(From the OC Register)
Every two weeks, Orange County broker Steve Thomas publishes a report on the supply of local homes for sale. Here's what the latest report -- as of May 12 -- has to say about Fullerton …
- 409 residences listed in brokers' MLS system with 133 new deals opening in the past 30 days.
- By Thomas's math, this community has a "market time" (months it would take to sell all inventory at current pace of new escrows) of 3.08 months vs. 3.54 months found two weeks earlier vs. 2.39 months seen a year earlier. Countywide, latest market time was 3.68 months vs. 2.53 months a year ago.
- Of the homes listed for sale in this community, 152 were either foreclosures being resold or short sales, where sellers owe more than the home's value. So distressed properties were 37.2% of supply of homes for sale vs. 33.9% countywide.
- Homes for sale in Fullerton represent 3.7% of Orange County inventory -- and 4.0% of distressed homes for sale. New escrows here are 4.4% of all Orange County's new pending sales.
The U.S. Bureau of Labor and Statistics is reporting that California's Unemployment for April is at 11.7% which does not take into consideration those whose benefits have expired or who have to have multiple minimum wage part-time jobs just to put food on the table and a roof over their head.
Gas prices are high, though they are not quite at their peak.
And of course there is the new water rate which will likely double water bills in less than 10 years. Even with the rate increase the City will not have enough money to cover repairing and replacing the old water system. The City plans to borrow million$ through bonds, a.k.a. the Taxpayers' Credit Card, to cover the shortfall.
When will our leadership realize the need to replace our currently unsustainable governing philosophy with one that balances the critical needs of our community with the reality of our existing resources?