The California Credit Union League released their forecast for the housing market. They see some stabilization coming in late 2009 with an increase of home sales especially in the lower priced segment of the market.
The CCUL expects the median home price to increase by 8% in early 2010 throughout Los Angeles and Orange County. Home sale increases will likely begin with the coastal regions of the state. They expect the state of California as a whole to have a 5% increase in their median price by 2010.
Due to the low rates and government incentives to buy the CCUL has already begun to see an increase in mortgage applications for first-time homebuyers. The strongest demand right now is for foreclosed and lower-priced homes.
Adam Brett
Orange County Real Estate
Tel: 714.496.8116 | Fax: 714.849.5798
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Wow -- does this look like a recovery may be on the way?
Lets hope this is a trend that continues across the country.
I ready for it! I specialized in new construction and land development prior to the market crashing. I feel like we've been in a market crisis for three years now. I'm ready to see to see the existing inventory move and a demand for new construction again.