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Orange County Home Prices Continue To Drop While Mortgage Interest Rates Fluctuate– Compare Housing and Loans


Orange County Home Prices Continue To Drop While Mortgage Interest Rates Fluctuate– Compare Housing and Loans

Mission Viejo Home

No area around the country is immune to falling home prices, including Orange County California. From Cypress to Lake Forest and from Brea to Huntington Beach prices have been falling. The credit crunch has influenced home values in the OC.

In Cypress a condo built in 1976 recently sold for $465,000. The three bedroom, 2 and a half bath home with 1,635 square feet of living space was located on Walker Street. A year ago the condo was worth about $500,000. The condo lost about 7 percent of its value. Other homes in Cypress have dropped $50,000 in one month.

On Zandra Dr in Mission Viejo a home recently sold for $710,000. The 4 bedroom, two bath home had 1,872 square feet of livable space and was built in 1968. A year ago the house was worth $768,000. The value of the house has dropped another $1,500 in just 30 days.

Barrowers can find mortgages for about 6 percent in Orange County right now. National Bank of Kansas City is offering this rate while Quicken Loans claims they can get you a rate of 5.793 percent.

The above loans are for a 30 year fixed rate new-home mortgage. These rates are down compared to our survey last month. On April 7th we found a rate of 6.644 percent on the same loan. We have been compiling rates since November of last year. The results of our surveys can be seen at the link below.

By Dan Wilson - Best Syndication News Writer