June Gloom in the O.C.

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Good morning. Early indications from Orange County are that home sales did not pick up in June, but prices of homes sold held fairly steady. O.C. Register blogger Jon Lansner: ‘Orange County home prices are on track to tie the peak levels set last June, although sales continue to be down by almost 30%, new data that include the first three weeks of the month show.

Lansner also posts a link to this worthwhile AP column, in which Rachel Beck argues housing market data paints a prettier picture than reality: ‘Here’s a scary thought about the housing market: Things may be far worse than what’s already being revealed by the troubling government and industry statistics.’

More: Sales prices don’t take into account incentives -- ‘Sales incentives at Lennar Corp., one of the nation’s biggest builders, averaged $43,700 a home in its fiscal second quarter, up from $24,700 in the same quarter last year. And it isn’t just builders piling on the incentives. It’s spilling over to the existing-home and foreclosure market too.’

Thoughts? Comments? Insights?
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