The Brea real estate market hinges on the success or failure of the larger Southern California region and the Orange County area in particular. The Southern California real estate market faced one particular problem – falling home prices – according to a February 17, 2010 article in the Mercury News. The piece noted that “A boost in the sales of foreclosures and other low-cost homes pushed the median home price in South California down 6 percent last month from December for the first month-to-month dip since May, a tracking firm reported Tuesday.” The piece, composed by Jacob Adelman, continued to state that “January’s median home price in the six-county region of Southern California was $271,500, down from $289,000 in December, as higher-end home sales lost some of the momentum they had gained in recent months, San Diego-based MDA DataQuick said.”
The same trend for Brea homes for sale was noted in a smaller region by a February 16, 2010 article in the Orange County Metro. The article found that “Orange County’s median home price jumped 14.9 percent in January, compared to the same time last year, according to stats just released by San Diego-based MDA DataQuick.” The piece, composed by Kristen Schott, continued to say that “The price for a home or condominium in the region rose to $425,000 in the period, up from $370,000 in January 2009. But the number declined from December’s $435,000 median…Orange County reported the largest uptick in the median – the second highest was San Diego, which saw its price rise 8.9 percent to $305,000 in the period.”
Brea real estate was also affected by a recent increase in Orange County foreclosures, as reported by a February 16, 2010 article in the Orange County Metro. The article, written by Carol Starcevic, found that “Foreclosure notifications in Orange County rose slightly in January from the previous month, but the number still remains significantly lower than January of 2009′s figure.” The piece continued to note that “A report by ForeclosureRadar.com shows 1,629 notices of default were recorded last month, compared to 1,613 from December and 2,282 from the same period the year before.”