Orange County Real Estate Market The median price for a resale single-family detached home for April 2008 was $555,000 a -22.9% decrease compared to the same period last year. The median price per sq. ft was $322.00. The total of all homes sold in April were 2166 a decrease -19.2% from the same month last year.
California Statewide home sales were up 26.8% in April compared with March and down 10.9% from April a year ago. The median price of an existing, single-family detached home in California was $354.000, down 1.1% from the month before, and 26.9% decrease over April 2007.
California Foreclosure Activity The number of California homes going into foreclosure jumped last quarter to it's highest number of mortgage default notices in over 15 years. The result of declining home values and a weakening economy.
Lenders sent homeowners 113,676 default notices during the January to March period. That number was up by 39.4 percent from 81,550 the previous quarter, and up 143. percent from 46,760 for the first quarter of 2007. Last quarter's number of defaults was the highest in DataQuick's statistics, which go back to 1992 , according to DataQuick Information Systems of La Jolla.
Average Mortgage Rate As of May 29, 2008, the 30-year fixed-rate mortgage averaged 6.08 percent, 15 year 5.66 percent , 1 year adjustable 5.22 percent.
