REAL ESTATE
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O.C. among riskiest housing markets, continued ...
The 2009 Survey of California Home Buyers from California Association of Realtors found that 68 percent of homebuyers said price decreases motivated them to buy.
Statewide, both the Riverside-San Bernardino-Ontario MSA and the Los Angeles-Long Beach-Glendale MSA are also among the riskiest housing markets.
Nationwide, 28 of the 50 MSAs measured are in the high-risk category.
"Rapidly rising foreclosure and unemployment rates, continuing declines in house prices and weakening consumer demand all worked to increase risk in the general economy, and the housing market specifically," says David Berson, PMI's chief economist and strategist. "As a result of the continued weakness in prices, and the relatively low level of interest rates, improvements in affordability across the nation's MSAs will continue to incentivize repeat and first-time homebuyers back into the market."
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Related headlines
O.C. office, industrial markets see shrinking gap in asking, bidding prices
'OC METRO Minute,' July 8: Nearly 44,000 foreclosure filings in O.C. from June '08-May '09
Sales of Orange County businesses fall 49 percent
O.C. among riskiest housing markets, continued ...
The 2009 Survey of California Home Buyers from California Association of Realtors found that 68 percent of homebuyers said price decreases motivated them to buy.Statewide, both the Riverside-San Bernardino-Ontario MSA and the Los Angeles-Long Beach-Glendale MSA are also among the riskiest housing markets.
Nationwide, 28 of the 50 MSAs measured are in the high-risk category.
"Rapidly rising foreclosure and unemployment rates, continuing declines in house prices and weakening consumer demand all worked to increase risk in the general economy, and the housing market specifically," says David Berson, PMI's chief economist and strategist. "As a result of the continued weakness in prices, and the relatively low level of interest rates, improvements in affordability across the nation's MSAs will continue to incentivize repeat and first-time homebuyers back into the market."
<< PREVIOUS PAGE
Related headlines
O.C. office, industrial markets see shrinking gap in asking, bidding prices
'OC METRO Minute,' July 8: Nearly 44,000 foreclosure filings in O.C. from June '08-May '09
Sales of Orange County businesses fall 49 percent
