Mission Viejo Traditional Home Sales at 62%

Southland home prices increased 10% over the same time last year and foreclosures dropped drastically

This increase indicates that foreclosure homes aren't dominating the market here. In Mission Viejo we are showing 62 percent of home sales, are traditional sales, up from 53% in January.

The larger home sales are keeping the median price down because it is harder to get financing for jumbo loans. Once that can be resolved, we will see an increase in the volume of sales. There are buyers out there that, we use to consider worthy of a mortgage but now they can't get approved. The banks are taking the cream of the crop and by passing very good buyers.

With sales of the cheap foreclosure becoming tighter and more competitive, real estate inventory is low. Now when one comes on the market there are multiple offers and many investors, buying them up to hold to them for awhile.

Orange County has had increase of 11.2% in the cost of homes, which was second only to San Diego County at 13%.

As stated by Richard Green ,director of the USC Lusk Center for Real Estate " We need to have a mortgage market that sort of looks like it did in 1997-1998".

Valorie Stover , Specializing in YOU!