Economic Forecast 2009

I attended Chapman University's Economic Forecast last Tuesday. The presenters covered economic details of the U.S., California, and our favorite, Orange County. Here are some Orange County forecast details:
-Declining home prices is improving affordability in OC & CA
-Buyers with a median family income needed to allocate 34% of income to purchase
a median single family home in OC in the 3rd quarter of 2008
-Forecast for 4th quarter of 2009: 29.7% of median family income needed for a home
-Demand up for 1st time home buyers
-Median housing price in April '07 was $747,000
-Median housing price dropped in Oct. '08 to $490,000
** This is a 34% decrease in the median OC single family resale!**
-4th quarter of 2009: the year-over-year price decline should be only around 3%
-Forecast the median selling price of a single family home to decrease by 7% in 2009 substantially lower than the double-digit depreciation of 21.6% in 2008

So...with median prices near the bottom, jump on the DEALS today!