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The Irvine real estate market has seen an average of 20% price decline since the height of the housing market in 2006. That's not earth shattering compared to some other communities in Orange County, or areas in other parts of the USA. Yet to homeowners used to stratospheric home prices, the drop caused as much nausea and panic attacks as any ride at Six Flags Magic Mountain.

My take is that in Orange County we are in the roller coaster phase most comparable to the conclusion of the ride: We survived the panic of free fall and are now gently coasting at the bottom, smiling once again and patting each others' backs for having survived another exciting ride.

Today the housing market is recuperating some of that price weakness of the past. In many areas of Southern California including Orange County, the buyers' market is turning into a sellers' market. Now there seem to be more buyers than sellers. Inventory is ridiculously low and buyers are duking it out on many desirable properties. Cash is beating 3.5% to 20% down. There are still a good number of short sales, and their deceivingly under-market list prices add to the confusion of many buyers. Now more than ever, buyers need the expert advice of a knowledgeable Realtor who knows the LOCAL Orange County housing market. Nothing beats the agent on the ground. Realtors know what's happening with housing 60 days before the statistics come out. Once it's in the news, it's old news.