Orange County Median Home Prices Are UP!!

Well, O.C. Mission Viejo and communities surrounding it ,did it again. Home prices are up! Median price was up $15,000 in March since Jan 1, 2009 reaching $385,000 and the volume rose 46.3 percent from one year ago. Orange County Register is saying it may be setting up for the bottom but not yet. The default figures are up for March as well, making it clear that there are more distressed houses coming on the market soon. Defaults have been on hold and as they are released we will see a new wave of REOs. The one thing about REOs is they are now priced close to what they sell for and they are gone quickly.
The price changing and going up is not new for us from Jan to March, it happens most years during the same time frame. Data Quick analyst, John Karevoll, points out that most likely the low of January 2009 is going to be the mark for the bottom and that we won't go below that price.
The median price should be higher but do to the fact that jumbo loans have a limited availability, not many houses over $417,000 are getting sold. When higher priced homes start to come on the market, are able to get loans and close escrow, we will see the median price change to higher levels.
We still have buyers looking for the default properties because they know they are priced right and will close escrow in a timely manner.