Are more homes selling in Orange County?
While there were once many homes for sale in Orange County, the inventory is quickly declining due to the popularity of these properties.
According to The Orange County Register, the county's housing market has seen its inventory drop 73 percent between September 2007 and August 2012. Additionally, properties in this area are spending less time on the market, and the rate in which they are selling has fallen from 3.53 months in August 2011 to 1.41 months in August 2012.
Take a look at a few of the factors that might be helping the county's housing market.
Jobs in Orange County
When the economic recession hit the United States in the late 2000s, Orange County employers might have suffered the most substantial damage. Many local companies stopped hiring new workers after the economic crisis struck, but the nation's recent economic recovery has helped this region's job market improve.
The news outlet notes that the county's unemployment rate of 7.9 percent in July 2012 was 1.3 percent lower than the national average during the same time frame.
"Over the last year, job creation here has started to pick up steam," Chapman University economist Esmael Adibi told the news source.
Business opportunities in Orange County
Orange County is an ideal spot for businesses to launch or relocate because it offers opportunities to companies and local residents.
For example, U.S. Politics Today reports that BuckleySandler LLP, a nationally recognized financial services and government enforcement law firm, recently opened a new office in Orange County. The new location will offer California clients access to lawyers who know and understand laws and regulations associated with the mortgage industry.
"We opened an office in Irvine to provide our many Orange County and Southern California-based clients with on-the-ground expertise drawn from our extensive financial services regulatory, enforcement and litigation defense capabilities," said Andrew Sandler, BuckleySandler Chairman and Executive Partner. "The office's close proximity to two of the most active federal and state courts will further benefit the firm's clients."
Orange County had more than 329,000 business firms in 2010, the U.S. Census Bureau notes. The nation and county's recoveries from the economic downturn of the late 2000s may lead new businesses to establish operations in Orange County, which could present additional employment opportunities to the region's residents.