More evidence that Orange County home values are on the decline once again! This year’s price rally has faded, according to the OC Register. If you are a home buyer, keep in mind that you are buying a declining asset and you will lose value every month, on top of your mortgage payment. Renting is far superior at this point in time.
This data comes from CoreLogic, whose Orange County slice of its nationwide home price indexes shows local values falling at a 2.56% annual rate in October.
It was the second month of year-over-year declines following eight consecutive increases. Before that upswing, the CoreLogic index for Orange County had fallen 37 straight months on a year-over-year basis.