Last month proved to be the fourth slowest November for home sales since DataQuick started keeping tabs on the market in 1988. DataQuick reported this month that 2,297 residences sold in November. While that number is up 1.8% from a year ago, the median selling price was $400,000 — the lowest since April 2009 and off 8.0% in 12 months. In Villa Park, there were 4 new sales and 3 closings, which is considered weak for the area during this time of year.
But there’s good news on the horizon: The MBA forecasts that home loans will increase to $412 billion in 2012 (vs. $400 billion in 2011). Even more uplifting: the MBA expects home loans for purchases to leap to $700 billion in 2013. And thanks to a new move by Congress to restore loan limits for the FHA through 2013 and a revised HARP plan that will make fans of banks and borrowers alike, the O.C. real estate market is poised to enjoy a much brighter 2012.