Mission Viejo Real Estate news
Located in Orange County in Southern California, the Mission Viejo real estate market has shown promise for the future due to an increase in home sales over the past few months. Much of Southern California has shown positive signs for the recovery of the real estate market in the near future, with home sales increasing, even though median home prices have been steady at below-average rates. However, issues such as the financial stability of the state of California and job security are major concerns and obstacles to the full recovery of the Mission Viejo real estate market, as well as the economy of California as a whole.
According to DQNews.com, Southern California show an improving real estate market despite median prices that are still below previous years’ levels. In September of 2009, about 21,539 new and resale houses and condos were sold in Southern California, which as up 0.2 percent from 21,502 in the previous month and up 5.1 percent from 20,497 in the previous year. The increase in home sales is due primarily to the fact that housing in the region is much more affordable now because of a large inventory of foreclosed or distressed properties for sale, offering prospective home-buyers the “bargain” rates that many are looking for. However, the median home price for new and resale houses and condos has declined by about 10.9 percent from $308,500 in September of 2008 to $275,000 in September of 2009. Many real estate experts expect foreclosure rates to continue to increase during the next few months and that consistent and significant signs of recovery aren’t likely to show until well into 2010.
The Orange County Guide to Local Real Estate has reported the improvements in the Anaheim real estate market, as well as the Orange County real estate market as a whole. They have reported that home sales in the region increased by about 7.2 percent in July 2009, mortgage applications have increased, and that interest rates have declined to hit a five-week low. Mission Viejo posted that 102 homes of the 145 homes listed were sold in September of 2009, an improvement over the 94 sold of the 126 homes listed in September of 2008. However, the average sales price has declined during the same period from $538,496 to $468,417. Many real estate experts believe that the Mission Viejo real estate market is gaining the momentum in needs to make a full recovery.