Photo courtesy OC ArchivesThe OC Register recently quoted another Steve Thomas report. Among the highlights...
Three South OC areas were in the top four "hottest" markets - meaning, the highest rate of home sales in the past month when compared to current homes on the market. The three areas were Portola Hills (1 month supply of houses for sale); Lake Forest (1 month supply) and RSM (1.2 months). Is there any surprise here? Not really. There are lots of cheaper homes in each of these areas.
The "coolest" markets - meaning fewest completed sales compared to the number of properties for sale? Laguna Beach and Coto made that list. Yet more evidence that higher-end properties may be next on the list for impending price declines. The big question to us is whether prices have mostly stabilized in some of the harder-hit, lower-priced areas. It's very possible, and now we could be in for that long period of stagnant prices.
1 comments:
Anything Steve Thomas says should be taken with a grain of salt.
He has been wrong more frequently than a stopped clock. And, his track record of calls is abysmal. He's currently in the process of calling his 4th bottom since 2005.
Chuck Ponzi
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