Interesting analysis from DataQuick on sales in Orange County ZIP codes during the first few weeks of the year. Overall, sales are up 58.8% from one year ago, but some ZIP codes are showing increases of 400% or more.
Check these numbers out:
Sales up 400% or more:
433% Garden Grove 92844
425% Santa Ana 92707
400% Foothill Ranch 92610
Sales up 200% - 399%
375% Anaheim 92806
333% Santa Ana 92703
218% Garden Grove 92843
Sales up 100% - 199%
183% Fullerton 92831
163% Anaheim 92802
147% Tustin 92780
When you look at this sampling, there's one theme that jumps off the page - affordability.
The home ownership rate in America jumped from 62% to 69% between 1995 and 2005 because underwriting guidelines were removed for many entry level buyers. That, it turns out, is the root cause of the distress we are feeling today.
What's clear is that Orange County is a great place to live... and at prices not seen in almost a decade, there are plenty of buyers and investors who think living in the OC is a bargain once again.
The $8,000 first-time buyers tax credit, coupled with low rates and an opportunity to earn some sweat equity, is why the bottom of our market is tops in the minds of buyers today.
