Irvine Housing Prices Down Double Digits YOY

[billbaldi_IHB]

Look at the new YOY Price Drops for Irvine. 7 of 8 zip codes were down YOY. And 6 out of 8 were down double digits. The numbers don't lie.





Zip Median Price Change from 07



92602 $614,500 -18.1%

92603 $825,000 -17.4%

92604 $532,500 -14.8%

92606 $520,000 -11.7%

92612 $535,000 -20.5%

92614 $525,000 -5.4%

92618 $626,000 -32.5%

92620 $770,000 2.3%

 

[lawyerliz_IHB]

Wasn't there a recent thread that asked why Irvine was down

so little?



What gives?

 

[PANDA_IHB]

Lawyerliz, this is where i got my numbers. I'm a little confused myself.



http://www.ocregister.com/articles/median-housing-realestate-2097243-dataquick-lansner

 

[bigmoneysalsa_IHB]

Tread <a href="http://en.wikipedia.org/wiki/Sample_size">carefully</a>, friends.

 

[GrewUpInIrvine_IHB]

92620 was actually UP year over year?? With Northwood getting slaughtered, I can only reach one of two possible conclusions. First, the survey was conducted by a group of drunks. Alternatively, Woodbury is experiencing sufficiently strong sales to salvage the rest of the zip code?

 

[No_Such_Reality_IHB]

[quote author="GrewUpInIrvine" date=1217230369]92620 was actually UP year over year?? With Northwood getting slaughtered, I can only reach one of two possible conclusions. First, the survey was conducted by a group of drunks. Alternatively, Woodbury is experiencing sufficiently strong sales to salvage the rest of the zip code?</blockquote>


It's propaganda. The June report is <a href="http://www.ocregister.com/articles/median-housing-dataquick-2095214-lansner-oc">here.</a> The report Panda sites, is median for the zip code for the six month period. Frankly, with the rates homes have been losing value, the homes that sold in January have a 10% advantage over those that sold in June. So Panda, that chart, basically, OLD NEWS.



It's another lying with statistics thing the RE industy does. The number itself is right, but do you really care where sales where 6 months ago? five months ago? Four months ago? I did't think so.



The real information is the sales volume column. They're still falling! Volume is so low that the prices month to month are basically noise. That's really the end of the discussion, the 92614 zip code isn't going to survive selling 12 houses a month. And Irvine as a whole isn't going to survive selling 140 homes a month. This is prime selling season! Seven of the nine zip codes sold less than a home a day.

 

[lawyerliz_IHB]

Are the title agencies going broke? Surely they can't

survive on so few closings.



I'd beware where I was putting money in escrow, here or there.

 

[norcaljeff_IHB]

[quote author="lawyerliz" date=1217232457]Are the title agencies going broke? Surely they can't

survive on so few closings.



I'd beware where I was putting money in escrow, here or there.</blockquote>


There's probably so much margin there it won't hurt them much. These madatory fees are all a scam. Maybe the gig is finally up in real esate.

 

[ipoplaya_IHB]

[quote author="lawyerliz" date=1217232457]Are the title agencies going broke? Surely they can't

survive on so few closings.



I'd beware where I was putting money in escrow, here or there.</blockquote>


I think a number of the more prominent title and escrow companies are owned by mega RE companies that owns brokerages as well, e.g. Realogy. Hard for them to go out of business. Downsize yes, but they will continue on...