So with the close of 2009, thought I would put in perspective where the Real Estate market has been and where it could go. So I decided to take a snap shot of the Real Estate market in Orange County from 2008 through 2009 going with Fullerton. Why Fullerton? I felt that this city is a microcosm of Orange County from Real Estate standpoint.
To view the graph I put together, just click on them.
The graph on the right shows how many homes were
sold per month, while the graph on the left represents the average price homes in Fullerton were sold per month. You can see how the market declined drastically over the last 2 years and how it started to rebound during the spring of 2009 into the summer. At this point home sales rose, thanks in part to the federal tax credit programs; also buyers started to become active as well as the amount of homes going into the market via foreclosure/short-sale subsiding as banks were making more of an effort to modify loans for distressed borrowers. In the summer/fall of 09, values started to rise due lower interest rates luring more buyers, combine that with inventory decreasing in the 4th quarter.(More on this later)
What does 2010 look like? Check out my next post for part 2.