New data from Santa Ana-based CoreLogic indicates that housing prices in Santa Ana, Anaheim and Irvine dropped 3.5 percent in August, compared to the same time in 2010. In addition, the Housing Price Index shows that the number of overall sales in Orange County dropped 2.3 percent, compared to the same time last year.
"Although the calendar says August, the end of the summer traditionally marks the beginning of 'fall' for the housing market as it begins to prepare for 'winter,'” said Mark Fleming, chief economist for CoreLogic. “So the slight month-over-month decline was predictable, particularly given the renewed concerns over a double-dip recession, high negative equity and the persistent levels of shadow inventory.”
The Orange County area came out ahead of the national average, which fell nearly 4.5 percent. However, if you exclude the distressed sales, national year-over-year prices only declined by 0.7 percent in August.
“The continued bright spot is the non-distressed segment of the market, which is only marginally lower than a year ago and continues to exhibit relative strength." said Fleming.
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