Do you think home prices in Orange County will drop in 2007?

Question

By how much?

Answer 1

While the consensus has talked about the proverbial housing bubble bursting, we are yet to see any major drastic drop in relative prices in the housing market.

Orange County in particular remains a red hot real estate market, with new subdivisions sprouting up in South County, in areas such as Coto de Caza, Aliso Viejo and San Juan Capistrano. In addition, The Irvine Company is still launching active construction projects west of the San Joaquin Hills Transportation Corridor, in and around Newport Coast. OC remains a highly desired place to live, and not only are people moving behind the Orange Curtain from across the country, but other Californians are moving into the county from other urban areas in the Golden State.

I think we can expect to see the cyclical housing market to cool considerably nationwide, and in California as well; but Orange County and perhaps the Inland Empire will remain considerably "hot" markets for some time to come. Don't expect South County to drop too much, but if housing prices begin to drop nationwide, North County will probably be the most susceptible to new affordable housing opportunities.

For the time being, the best buying opportunities lie inland, namely San Bernardino and Riverside Counties. But these markets are experiencing the biggest surges in new residents, growing faster than much of the rest of the state. With this growth, prices will rise over time.

Answer 2

No, it anything, the houses will continue to be on the market a little more than usual. They wont be selling AS FAST but they will continue to sell. Orange County is a strong real estate department

Answer 3

No it will never go down every again if immigrants continue to go into California. Remember more immigrants and more Americans will drive up house prices in the future unless there is pandemic disease that kills 75 percent of California population. Because more people = wanting more houses and there is limited number of houses so houses must go up to attract the rich ones.

Answer 4

I doubt it. They may not go up as much as in the recent past, but business is good and interest rates remain reasonable, so I see no particular reason for a decline.

Answer 5

Only slightly. That will probably be the case everywhere. At least for a little while.