The Costa Mesa real estate market, a subsidiary of the much larger Orange County housing market, continued to have issues with high rates of foreclosure despite relatively stable median home prices. According to a June 7, 2010 article from the Orange County Register, “According to CoreLogic’s latest late-mortgage report, 8.40% of Orange County home-loan borrowers as of April are 90 days-plus late with their house payments. That’s +2.60 percentage points vs. a year ago.” The piece, composed by Jon Lansner, went on to state that “2.37% of Orange County homes were in the foreclosure process; +0.15 percentage points vs. a year earlier. 0.35% of Orange County homes were repossessed by banks as REO (real estate owned); -0.10 percentage points vs. a year earlier. Orange County 90-day delinquency rate is -3.20 percentage points vs. the state’s slow-pay rate -0.50 percentage points vs. national pace.”

The average sales price of a Costa Mesa home for sale rose along with the rest of the O.C. in the most recent tracking period, according to a June 4, 2010 piece from the Orange County Register. The piece noted that “For the 22 business days ending May 18 – DataQuick’s latest real estate buying report – Orange county saw…$440,000 median selling price that is up 12.8% vs. a year ago yet -32% below June 2007’s peak of $645,000. A median of $440,000 was last seen in Orange County in August 2008.” The article by Jon Lansner went on to state that “The most recent median is 19% above the cyclical low hit in January 2009 at $370,000 – a current bottom that was 43% below the peak. The median selling price of an Orange County single-family home is 30% less than their peak pricing (June ’07) while condos sell 37% below their peak in March 2006.”

About half a month earlier, the average home price for Costa Mesa real estate declined slightly, according to a May 18, 2010 article from the Orange County Business Journal. This piece, written by Mark Mueller, found that “Orange County’s median home price edged down $2,000 in April from March, but still stands $50,000 higher than the prices seen here a year ago.”

The Brea real estate market, a portion of the larger Orange County real estate market, continued to have serious problems with mortgage delinquency and foreclosure despite relatively stable housing prices. According to a June 7, 2010 article from the Orange County Register, “According to CoreLogic’s latest late-mortgage report, 8.40% of Orange County home-loan borrowers as of April are 90 days-plus late with their house payments. That’s +2.60 percentage points vs. a year ago.” The piece, written by Jon Lansner, continued to state that “2.37% of Orange County homes were in the foreclosure process, +0.15 percentage points vs. a year earlier. 0.35% of Orange County homes were repossessed by banks as REO (real estate owned); -0.10 percentage points vs. a year earlier. Orange County’s 90-day delinquency rate is -3.20 percentage points vs. the state’s slow-pay rate and -0.50 percentage points vs. national pace.”

The average sales price of a Brea home for sale rallied along with the rest of Orange County in the month of April. According to a May 18, 2010 piece from the OC Metro, “Orange County saw gains in its median home price and sales activity in April, compared to the same time last year, according to a new report from MDA DataQuick.” The article, written by Kristen Schott, went on to state that “The county’s median home price hit $430,000 last month, up 13 percent from $380,000 in April 2009. But, the price dipped slightly from March, when the median reached $432,000. For the six-county Southern California region, which includes Orange, L.A., San Diego, Riverside, San Bernardino and Ventura, the median rose 15 percent to $285,000 in the period, compared to April 2009. The number was unchanged from March.”

Compared to last month, however, the median home price in the Brea and Orange County real estate markets, declined slightly. According to a May 18, 2010 article in the Orange County Business Journal, “Orange County’s median home price edged down $2,000 in April from March, but still stands $50,000 higher than the prices seen here a year ago. The median price of a home sold here in April was $430,000, a less than 1% drop from a month earlier, according to San Diego-based MDA DataQuick, a unit of Canada’s MacDonald Detwiller and Associates.”