Wednesday, April 29, 2009

Home Sales Up in Orange County. Mortgage Defaults Also Up.

Orange County median home prices rose 2.2% between February and March of 2009.

Meanwhile, Orange County home mortgage defaults increased 19% in Q1 of 2009 over Q1 2008.
So is it finally time to sing halleluja to an OC housing market recovery?

I don't know man. I've got a really bad feeling about this. And this.

I mean seriously, with all that we have experienced in the last 18 months within this state, do California residents now make the biggest procurement decisions of their lives when there is uncertainty about future employment?

In other news, if you live in OC, you're home is probably overvalued (overassessed) and you're probably paying more in property taxes than you should be. Many homedebtors in OC are now filing appeals with the county to adjust their home property tax bills. But less property tax revenues in OC is going to likely negate some drastic cuts in educational programs by OC school districts. These cuts included firing teachers, eliminating courses and closing down elementary schools.

1 comment:

Anonymous said...

Well it's obvious that all the new laws, rules and regulation is structured and developed to the benefit of 2 parties, the client which is noble and letting only the big banks take over the mortgage industry. Well the question that rise, how will the mortgage bankers / correspondent lenders pay their loan officers more then what bank of America, Wells Fargo, Chase pay their loan officers and stay competitive with the big banks?
The answer to that is something that lot of people are waiting for, and besides that everyone is anxious to see how things is going to fall in place, knowing that mortgage brokers and mortgage bankers loan officers are not a breed that enjoy the corporate way of doing business, and knowing that the big banks are not going to be hiring any new people due to the fact that they are going to be hammered with employment applications by loan officers, and that's when crisis rise again and create more trouble in this industry.
I see another wave of crisis for the mortgage industry that is coming, and this time it is going to really hurt and take little longer for everyone to adjust, also it's going to reflect some unemployment and some financial crisis to some more people that are working hard and surviving out of today's mortgage industry, the question is when is the crisis going to end for the people that are struggling to survive in today's economy and decided not to leave the mortgage industry and decided not to work for the banks.