The San Clemente housing market, found in the midst of the Orange County real estate market in Southern California, is currently showing signs of growth despite the impending threat of a ‘double-dip’ recession. According to a June 15, 2010 article in the OC Metro, “Orange County’s 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 piece, composed by Kristen Schott, went on to note that “It’s the ninth consecutive year-over-year gain, according to the real estate information service. The price also increased from April when it hit $430,000…However, the May numbers were driven by government incentives, and he said the market will have to ‘stand on its own again’ in the latter half of the year.”

However, one economist is suggesting that the recovery for San Clemente real estate and other aspects of the Orange County economy is only temporary. Christopher Cagan of First American said in an interview with the Orange County Register 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. Also we are not too far from the end of the traditional SoCal buying season. I have already seen asking prices reduced 5% or so in May from April.” The June 11, 2010 interview of Cagan went on to note that “But I don’t expect a catastrophic drop. To a great extent, prices and mortgage rates are now governed by the authorities – Fed, government, etc.”

According to Steve Thomas of Altera Real Estate, there is still a strong distressed homes market in San Clemente real estate and the rest of the County. He noted that “The distressed inventory continued its slow climb this year, adding an additional 89 homes in the prior two weeks and now totaling 3,080, a 3% increase.”

The Dana Point real estate market, a smaller portion of the larger Orange County housing market, showed signs of a possible ‘double-dip’ recession despite continually rising home prices. According to a June 11, 2010 interview in the Orange County Register, “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. Also we are not too far from the end of the traditional SoCal buying season.” The piece, which questioned economist Christopher Cagan, continued to state that “But I don’t expect a catastrophic drop. To a great extend, prices and mortgage rates are now governed by the authorities – Fed, government, etc.”

The average price of communities such as Dana Point increased in the majority of Orange County communities. According to a June 12, 2010 article in the Orange County Register, “For the 22 business days ending May 25 – DataQuick’s freshest stats – Orange County homebuying patterns showed: 57 of O.C.’s 83 ZIP codes had gains in their respective median selling price. Overall, prices were +9.9% vs. a year ago. Taking sales volume in consideration, home pricing is up in ZIPs representing 73% of the Orange County market.” The piece went on to state that “6 of 83 O.C. ZIPs had median sales prices above $1 million in the period vs. 11 million-dollar ZIPs when the county median price peaked in June 2007…56 of 83 O.C. ZIPs had year-over-year sales gains in the period. Overall, countywide sales were +14.6% vs. a year ago.”

The median sales price fell relative to March but increased compared to last year, indicating a possible decline in the future. According to a May 24, 2010 article in the OC Metro, “Orange County’s median home price popped 13.7 percent in April, compared to the same time last year, according to a new report from the California Association of Realtors. The number rose to $491,120, up from $432,110 in the same month last year. However, the median fell 0.4 percent from March, when the number hit $493,120.”

The Phoenix real estate market continues to face a disastrous combination of foreclosures and distressed properties, although a few indicators seem to point towards recovery. According to a March 30, 2010 article from Housing Wire, “Home sales were up Phoenix during the month of February, and it was the first time since January 2007 that the overall median price for the market didn’t decline year-over-year, according to MDA DataQuick.” The article, written by Austin Kilgore, continued to say that “There were a total of 6,824 new and resale houses and condos sold in Maricopa-Pinal counties metropolitan area in February, up 9.6% from January and up 13% from February 2009. A rise in sales between January and February is typical for the market, and since 1994, Phoenix has experienced an average 9.4% increase between the two months.”

The commercial real estate market, compared with Pleasanton homes for sale, has also been facing serious problems. According to a March 27, 2010 article in the Phoenix Business Journal, “Today, office vacancies in the Valley are again over 20 percent. Industrial vacancies are at 17 percent, and the retail market is struggling after an overabundance of shopping properties were delivered in 2007 and 2008.” The piece, composed by Jan Buchholz, continued to find that “Foreclosures on Phoenix homes still generate dismal headlines, and many touted commercial developments are either on hold or scrapped. Real estate pundits continue to decry the area’s ongoing reliance on population growth and real estate to fuel its economic engine, and they’re calling for change.”

The importance of foreclosure sales to Pleasanton real estate for sale was established by a March 30, 2010 article in the Arizona Republic. According to the piece, “Foreclosures continue to drive indicators and much of the news about the Phoenix housing market. Homebuilding and new-home sales remain near historic lows due to the many foreclosure homes being resold.” The article, composed by Catherine Reagor, continued to state that “In February, there were 532 new houses sold in the Valley, according to the ‘Phoenix Housing Market Letter.’ That compares with 713 sales a year earlier.”

Pleasanton, a major suburb of the San Francisco Bay Area, depends heavily on the larger economy of that region. Pleasanton real estate has been facing mixed signals over the last few months, according to a March 11, 2010 article in ABC News 7, “For the first time in a long time, some of the Bay Area’s hardest hit counties are seeing their foreclosure numbers drop compared with last year…At least temporarily, fewer bank-owned properties are coming on the market. In some areas of Contra Costa County, there is intense competition for them among buyers.” The piece, composed by Laura Anthony, continued to say that “Still, there are many Bay Area communities where foreclosure activity is on the rise, including San Mateo County, up 51 percent in the last year and San Francisco, up 58 percent. Counselors say many of the struggling homeowners they see now have lost their jobs.”

One negative piece of news for Pleasanton homes for sale was a decrease in the number of sales, according to a March 19, 2010 article in The Reporter. This piece found that “Solano County home sales, like those in several other Bay Area counties, were sub-par again in February, dipping below the year-ago level for the second straight month as some potential buyers worried about three things: 1) job security; 2) inability to obtain financing; and 3) thin inventories of homes for sale.” According to John Walsh, the President of MDA DataQuick, “The sales and price data remain choppy, with more ups and downs and inconsistencies than we’d typically see. It’s partly the season – January and February are often atypical and don’t serve as good barometers…There’s still relatively little lending going on in the upper price ranges, and little adjustable-rate financing, which had been vital to the Bay Area.”

The conflicted nature of Pleasanton real estate for sale was further illustrated by a March 18, 2010 article in the Contra Costa Times, which noted that “Bay Area home sale prices rose for the fifth-straight month while the number of homes sold fell for the second-consecutive month on a year-to-year basis as some buyers are finding it harder to get into a home due to worries about job security, a lack of inventory and difficulty getting financing.”

Some aspects of the Dallas-Fort Worth real estate market are starting to recover, while other signs point towards continued financial distress. One positive bit of news was reported by the Dallas Morning News on March 26, 2010, “After a long freeze on commercial real estate investment, the sales market for Dallas-Fort Worth is beginning to thaw. The last few weeks, the trickle of completed buys in North Texas has started to pick up. And real estate brokers and buyers expect the flow of investment deals to grow stronger in the months ahead.” The piece, composed by Steve Brown, continued to state that “Farber said some potential buyers are still holding back, hoping prices will keep falling. And some are waiting for foreclosure bargains.”

Commercial foreclosures among Dallas-Fort Worth real estate continued to be problematic, however, surpassing the one billion dollar mark. According to a March 23, 2010 article also in the Dallas Morning News, “Commercial property foreclosure filings in the Dallas-Fort Worth area top $1 billion for the upcoming April sales. That’s much higher than commercial foreclosure posting totals in recent months…The Addison-based foreclosure-tracking firm counts 333 D-FW commercial properties scheduled for auction by lenders next month.” The article, composed by Steve Brown, continued to note that “During the last few months, the auction totals have averaged about 250…Not all properties listed for foreclosure each month are actually sold by the lender. Many times, the borrower reaches a new mortgage agreement or delays the forced sale.”

Dallas-Fort Worth homes for sale slipped slightly in February, according to a third article in the Dallas Morning News. This piece, written by Steve Brown as well, found that “North Texas home sales dropped 5 percent in February, the third month in a row that sales by real estate agents were down from a year ago.” The article continued to note that “The local home market had rallied in the fall as first-time buyers scrambled to take advantage of a federal tax credit. The federal incentive program was extended through April and broadened but hasn’t caused a similar uptick in year-over-year home sales.”

Though many markets in California are still showing sluggish signs of improvement in their residential real estate sectors, the San Jose real estate market, after falling during much of 2009 after the financial crisis, seems to show signs of marked improvement into the beginning of 2010.

Statistics from February 2010 as provided by the Santa Clara County Association of Realtors show that the median price of a home sold in San Jose during the month was $485,000, up slightly from January’s median price of $481,100 and an improvement of February 2009’s price of just $406,500. The average price was $553,393, up from around $519,000 in January and $463,792 from a year ago.

The average number San Jose homes for sale are spending on the market has remained consistent. In February 2010, it was 64, compared with 65 and 63 in January 2010 and February 2009, respectively. Condos in San Jose were up to a median price of $285,000 in February of this year, up from $270,000 the previous month and $239,900 a year earlier.

As for sales volume, there were 387 single-family homes sold in February, up from 356 in January and 388 a year earlier. Condo sales volume was at 123 sold, down from 155 in January but up from a year earlier’s 113. Though all these statistics show signs for optimism in the market, according to the San Jose Mercury News, in the first month of 2010, foreclosures were on the rise in Santa Clara County, in which San Jose is located, an indication that the market is not out of the woods yet.

Although the Tampa real estate market faced many obstacles and experienced many struggles in 2009, many real estate experts believe that there are signs that the Tampa real estate market is set to make its recovery in the coming months.  Recent increases in the home sales and the slowing decline of the median sales price in Tampa provide real estate experts with optimistic views of the Tampa real estate market’s future.  Realtors believe that the general affordability of housing in the area, low interest rates, and the federal first time homebuyer’s tax credit are all major incentives that will play a large role in influencing the future recovery of the Tampa real estate market.

According to the St. Petersburg Times, Tampa Bay has suffered many real estate losses over the past year as a result of the economic recession that began in 2008.  Tampa Bay has suffered from high foreclosure rates, which have contributed to the 40 percent loss in housing values throughout the area.  Unemployment has been a major concern for many homeowners, and it has been one of the leading causes for foreclosures in the Tampa Bay area.  Home sales were also down by 90 percent in 2009 from the peak reached in 2005.  Real estate development has also been slow due to the bankruptcy of numerous construction companies in Tampa.  However, despite the past struggles that Tampa Bay real estate has faced, many experts believe the market still has everything it needs to make a full recovery in the near future.

Tampa Bay Online has recently reported the significant gains made to the Tampa Bay real estate market.  According to Tampa Bay Online, the region posted a 34 percent gain in home sales during the month of November.  Median sales prices have also been reported to have stabilized, declining much more slowly than it has in previous months.  Realtors have also posted a 46 percent gain in home sales from the month of January, but sales are still down 10 percent from the peak reached in 2005.  Nevertheless, real estate experts are hopeful that these are signs that the Tampa real estate market is gaining the momentum it needs to begin its recovery.

Despite real estate development activity in the Austin region, many real estate experts are concerned that the recent developments aren’t enough to promise improvements in the Austin real estate market in the coming months.  Since the economic recession of 2008 began, Austin’s commercial real estate market has struggled greatly with high foreclosure and vacancy rates, and real estate experts have noted that Austin’s residential real estate is largely overpriced, which is not good given that during the current economic times, prospective homebuyers are only interested in affordable housing.  Although slight improvements may be made in the coming months, real estate experts believe that Austin real estate levels will most likely remain stable throughout 2010, with 2011 bringing about recovery.

According to the Austin American Statesman, the commercial real estate in Austin has suffered great losses since the beginning of the economic recession that began in 2008.  Commercial real estate foreclosure rates have more than doubled between 2008 and 2009, making Austin one of the worst-performing cities in Texas.  Residential real estate in Austin has also suffered from high foreclosure rates.  Real estate experts have attributed the high commercial foreclosure rates to the numerous local businesses struggling to stay afloat.  Austin also suffers from high unemployment rates, with many businesses continuing to layoff workers.  The concern for job security plays a major role in determining the success of the residential real estate market in Austin, because many prospective buyers will only invest in real estate if they are confident that they will keep their job and a steady source of income to use towards paying off the house.

The Austin Business Journal has reported that the residential real estate in Austin will also continue to suffer in the coming months if sellers aren’t willing to lower prices.  National realtors have found Austin to contain a large inventory of overpriced homes, which is surprising given that Austin tends to be one of the more affordable housing market in the nation.  However, as long as prices remain high, homes are unlikely to find buyers.  Throughout the nation, only the affordable markets are the ones showing improvements, luxury markets continue to remain sluggish.  Many homebuyers are only interested in investing in affordable or “bargain” priced homes that have been previously foreclosed on or are being drastically reduced in price out of desperation.

The culturally rich area of Santa Fe, New Mexico, found itself suffering a heady blow from the effects after the bursting of the U.S. housing market bubble. Residents have seen the values of their homes fall amid the tumbling of the economy, and many have found themselves in foreclosure after being unable to make high or reset mortgage payments, leaving a larger inventory on the Santa Fe real estate market.

According to local realtor Suzanne Brandt, sales activity was positive in Santa Fe in November, with volume for the month 35% higher than it was at the same time last year. This year saw 115 closings on homes for sale in Santa Fe, compared with just 85 last year. Much of the increased activity can be attributed to buyers wanting to take advantage of the government’s plan to offer tax rebates up to $8,000 for qualified buyers.

The rebate program, which was set to expire Nov. 1, has now been extended and opened to even more home owners, not just first-time buyers. Prices in Santa Fe still showed that there is room for improvement. The average price for a home sold in November was $458,029, slightly lower than October’s $463,219.

According to the Santa Fe Association of Realtor’s data, the third quarter of 2009, which includes data from July 1-September 30, the median price had suffered severely in 2009. The median price for this year’s third quarter was $287,000, down from $427,250 in 2008’s third quarter, a worrisome figure for those who bought homes at high prices and now need to sell, but a welcome sign for those looking to nab a great deal on some real estate in Santa Fe.

Although luxury housing markets throughout the nation continue to suffer as a result of the economic recession of 2008, Beverly Hills seems to be one of the few luxury real estate markets showing promising signs of recovery.  Throughout the nation high-end home sales are down significantly, and in many regions they are nonexistent.  Many homebuyers aren’t willing to pay millions of dollars for a home during these difficult economic times and are opting for the “bargain” prices offered by foreclosed and distressed properties.  However, Beverly Hills, considered to be the popular home to many of the rich and famous, has recently experienced an increase in real estate activity.

According to DQNews.com, Southern California real estate markets have shown improvement over the past few months, with many regions posting increases in both home sales and median prices.  In November of 2009, there were almost 20,000 new and resale houses sold in the Southern California region, down 13.3 percent from the previous month, but up 14.7 percent from November of the previous year.  Realtors aren’t concerned about the decline between the months of October and November though, as historical data trends have shown sales to decline during the same period even during times of economic prosperity.  However, foreclosures are still a major concern for real estate experts because high foreclosure rates continue to plague the region’s real estate market.  Foreclosures and distressed properties continue to dominate home sales, as most prospective buyers are only interested in affordable housing.  Nevertheless, the median price in Southern California did rise by 1.8 percent between the months of October and November, even though median prices are still about 43 percent below the peak experienced in early and mid 2007.

Despite Beverly Hills’ general lack of affordability, many realtors believe that the Beverly Hills real estate market may be making a comeback, one of the first comebacks for luxury home markets in the nation.  Prices for housing in Beverly Hills are low relatively speaking, and the flourishing entertainment industry has been an attractive force for prospective homebuyers.  Local realtors are reporting a 25 percent increase in sales between the months of October and November, and a 109 percent increase from low seen two years ago.  With home values 30 to 40 percent below peak levels a few years ago, realtors are optimistic that the future will show significant improvements in the Beverly Hills real estate.