If you bought a home during housing’s price peak in 2006 or 2007, don’t expect to see its value to get back to what you paid for it by 2017. But if you buy this year, you could see your home’s value rise around 34.6% within the next six years – a gain of about $149,000 on a median priced home.
That’s the forecast for Orange County home prices unveiled this week by the UCLA Anderson Forecast. According to the forecast, the median price of an Orange County home still won’t get back to the peak reached in the housing bubble in 2017, a decade later.
This latest outlook is more pessimistic than past forecasts. This time last year, UCLA economists predicted that home prices would get back to peak levels in Orange County by 2016, when the median home price would reach nearly $640,000.
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