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Orange County home prices rise above their 2007 bubble-era peak

Orange County home prices rise above their 2007 bubble-era peak

Seven and a half years after bottoming out amid the Great Recession, median home prices in Orange County finally surpassed their bubble-era heights last month.

The wealthy county is the first region in Southern California to hit that mark, but experts largely dismissed talk of a new housing bubble.

Instead, they cited strong job growth, historically low mortgage rates and a meager supply of homes for sale as the chief causes for the price appreciation.

“It was a lot different back in 2006,” said Nela Richardson, chief economist for real estate website Redfin.  “That price growth was fueled by a lot of crazy toxic mortgage...

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