The Huntington Harbor housing market

The Huntington Harbor housing market, a component of the Orange County real estate market, saw signs of strength along with the rest of the region. According to a June 15, 2010 piece from OC Metro, Orange Countys median home price and sales numbers got a welcome boost in May, partly due to government tax credits, low mortgage rates and more activity in higher-priced areas, according to a new report from MDA DataQuick. The median home price rose to $450,000 in the county, up about 10 percent from the same time last year. The article by Kristen Schott continued to note that Sales rose 22 percent in Orange County, compared to the same time last year. Buyers snapped up 3,257 properties, compared to 2,667 in May 2009. Its the second consecutive month of yearly gains, according to MDA DataQuick. The number also increased from 2,669 in April.

The number of bankruptcies in the Orange County area may drag on the eventual recovery of Huntington Harbor real estate. According to a June 14, 2010 article from the Orange County Register, The Orange County bankruptcy filings for May have something for both pessimists and optimists. Bankruptcy filings for Orange County individuals and businesses rose 31.3% in May compared to a year earlier. And the 1,562 filings were the higher for May in at least 11 years, according to the U.S. Bankruptcy Court. The report continued to say that The good news is that in May the number of filings in the Orange County court declined 7.1%. It was the second straight month of fewer filings after the number spiked in March. Bankruptcy activity remains very high by historical standards.

A more negative perspective on the status of the Huntington Harbor housing market was provided by economist Christopher Cagan. Cagan, who was interviewed by the Orange County Register on June 11, 2010, stated that In the short to near term, I expect a double dip. This is the logical aftermath of the sugar shot from the Federal first time buyer tax credit. It borrowed buyers from the future, and we are now going into that future.