graphrix_IHB
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<a href="http://irvineretail.freedomblogging.com/2008/07/24/560/">I saw this article in the OCR the other day</a>, and now Brian Martinez has a blog post about it.
<em>The median home price for closed sales in all Irvine ZIP codes for June 2008 was $637,049, down 15.4 percent from $753,008 in the same month last year.
There were 144 closed sales in all Irvine ZIP codes during June, down 39 percent from the 237 sales in same month last year.
Countywide, the median is down 23 percent and sales are down 27 percent.
The facts that sales volume in Irvine is down significantly more than in O.C. as a whole while the median price in Irvine is down significantly less than in O.C. as a whole is probably due to Irvine seeing fewer foreclosures than the countywide market as a whole, said mark Boud, principal of Real Estate Economics in Irvine.
Foreclosures increase volume while driving sales down, he said. Irvine?s centrality to jobs is probably a key factor in its resistance to foreclusures, he added.
?If you have to be in a really bad market, Irvine is a nice place to be,? he said.
The 43.8 percent median price drop in ZIP code <strong>92618 - which includes the new Woodbury village - is probably due to the small sample size as well as the fact that most of the home in the area were recently built, Boud said.</strong> Most of the homes in the area were sold for the first time in 2004 and 2005, which was the top of the market, he said.
The 70 percent drop in sales volume for ZIP code <strong>92612 - which includes University Park and Turtle Rock - is probably because it is a high-demand and well-established community, Boud said.</strong> That dynamic creates a low turnover rate overall, and long-time owners have more equity and smaller mortgages, which makes them more foreclosure-resistant.</em>
Okay... someone correct me if I am wrong here, but I thought Woodbury was in 92620 and Portola Springs was is 92618. That would actually make Mark Boud's comment make more sense, since PS sold in 2005, 2006 and 2007 the real peak of the market. Of course in 2006 the market was considered moderate according to his statistics, even when his stats showed that people were spending 65% of their income on their mortgage payment and in the 90s peak it only got as high as 45%.
Also, last time I checked Turtle Rock is in 92603, but I could be wrong again. In fact the Marquee towers are in 92612, so with all the foreclosures there lately, that resistance he speaks of could be a lot less resistant than he thinks. It's not like Mark Boud has been wrong before or anything like that.
Am I wrong on the zips, or did the reporter misquote, or is Mark Boud totally clueless? Heh... I will admit when I am wrong, but Mark has yet to admit how wrong he and his company have been. He owes all of those builders a refund for his poor stats and ignorance of zip codes. They could have been reading IHB for free and getting better info. I wonder how much business John Burns has gained from disenchanted client's of Mark Boud?
<em>The median home price for closed sales in all Irvine ZIP codes for June 2008 was $637,049, down 15.4 percent from $753,008 in the same month last year.
There were 144 closed sales in all Irvine ZIP codes during June, down 39 percent from the 237 sales in same month last year.
Countywide, the median is down 23 percent and sales are down 27 percent.
The facts that sales volume in Irvine is down significantly more than in O.C. as a whole while the median price in Irvine is down significantly less than in O.C. as a whole is probably due to Irvine seeing fewer foreclosures than the countywide market as a whole, said mark Boud, principal of Real Estate Economics in Irvine.
Foreclosures increase volume while driving sales down, he said. Irvine?s centrality to jobs is probably a key factor in its resistance to foreclusures, he added.
?If you have to be in a really bad market, Irvine is a nice place to be,? he said.
The 43.8 percent median price drop in ZIP code <strong>92618 - which includes the new Woodbury village - is probably due to the small sample size as well as the fact that most of the home in the area were recently built, Boud said.</strong> Most of the homes in the area were sold for the first time in 2004 and 2005, which was the top of the market, he said.
The 70 percent drop in sales volume for ZIP code <strong>92612 - which includes University Park and Turtle Rock - is probably because it is a high-demand and well-established community, Boud said.</strong> That dynamic creates a low turnover rate overall, and long-time owners have more equity and smaller mortgages, which makes them more foreclosure-resistant.</em>
Okay... someone correct me if I am wrong here, but I thought Woodbury was in 92620 and Portola Springs was is 92618. That would actually make Mark Boud's comment make more sense, since PS sold in 2005, 2006 and 2007 the real peak of the market. Of course in 2006 the market was considered moderate according to his statistics, even when his stats showed that people were spending 65% of their income on their mortgage payment and in the 90s peak it only got as high as 45%.
Also, last time I checked Turtle Rock is in 92603, but I could be wrong again. In fact the Marquee towers are in 92612, so with all the foreclosures there lately, that resistance he speaks of could be a lot less resistant than he thinks. It's not like Mark Boud has been wrong before or anything like that.
Am I wrong on the zips, or did the reporter misquote, or is Mark Boud totally clueless? Heh... I will admit when I am wrong, but Mark has yet to admit how wrong he and his company have been. He owes all of those builders a refund for his poor stats and ignorance of zip codes. They could have been reading IHB for free and getting better info. I wonder how much business John Burns has gained from disenchanted client's of Mark Boud?
