Corona Del Mar and Newport Coast Real Estate

More stories out this week regarding Real Estate inventories, sales and construction starts. All are continuing to show signs of recovery and price stabilizations. With what looks like a true bottom in place, this could be good news to anyone looking to buy Real Estate in Corona Del Mar or Newport Coast. Prices here are still well off the highs of 2006 - 2007, and there is a great inventory of homes available. Loan rates remain at historic lows as well. Here are some clips regarding the recovery:

There's more to indicate that the housing recession has hit bottom than last Thursday's dual announcements that housing starts rose 1.5% from July, and new jobless claims dropped by 12,000 in early September.

Homeowners looking to sell are also putting the brakes on the trend of aggressive price cuts, indicating that the real estate market may be closer to salvation than previously thought. In 20 major U.S. housing markets, the percentage of homes that have suffered price reductions is dropping.

Thirty-nine percent of for-sale homes in 20 major U.S. metros have had their prices reduced. That's a drop of six percentage points, from 45% at the beginning of the year, according to data provided to Forbes by Altos Research. That the number of for-sale homes with startling cuts has dropped is a sign that the real estate market may soon reverse its downward slide.

"The percent of homes on the market with price reductions is a really insightful indicator of organic levels of demand," says Michael Simonsen, chief executive of Altos Research. "As this number is dropping, there's improving demand at current prices."

Two areas in California in the top 5 showing strength:

3. San Diego, Calif.
San Diego-Carlsbad-San Marcos, Calif., Metropolitan Statistical Area
Change: 15 percentage points
Homes with Price Reductions, 1/1/2009: 45%
Homes with Price Reductions, 9/11/2009: 30%
Moody's Economy.com forecasts that five years from now, home prices in San Diego will have risen by 25.41%

5. Los Angeles, Calif.
Los Angeles-Long Beach-Riverside, Calif., Combined Statistical Area
Change: 10 percentage points
Homes with Price Reductions, 1/1/2009: 45%
Homes with Price Reductions, 9/11/2009: 35%
Moody's Economy.com forecasts that five years from now, home prices in Los Angeles will have risen by 12.36%

In my opinion, Coastal areas usually have good rebound strength. Living along the coast, or having views of the ocean, will always be in demand. This is like a 30% off sale for your chance to get that dream home in Corona Del Mar or Newport Coast.  Put that with ultra low interest rates... this could truly be the oppurtunity of a life time....let's go look at some Real Estate...

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