86 The Orange County Housing Market? Better to be patient.

The OC register reported this week that median Lake Forest home sale prices fell 19.5% when comparing YTD April 2007 with April 2006. This Lake Forest statistic of median home prices smashes the Orange County-wide stat of just a .2% price decline for the same period.

Total home sales in Lake Forest, California declined 24.7% in April.

Not a good time to buy. Not a good time to be owing on an asset with an increased likelihood of a future downward trend.

So should you "86" OC housing off your future "to-do" list. Perhaps, but not necessarily long term.

There can be no question anymore that a real estate recession is underway here in Lake Forest. But if more people would just stop what they're naysaying and listen closely to realtors and Mr. Yun of the N.A.R. , then perhaps the Orange County weather might eventually save the day and bring all of those sideline prospective buyers out of the wood work, with their front pockets lined with rainy-day cash, with FICO scores hovering in the stratosphere, and of course, W2's with above-median incomes - all of them patiently waiting to re-enter the candy store of creative California mortage loans to re-open.

Only I'm not too sure that those mortgage candy stores will ever re-open.


Yeah, it looks great, doesn't it? But most can't afford to partake.

So unless you're rich kid, beat it!

Got Hummer?

If you do have one, I'd like to know: Are you still enjoying your ride? I imagine by now you either hate the monstrosity with a passion or remain completely enamored with it.

If you live where I live (Lake Forest, CA) right now per gallon 87 octane gasoline is running at about $3.51 per gallon. Hummer owners are probably not only the most-frequently-seen customers at the local gas stations (8 miles per gallon city!), but they are likely dropping somewhere between $81.00 (H3) and $112.32 to fill it up all the way!

Holy crap!

I don't own one. I rented one (not by choice) on a business trip in Denver and was pretty unimpressed. Power, handling, driver comfort, road visibility...no good. But maybe that's just me. I drive a 2000 Honda Civic. But a number of people in Orange County do own Hummers, Exploders and Escalades, etc. A number of them are realtors...but don't get me started there.

But I guess you don't even need to have a Hummer to experience a coronary at the gas pump these days. Today, May 7, 2007, gasoline prices in the United States of America are only cents away from the all-time highest per gallon price in our nation's history.

And unfortunately, my opulent Orange County friends, there are few reasons to expect any future price declines as we approach the summer months and then the cooler fall and winter seasons.

So, I really do hope those of you are enjoying that gigantic beast of inefficiency and impractical machinery! Enjoy it, for the sake of the rest of us, who ride in your wake.

Now for all of you Hummer owners, if you ever see someone you've never met before at the gas station or on the road tell you to "f*&% off!" by flipping you the bird, view this site and it will help you with some background information as to the reasons why.