Stacy’s Newport Beach & Real Estate

Newport Beach, Corona Del Mar & Coastal OC Real Estate

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Newport Beach & Orange County Real Estate Upscale Market Report for March 2010

Upscale Real Estate Market Reports for Newport Beach, Laguna Beach and all of Orange County, California:

One of the bright spots of the economy is the rise in economic indicators for the last ten months. But in January 2010, five of the ten indicators that rose weren’t the ones the
economy is watching most closely. Jobs, money supply, building permits and capital goods ordered all declined.

The home building industry posted its first production gains in years in January, but new home units are still 75% below where they were at the peak of the housing market. Further
hampering construction recovery are the rising costs of lumber and any goods derived from oil.

That’s a good thing for California home sellers, whose properties don’t need more competition. Foreclosed homes are being dumped on the market and selling at an average 28% discount (according to research by Zillow.com). This has driven housing prices to pre-boom levels.

What’s changed? Jobs – 8.4 million have been lost in a little over two years.

(To read the full post, click on the following link.)

http://bit.ly/OCUpscaleMarketReport-March2010