San Clemente real estate has followed much of the trends of other Orange County communities in experience a decline in property valuation amidst what could be one of the greatest economic challenges to ever face the modern world. Luckily, following the trend of the rest of the county is a good thing as the region’s real estate and properties market begins to recover. For the first time in two years, Orange County home prices rose, according to Jeff Collins, Jonathan Lansner, and Mathew Padilla of the Orange County Register. Their October 14, 2009, article claims that “a 24-month losing streak ended last month when home prices increased from the year before, although it’s uncertain whether prices will keep on going up or enter a new round of losses.” According to the most recent reports, “Southern California home prices will be up about 30 percent from the lowest levels by mid-2012.”
According to Yahoo! Real Estate statistics, San Clemente homes for sale are not suffering at all. In fact, as of October 12, 2009, there was only a 0.1 percent decrease in median price property value, settling at $799,000 for 786 sold homes. The median price of foreclosed properties dropped 0.6 percent to $615,316 while the median price of new homes didn’t change at all. To make things buyer friendly, estimated California mortgage rates decreased between 0.08 and 0.16 percent depending on mortgage type and term duration.
The effects of the collapse of Lehman Brothers Holding, Inc. has left an indelible mark on real estate in San Clemente. As a result of, eighteen housing projects, including several oceanside lots in San Clemente, are going through bankruptcy court, according to Edvard Pettersson of Bloomberg News on September 23, 2009. This is just a small indicate of the larger market worries in the area where this same scenario has been replayed several times owner. As large capitals continue to see their cash reserves evaporate in light of the current economic climate, housing projects like these are usually the first to suffer. However, experts close to the situation say that this provides a nice opportunity for potential investors looking to make some money during these hard times.
