Mortgage Meltdown - Just Breath, Orange County, CA.

Mortgage Meltdown, Mortgage Meltdown, BREATH!

Yes, it is all over the media and though the crystal ball might be a little foggy, Kelly wants to remind residents that we live in pretty special place and keep this in mind as you hear these dire headlines. Orange County shouldn't be compared to the rest of the country. (A nice little reminder from Gary Watts) Here's why:

• Today 30% of OC households earn in an excess of $100,000 - up 32% since 1999!
• Since 1999, households earning $200,000 are up 50.2% and now total 67k
• OC has one of the highest median incomes in the us at $65k
• Newport Beach ranks #1 median incomes in the US and are you ready Mission Viejo is #2 at $91k
• 11% of households in OC have a net worth exceeding $1,000,000.
• OC ranks #3 in the U.S. with 113k millionaires
• In OC 14% of our market is 2^nd homes and income properties and 22% of our homes have no loans!
• OC has the lowest unemployment rate in CA at 3.2%
• OC ranks #7 in creating new jobs and #5 in the US in total number of jobs.
• OC has the lowest housing ratio to jobs in the nation
• OC ranks #5 in the nation in rental rates and has a 97% occupancy rate
• Southern California is 200k-300k residents each year and ranks #6 in the US for metro area
• OC foreclosures represented .05% of all sales with lenders selling those homes at an average discount of only 3.8%

I hope the above data, provides with a big picture view of where we are at in OC. Though the market is changing we are in pretty good shape. Should you be questioning the market and would like to discuss your options, please do not hesitate to give me a call to help you strategize on your next move.

Remember, It's Possible