Orange County Housing Report: Back to School Report Card    

September 2, 2010

Good Afternoon!

Since it is back to school for the youngsters, it is time to update Orange County’s housing report card.

Housing Demand

After starting off the year with decent demand, we quickly realized that it was artificially high due to the Federal first time home buyer tax credit where buyers had to have a pending deal by April 30th. After April 30th, demand plunged as many buyers had already scurried to find something prior to the cutoff date. Basically, demand was pulled forward. Buyers that would have purchased during the summer had to buy early to cash in. In looking back, the original first time home buyer tax credit that ended in November was needed to help jump start an extremely sluggish market. The latest tax credit may have done more damage than good. The pumped up pending sales figures ultimately led to pumped up closed sales figures.

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