Lake Forest, CA

UCLA is forecasting a rosy housing recovery for Orange County, CA with median home price increases next year of 15.9 to 16.6%.

That is better than the projected 8.8% reported gain for CA and a 2.4% increase nationwide they estemated perviously.

They are saying that home prices will not get back to the high of 2006 till most likely 2016 ot 2017 but that we will have an increase each year at a steady pace up.

We are at 16% up just since March and that is only six months. The increases will continue year-over-year because we went up to fast and then we over corrected to the down side.

Projection is as follows 2011 to 2015, local home prices will increase by 2.5% to 8.7% a year, Median price this year is $406,481, 2011 projection is $500,000 and 2015 it will be over $600,000.

Foreclosures will rise next year but not enough to derail the recovery.

Mark Schniepp chief economist with the California Economist Forecast says the time to buy was early this year and NOW till March 2010. The prices will continue to go up.

Reported in the Orange county Register this week was Federal Chairman Ben Bernanke sent a fresh signal that he's in not in any hurry to change direction and start raising interest rates. At a Fed conference, Bernanke said that the Fed's key bank lending rate is now near zero, a record low and is planned to staythat way for an "extended period". So far he is holding to the goal that was set in September at their meeting. duper-low rates will entice more spending by people and businesses helping the recovery along.

The September closed sales number of 47 properties was 19% below the number of sales in September 2008, when 58 were sold. The good news was that the average price per square foot only fell 4% since then! There may be a few more closings reported in the next few days, so I may update this to show the late closings.

Bank owned sale $120K

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The Beach and Tennis Club of Lake Forest is planning a Halloween Party for all the children to come and have a wonderful time together. All children will leave with a bag of treats and goodies.

Date: Friday October 30th

Time: 6:00 to 8:00 p.m.

Place: Beach and Tennis Club

Age: this is a children's event

Cost: Tickets are $7.00 till the 29th and $9.00 on the 30th.

The evening will be full of games, "Witches Potion" "Goblin Goo" and a ghoulishly goo time to have FUN!

Attn: Mortgage Brokers

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