Overall, California and Los Angeles have been recovering faster than the nation as a whole. But Orange County has been a true standout performer. Housing is driving Orange County's robust pace of improvement. Typically, economists expect housing to lead the national, state and regional economy out of recessions. That hasn't happened with the Great Recession because the housing bubble got so large. When it popped, the market collapsed. POPULAR NOW ON THE BREAKDOWN Finding affordable apartments is especially tough in Los Angeles, where 52 percent of people are renters, according to a new study. LA residents need to make $33 an hour to afford the average apartment But the OC is now posting housing growth data that more closely resembles a bounce-back from a typical recession. After bottoming out in 2008, Orange County housing prices stabilized in mid-2012, according to the Fullerton economists. Since then, prices have risen steadily, and are now up 30 percent from their lows. The outlook is for annual price appreciation of 7-10 percent.
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