Is O.C. Real Estate on the Road to Recovery?

According to the Southern California MLS, home sales in O.C. for the first six months of 2008 are down 17% compared to the same period in 2007. At present there are 19,900 homes available for sale with an average price of $615,250 which is 16% lower than this time last year. The average sale price was $587,400. Since January it has taken 82 days to sell compared to 76 days in 2007. Declining inventory of homes may portend an earlier than expected recovery of the O.C. real estate market. Expectations of continuously increasing loan rates have been prompting buyers to write offers now rather than waiting for further price declines. Perhaps the worst is behind us in Orange County! Click Here for Details