Is The OC Worth A Triple Crown?

Can you pick up the Orange county house?

Inquiring minds are on The OC as new data shows that in real life Monopoly, OC houses are 3X’s the cost of houses elsewhere. That’s right.

That’s one measure of local affordability, on a national scale. Just ponder fresh National Association of Realtors’ home price data for metropolitan areas: A typical Orange County house sold in the third quarter (median selling price: $508,400), cost 2.86 times the median-priced American home (cost: $177,900 in the third quarter!)

Interesting (and gtallows humor ‘funny’) that Lansner begins his column with this:

Despite horrific drops in the values of Orange County housing, a local home still practically costs what three typical American homes go for. Yes, one home here or three somewhere near Main Street U.S.A.

“Horrific drops”!?!? If you think what has already come is ‘horrific’ just wait…this next year will give you a heart attack.

Notice in the graph below that the normal “minimum” breaks the 2X’s level.

Does anyone think that The OC really has become Manhattan and that real estate has been ‘built out’ for decades? For heavens sake, the are still building homes in Orange County.


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