market continues along its path of correction, more and more homeowners who were underwater now have the potential to break even or perhaps make a small profit. This surge in real estate makes it a great time to list your home and capitalize on the boost in housing. Particularly when you consider the fact that Orange County’s listing prices have shown almost a 30 percent increase from last year’s levels!

Plus, with mortgage rates hovering right around 4.75%, you can still refinance at relatively low rates – especially when compared to their long-term average of 8.69%. So if you’ve considered buying or selling your home, take advantage of the recent growth and get in while the market is hot!

 

Falling Foreclosures Rates

 

After years of being ranked among the worst states for foreclosures, California finally gets a leg up dropping out of the top ten foreclosure-ridden states for six consecutive months. What’s more California is getting the last laugh — with better credit than the majority of U.S. states since it now accounts for only 7% of Fannie Mae’s losses while making up more than 20% of its total loans.

 

Data shows that states once listed as the hardest hit after the housing bubble burst — defaulting on loans up to 8 times as often as the national average — have made a big improvement…resulting in the U.S. foreclosure rates dropping 32% across the board.

 

The reason for the plunge in foreclosure rates is twofold: in California, housing prices have increased sharply and jobs have been added quicker than in some Midwestern states — resulting in a nice rise in the economy. Plus with rising housing prices, homes that have fallen victim to foreclosure fetch 85% of their market value on average. That’s up from just 64% in 2012. This sharp increase helped Fannie Mae cut down on losses — strengthening the housing market by and large.

 

Overall, the fall in foreclosure rates is great news for homebuyers and sellers alike. So if you’ve been considering making a move, take advantage of the strengthening housing market now!