Housed happily in Orange County

Orange County homeowners are apparently a happy lot. Virtually all (98%) respondents to a Public Policy Institute of California survey said they were satisfied with the homes they lived in, and 80% said they were “very satisfied.”

“A Special Survey of Orange County” done in collaboration with UC Irvine also showed 96% of homeowners were happy with their neighborhoods, and the same number said their home values had increased recently.

“Homeowners in Orange County feel like they are sitting on a pot of gold,” said Mark Baldassare, research director and survey director. “But many also feel trapped by the run-up in prices because they know their home equity won’t get them far in today’s market.”

Renters, however, are about half as likely as homeowners to be very satisfied. And they say housing costs are causing a financial strain (61% of renters versus 27% of homeowners).

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Briefly

The average rate on 30-year fixed mortgages rose last week to 5.81% from 5.72% the week before, Freddie Mac said. The 15-year fixed rate averaged 5.23%, up from 5.15%. One-year adjustables rose to 4.19% from 4.27%.

From Times staff and wire reports