The Laguna Niguel housing market, found in the midst of Orange County, Southern California, saw a serious decline in the number of homes sold over the last tracking period. Not all the news was negative, however, as the median price of a Laguna Niguel home for sale rallied substantially over the year ending June 30. According to an August 25, 2010 report from the Orange County Register, "In the midst of a week filled gloomy housing news, a glimmer of sunshine has broken through. Sure, Orange County house sales may be down for the first time in two years and new home sales contracts may be down 35%. But things are looking up in O.C.’s housing market, if you believe the Federal Housing Finance Administration – the agency that oversees Fannie and Freddie. According to FHFA, Orange County’s home-price appreciation was fourth highest among 303 of the nation’s metro areas this past spring. That’s right, we’re Number 4 according to the federal government’s House Price Index, which dates back 35 years. Based on FHFA math — which compares repeat transactions involving Fannie and Freddie loans for home purchases and refinancing — O.C. home prices increased 1.45% in the 12 months ending on June 30. Of course, that’s old data, preceding the end of federal tax credits and the damper their demise put on billowing home sales. And it gives you a sense of how bad things must be in the rest of the country. After all, Orange County was able to elbow it’s way up to Number 4 in the nation with an appreciation rate of just 1.45%."
In the vast majority of Orange, County, the number of home sales decreased, although a few areas did post modest gains. An August 26, 2010 article also from the Orange County Register found that "Taking sales volume into consideration, home sales are down in 68% of the market. Overall, countywide sales were down15.1% from a year ago...Thirteen local ZIPs had both sales gains and price gains in the period. These double-gainers had combined sales volume equal to 19% of the Orange County market. But 27 local ZIPs had double losses — with both sales and price down. They had a combined sales volume equal to 28% of the market."