OC Homes 6x more affordable than a year ago (Long Beach: real estate, crime rate)

[EscapeCalifornia]

O.C. home affordabilty, up 6-fold, still among nation’s lowest

November 18th, 2008, 12:01 am · 12 Comments · posted by Jon Lansner/ocregister.com

An Orange County home is nearly six times as affordable as a year ago — as measured by an index of the National Association of Home Builders and Wells Fargo Bank. Details:

* Still, just 28.5% of the homes sold in O.C. in the third quarter were affordable to the typical local household. (A year ago, 4.8% of the homes were “affordable.”)
* A 32% price drop in O.C. homes clearly drove increased affordability. So did a 7% increase in local incomes, according to NAHB/Wells math.
* O.C.’s “affordability” was 11th wporst among 222 communities tracked by NAHB/Wells. New York City was worst at 10.6% affordability; Springfield, Ohio, was best at 92.9%.

Quote: “If there is a silver lining to this crisis, it would be that some housing markets have become more affordable with a larger inventory to choose from,” said NAHB Chairman Sandy Dunn, a West Virginia builder. “But this is undeniably a crisis and Congress needs to act on housing stimulus to get the market moving again.”

Note: NAHB/Wells “affordability” measures of the percentage of homes sold in a given area that are affordable to families earning that area’s median income during a specific quarter.

O.C. home affordabilty, up 6-fold, still among nation’s lowest - Lansner on Real Estate - OCRegister.com

[vegaspilgrim]

Does that mean you can now buy your dreamhouse in OC and won't be moving to Denver?

[EscapeCalifornia]

Originally Posted by vegaspilgrim

Does that mean you can now buy your dreamhouse in OC and won't be moving to Denver?

Haha maybe if price of a 4 bedroom house in a safe neighborhood that's not 30 miles from everything drops to about $250k. I'm not holding my breath though.

[Charles]

We still keep on eye on Irvine, Aliso Viejo, Mission Viejo, and other towns around there (and also up in the Vandenberg AFB area) with excellent schools and within no traffic headache commutable distances to jobs as far north as Long Beach or stretching it up to Redondo Beach or even El Segundo if desperate. But, four things would have to happen: 1) We hate Huntsville (we've only been here since August - admittedly still a honeymoon, but so far so good), 2) Prices in good family neighborhoods of Orange County drop down to maybe the $250/sqft range ($500K-$600K for 5BR, 2000 sqft) or something like that, 3) I get a full relocation package from my or another employer, and 4) I remain convinced jobs in my field are moderately stable in Southern California.

That's the big value of City Data forum; if we ever do decide to come back, I know to what group of people I will be writing questions. I could ping you guys down to the street level.

[tew]

Originally Posted by EscapeCalifornia

Haha maybe if price of a 4 bedroom house in a safe neighborhood that's not 30 miles from everything drops to about $250k. I'm not holding my breath though.

Funny EscapeCA

I got my 5 bedroom 4 bath with a finished basement in CO in 06 for 300k. Crime rate 1 and close to lots of shopping. I know I couldnt touch that in Irvine (where I moved from) or Fountain Valley (where I grew up) with a 10 ft pole.

[EscapeCalifornia]

Originally Posted by tew

Funny EscapeCA

I got my 5 bedroom 4 bath with a finished basement in CO in 06 for 300k. Crime rate 1 and close to lots of shopping. I know I couldnt touch that in Irvine (where I moved from) or Fountain Valley (where I grew up) with a 10 ft pole.

Hey I'm from Fountain Valley too. Did you go to FVHS? My parents still live there and I'd love to live there still, but I don't see the pricing making any sense any time soon. Prices there are only going down very slowly compared to other parts of the county.

[EscapeCalifornia]

Originally Posted by Charles

...2) Prices in good family neighborhoods of Orange County drop down to maybe the $250/sqft range ($500K-$600K for 5BR, 2000 sqft) or something like that,

Even that's still pretty damn expensive for a house that wouldn't get a second look in much of the country.

[tew]

Originally Posted by EscapeCalifornia

Hey I'm from Fountain Valley too. Did you go to FVHS? My parents still live there and I'd love to live there still, but I don't see the pricing making any sense any time soon. Prices there are only going down very slowly compared to other parts of the county.

I went to Los Amigos HS. My parents still live there and I visit every few months. I lived in CA for 31 years, I do like living in CO a lot. I always have a place to go for vacation. Im going to be out there after Xmas.

[flo2900]

Originally Posted by tew

Funny EscapeCA

I got my 5 bedroom 4 bath with a finished basement in CO in 06 for 300k. Crime rate 1 and close to lots of shopping. I know I couldnt touch that in Irvine (where I moved from) or Fountain Valley (where I grew up) with a 10 ft pole.

you could do that in Corona now!

[khuramabbas]

hi im khuram shah from pak
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