"IT REQUIRES A GREAT DEAL OF BOLDNESS AND A GREAT DEAL OF CAUTION TO MAKE A GREAT FORTUNE." Ralph Waldo Emerson
Last week's headlines contained a mix of items to inspire both boldness and caution.
And...there's room for cautious optimism on the economy, as good news was noted on several fronts last week. The housing market received good news when Existing Home Sales came in stronger than expected.
Sales of previously owned U.S. homes rose 5.1% in February, the largest gain since July 2003. About 45% of these sales were foreclosure or short-sale transactions. With the peak of the market having been April 2007, it is also noted that home prices are now at 2003 levels.
Additionally, Durable Goods Orders for February came in better than expected, showing the first increase in six months, and the Core Personal Consumption Expenditure Index (Core PCE) showed inflation is presently at tolerable levels. Plus, the US Dollar received a boost when China said it will continue to purchase US Treasuries.
*03/30/09 Sandstone Financial, Prospect Mortgage, CAR
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,758, w/Bank Conditions = 449
In Escrow Listings = 579, w/Bank Conditions = 234
Sold from 01/01/09 = 588, w/Bank Conditions = 249
*MLS 03/31/09
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR FEBRUARY 2008 COMPARED TO FEBRUARY 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 0 - N/A - N/A
Capo Beach - 92624 - 2 - $603,000 - minus 65%
Corona del Mar - 92625 - 7- $2,100,000 - minus 12%
Costa Mesa - 92626 - 13- $500,000 - minus 10%
Costa Mesa - 92627 - 20 - $600,000 - 5%
Dana Point - 92629 - 8 - $745,000 - minus 1%
Laguna Beach - 92651 - 5 - $1,275,000 - minus 41%
Laguna Niguel - 92677 - 33 - $673,000 - minus 14%
Newport Beach - 92660 - 10 - $850,000 - minus 39%
Newport Beach - 92661- 3 - $1,200,000 - minus 52%
Newport Beach - 92663 - 5 - $800,000 - minus 60%
Newport Coast - 92657 - 9 - $1,400,000 - minus 23%
San Clemente - 92672 - 15 - $725,000 - minus 60%
San Clemente - 92673 - 18 - $763,000 - minus 4%
**Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 03/31/09
