Still a great time to buy.

The past week showed mortgage rates still holding their own against some pretty good economic data. In fact, Freddie Mac's weekly survey showed mortgage rates lower after some increases in the previous two weeks. The average 30-year fixed rate, for example, dropped a bit in last week's survey to 5.74%.

Meanwhile, despite a reported 25% fewer home sales in Orange County over the past year, we've still seen about a 21% increase in the median home price. Not as hefty as the 36% annual rate we saw in May, but a significant increase, nonetheless.

That news is hot & cold: If you own property, you've probably seen another 20% increase in your equity. Congratulations! On the other hand, if you were thinking about buying property in October last year and waited until last month, then you're now likely paying about 17% more in payments, according to DataQuick--a difference of as much as $300 to $400 a month on a median-priced home with 20% down.

The short of it: With lots of inventory to choose from, mortgage rates near 40-year lows, and a trend of year-over-year home value appreciation, it's still a great time to buy.