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Old 06-13-2013, 02:21 PM
 
Location: Whittier, CA
494 posts, read 1,912,272 times
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Chapman Update: Recovery on Track Here | Orange County Business Journal

The recent run-up in the housing market here—with the median price up by as much as 25% to about $540,000 in the past 12 months, according to some estimates—will continue in 2014. The Chapman forecast projected an 8.8% increase in the median price next year.

Looks like $600k median home price is "in the bag" for OC. Time to buy some homes to cash in on the 8.8% appreciation since it's supposedly guaranteed by Chapman?
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Old 06-13-2013, 04:36 PM
 
11,715 posts, read 40,361,816 times
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Originally Posted by ducviloxi View Post
with the median price up by as much as 25% to about $540,000 in the past 12 months,
Yeah, sounds totally sustainable.
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Old 06-14-2013, 04:29 PM
 
Location: Whittier, CA
494 posts, read 1,912,272 times
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psst..

it's $600k in 2014, $700k in 2015, $800k in 2016...you get the idea, so by 2025 your average median home will cost you $1.7 million And oh! since median income increased from $64,000 to $74,000 between 2003 and 2013, I forecast that median household income should increase by around $14,000 between now and 2025 to a staggering $88,000 (that is IF all goes well) but no worries there will be a -10% down loan by the government with an interest rate of -25% so that you can still be able to afford payments on the $1.7 million home
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Old 06-14-2013, 06:02 PM
 
880 posts, read 1,411,576 times
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Quote:
Originally Posted by ducviloxi View Post
Chapman Update: Recovery on Track Here | Orange County Business Journal

The recent run-up in the housing market here—with the median price up by as much as 25% to about $540,000 in the past 12 months, according to some estimates—will continue in 2014. The Chapman forecast projected an 8.8% increase in the median price next year.

Looks like $600k median home price is "in the bag" for OC. Time to buy some homes to cash in on the 8.8% appreciation since it's supposedly guaranteed by Chapman?
Humm,

If it is to be a "recovery" would someone not expect it to allow the middle income families to be able to afford it? Is it a recovery or an indication that the market in OC will be pricing the average family out, in a while?
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Old 06-18-2013, 01:49 PM
 
Location: Whittier, CA
494 posts, read 1,912,272 times
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Originally Posted by Leonard64 View Post
Humm,

If it is to be a "recovery" would someone not expect it to allow the middle income families to be able to afford it?
No, that is not the criteria and according to the media and everyone else homes are the most affordable they have ever been!
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Old 06-18-2013, 02:30 PM
 
11,715 posts, read 40,361,816 times
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Originally Posted by ducviloxi View Post
No, that is not the criteria and according to the media and everyone else homes are the most affordable they have ever been!
OC housing is more affordable than ever!*





* For families with $200k/yr income, a $200k down payment, a 760+ FICO, and no self-employment.
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Old 06-18-2013, 03:21 PM
 
Location: Whittier, CA
494 posts, read 1,912,272 times
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EscapeCalifornia, if homes are unattainable then how are people buying them? The investor market is 30% so who are the other 70%? My guess is there has been a demographic shift - influx of highly compensated dual income households and in addition rich immigrants and middle class Hispanic households pooling their income and buying!
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Old 06-18-2013, 03:25 PM
 
11,715 posts, read 40,361,816 times
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Quote:
Originally Posted by ducviloxi View Post
EscapeCalifornia, if homes are unattainable then how are people buying them? The investor market is 30% so who are the other 70%? My guess is there has been a demographic shift - influx of highly compensated dual income households and in addition rich immigrants and middle class Hispanic households pooling their income and buying!
Yeah pretty much. We have the same problem they have in the ski resorts in Colorado: The wealthy from around the world all have to have a place there and price the locals out of their own town. My wife went to UCI. Some students from Taiwan had their parents buy them a house in Turtle Rock for their stay. Must be nice. All of the foreign and out of state money contributes to push prices beyond what most locals can afford on local income. Even after the "crash", I talk to lots of people who couldn't afford to buy their own house at current prices. OC housing prices are permanently detached from the local economy.
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Old 06-18-2013, 06:16 PM
 
823 posts, read 1,775,359 times
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Quote:
Originally Posted by EscapeCalifornia View Post
OC housing is more affordable than ever!*





* For families with $200k/yr income, a $200k down payment, a 760+ FICO, and no self-employment.


russzombia here. My goodness, so tired...finally moving into the house we just bought and I'm pooped. Not to gloat, but my husband and I, I guess, are one of the few traditional buyers out there.

We don't quite fit your description, escape, but kinda. Half mil house with 20% down, good credit, employment and reserve money (for now!). But we've been saving for a loooong time. Been looking at buying since the housing boom, then hit dirt cheap rent which allowed us to save more towards savings.

We've been fortunate, but I say this (yes, not to gloat), but to encourage the buyers out there. There's competition, but be patient, keep at it, don't compromise, have a good agent and loan broker and you can find one.

It's not just me, though. My friends who probably don't have 20% down ended up getting a house by shear luck. They're getting their house worked on right now also and will move in around the same time as me.

Of course, my sister said her friends are trying to buy a house in Lakewood and there's no inventory. I say "don't give up".
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Old 06-18-2013, 06:39 PM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,537,811 times
Reputation: 17829
Quote:
Originally Posted by russlancea View Post
russzombia here. My goodness, so tired...finally moving into the house we just bought and I'm pooped. Not to gloat, but my husband and I, I guess, are one of the few traditional buyers out there.

We don't quite fit your description, escape, but kinda. Half mil house with 20% down, good credit, employment and reserve money (for now!). But we've been saving for a loooong time. Been looking at buying since the housing boom, then hit dirt cheap rent which allowed us to save more towards savings.

We've been fortunate, but I say this (yes, not to gloat), but to encourage the buyers out there. There's competition, but be patient, keep at it, don't compromise, have a good agent and loan broker and you can find one.

It's not just me, though. My friends who probably don't have 20% down ended up getting a house by shear luck. They're getting their house worked on right now also and will move in around the same time as me.

Of course, my sister said her friends are trying to buy a house in Lakewood and there's no inventory. I say "don't give up".
My colleague at work just bought this house and he moved in yesterday and today. Costa Mesa, below average schools, $470/sqft, built in 1957, 1200 sqft, $550,000

881 SENATE St, Costa Mesa, CA 92627 | MLS# NP13053970 | Redfin

What's mind boggling (and it might be unusual data and not what it seems) is that same home sold for $325K exactly six months ago.
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