My New Blog

Not many experts in our industry have anything good to say about the immediate future of the US housing market, including yours truly.

Although I have been fairly busy in my appraisal profession here in Orange County, CA over the past few months, it is not because of anything positive but rather a result of increased bankruptcies and foreclosures. Since "all real estate is local" I will stick to what I know best, Southern California, and leave the nationwide doom and gloom to the so called experts at Case-Shiller, Redfin, et al.

According to Realtor.com, who tend to be a "glass is half-full" resource, the median selling price year-to-date in Orange County is down 5% (the national median price was only off .25% year-to-date). Couple this decline with the number of sellers that has grown by 11% YTD, and this does not bode well for the housing market in the short term. Global warming theorists won't like what I am about to say, but get ready for a long cool summer.... at least as it pertains to the housing market.