Review of Real Estate & Mortgage News for Orange County
Review of Real Estate and Mortgage News
According to UCLA economists,here is a forecast of the Orange County, CA housing market:
* From 2011 to 2015, O.C. home prices will increase by 2.5% to 8.7% a year. The median home price, at $406,481 this year, is projected to top $500,000 by 2011 and to be above $600,000 in 2015.
* Foreclosures are expected to rise again early this year, but won’t derail the recovery.
* Home building this year will fall to 1,912 units, the lowest number in records dating back to 1946.
* Home building will pick up by 2012, rising above 11,000 units a year — levels not seen since 2002. In 2013, UCLA projects that housing starts will total 12,537.
* Mortgage interest rates will remain low. Southern California rates likely will be below 6% through 2015, the forecast said.
* Commercial real estate will be hampered by high unemployment through 2010, with recovery not expected until around 2011.
* Office vacancies — currently at 18% to 20% — will start to drop in 2010, but lease rates won’t resume going up until 2011.
* Retail sales are expected to start picking up in late 2010, aided by the recovery in the housing market.
Mortgage Quotes and Loan Information
According to UCLA economists,here is a forecast of the Orange County, CA housing market:
* From 2011 to 2015, O.C. home prices will increase by 2.5% to 8.7% a year. The median home price, at $406,481 this year, is projected to top $500,000 by 2011 and to be above $600,000 in 2015.
* Foreclosures are expected to rise again early this year, but won’t derail the recovery.
* Home building this year will fall to 1,912 units, the lowest number in records dating back to 1946.
* Home building will pick up by 2012, rising above 11,000 units a year — levels not seen since 2002. In 2013, UCLA projects that housing starts will total 12,537.
* Mortgage interest rates will remain low. Southern California rates likely will be below 6% through 2015, the forecast said.
* Commercial real estate will be hampered by high unemployment through 2010, with recovery not expected until around 2011.
* Office vacancies — currently at 18% to 20% — will start to drop in 2010, but lease rates won’t resume going up until 2011.
* Retail sales are expected to start picking up in late 2010, aided by the recovery in the housing market.
Mortgage Quotes and Loan Information
posted by CRHOME.com at
6:34 AM
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