Will Shy Bargain Hunters Make Their Deals About California and U.S. Housing During 2008?

We have a big sale going on in the OC & California housing these days.

The OC house seller continues to cut the price. We have experienced a $150,000 drop in median selling price for Orange County residences from the June 2007 peak. We went from a record high price of $645,000 a year ago to $495,000 in June 2008. During 2008 so far, the OC home sale prices fell 23 percent.

What's the cause?

Cheap money during 2004 to 2006, and aggressive lending and stupid thinking borrowers and blind regulators and greed and overinflated home prices.

The OC, California, homes could now be relatively inexpensive. It is possible that the OC home is 5.2 percent undervalued.

What usually happens when the shopkeepers at the mall can’t move enough inventory at a certain price?

The OC Housing market now offers good buyer opportunities.

Will the bargain hunters make their deals during the remainder of 2008? Or will they wait and make their deals in 2009?

Posted by Harison K. Long, Explore Properties Group, July 20, 2008
Source: Orange County Register, DataQuick Information Systems