Over the past few years, Orange County has seen a large decline in median home values.  Newport Beach, though perhaps more insulated from the decline due to its location next to the coast, has also seen a decline, and this becomes more obvious when looking at the number of short sales.

Only 44 of the 472 homes for sale in Newport Beach, short sales, meaning that less than 10% of the homes for sale are short sales.  When compared to other local cities, this is a much smaller number.

When looking at the homes that are currently in escrow or under contract, however, the number of short sales take a huge jump.  53 o the 110 homes in escrow in Newport Beach, or nearly 50% are short sales.

When viewing the number of homes that have sold in the last 12 months, we again see a number closer to 10% as only 64 of the 600 or approximately 11% of those homes were short sales.

Why is there such a discrepancy between active sales, closed sales and those in escrow?  One reason is that there is a great deal of congestion in the short sale process.  Lenders may take as many as six months and sometimes more to approve a short sale.  As a result of this lengthy process, the buyer may get tired of waiting and walk away from the purchase, or the seller may wait months and months only to find that the lender declines his  request.

If you are facing foreclosure, can you make sure your make the right decision?  You can make sure that you understand all of your options.

Please contact us at 714.319.9751 to discuss your options if you owe more on your home than it's worth and are facing foreclosure.  We will schedule a free consultation to help you understand your options.  Don't be one of the seven in ten people in foreclosure who do not talk with a professional to learn what they can do.

Huntington Beach Short Sales - By the Numbers

Huntington Beach has seen a large decline in prices in the past few years, just like the rest of Orange County.  As a result, short sales have become common place.

It's obvious from reviewing the numbers for the current Huntington Beach real estate market that it too reflects this loss in value.

There are 489 homes currently for sale in Huntington Beach, and 120 of them are short sales or in the foreclosure process.  This means that nearly 25% of all of the homes that are for sale are short sales.

Even more interesting is the fact that of the 1584 homes that sold in Huntington Beach in the last 12 months, only 260 of them were short sales.  Considering the fact that that the majority of homes that are currently in escrow are short sales, it makes one wonder why only 16% of the homes that sold in the last year were short sales.

My hope is that we'll see these numbers even out and a closer ratio between the number as more lenders begin to approve short sales.  However, I fear that we will continue to see that many homes in this situation that go in to escrow as won't close.

Why do so many fewer homes close? I believe there are several reasons.  The first is that it can be difficult to get the lender to approve the short sale.  Secondly, even if the lender approves, it can take months, and often the buyer gets frustrated and cancels the transaction.  Additionally, not all sellers may have been properly qualified to be a short sale seller.

If you are upside down in your home, are facing potential foreclosure and would like to know your options, please contact us at 714.319.9751 for a free consultation to discuss your options.

Short sales are a good portion of the real estate market in  Orange County, and Costa Mesa is no exception.

There are currently 176 homes for sale in Costa Mesa, 57 of these are short sales or homes that are already in the foreclosure process. These numbers indicate that over 32% of the current inventory of homes are short sales.

104 of the the 154 homes that are currently in escrow in Costa Mesa are short sales or in the foreclosure process.  This is a huge number that reflects that over 2/3 of the homes under contract are short sales. This speaks loudly to the current real estate market and the loss in value we have experienced in the past few years.

Of the 713  homes that sold in Costa Mesa in the last 12 months, 169 were short sales or homes that were in the foreclosure process.  This is just under 24% of all of the homes that sold last year.

Why are so many fewer homes that are short sales closing escrow when compared to those that go under in to escrow?

Perhaps this is a result of the difficulties of getting short sales closed. It may also be a result of failing to qualify the seller and understanding when a seller might qualify for a short sale.

If you would like to know if you are a good candidate for a short sale or if you would just like to discuss options to avoid foreclosure, please contact us at 714.319.9751 for a free consultation.

Huntington Beach Real Estate Minute - Huntington Beach Market Report

Huntington Beach well known as “Surf City USA” with its excellent surfing has 8.5 miles of beaches and over 200,000 residents with 11 million visitors annually coming to see events such as the US Open of Surfing, the Surf City USA Marathon and AVP Pro Beach Volleyball.

It is also known as one of the 10 safest cities. Huntington Beach Real Estate offers a wide variety of housing from moderately priced condos to multi-million dollar estates.

Below is the current Huntington Beach Homes report:

The real estate market in Huntington Beach right now has very little inventory, making it competitive for buyers in the lower price ranges. Persistence and patience should be used to find just the right house.

Real Estate Market reports for other local areas of Orange County:

Central Costa Mesa Real Estate Report

South Coast Metro Real Estate Report

Costa Mesa Real Estate Report

Central Costa Mesa Real Estate Report

South Coast Metro Real Estate Report

Mesa Verde Costa Mesa Real Estate News

Westside Costa Mesa Real Estate Report

Eastside Costa Mesa Real Estate Report

Newport Beach Real Estate News

Fountain Valley Real Estate News

Click this link to learn about the NEW Huntington Beach First Time Buyer Program.

For more information, please visit Huntington Beach real estate values.

Click for a free list of Orange County foreclosures or a free list of Orange County short sales or e-mail Me!

Fountain Valley Real Estate News - Fountain Valley Real Estate Market Report

Fountain Valley is centrally located in Orange County. It lies between Newport Beach, Huntington Beach, Costa Mesa and Santa Ana.

It is known as "A Nice Place to Live".

Fountain Valley homes are fortunate enough to have 18 parks, the greatest of which is Miles Square Park, which has 640 acres, nearby. The Park is home to an archery range, three golf courses, 2 lakes for fishing, picnic areas and numerous other amenities.

In addition, Fountain Valley offers a wonderful Fountain Valley First Time Home Buyer Program with up to $150,000 to qualified buyers.

Below is the current Fountain Valley Homes market report:

Real Estate Market reports for other Orange County areas:

Costa Mesa Real Estate Report

Central Costa Mesa Real Estate Report

South Coast Metro Real Estate Report

Mesa Verde Costa Mesa Real Estate News

Westside Costa Mesa Real Estate Report

Eastside Costa Mesa Real Estate Report

Newport Beach Real Estate News

Huntington Beach Real Estate Report

For more information on the value of a particular Fountain Valley home please visit Fountain Valley home values

Click for a free list of Orange County foreclosures or a free list of Orange County short sales or e-mail Me!

Lovely La Habra Woods Condo for Sale - 1467 W. Lambert

Have you been considering taking advantage of the $8000 First Time Tax Buyer Credit or the $6500 Current Homeowner Tax Credit and low interest rates to buy your first or next home?

Would you like a lovely condo that is move in ready in a great little association?

If so, you have found the perfect new home in La Habra Woods.

This home is spacious, open and airy with two good sized bedrooms and nice outdoor areas.

For a private showing, please contact me at 714.319.9751 and see the flyer below for more information.

Christine Donovan | 800-610-7253 Lambert, La Habra, CA Lovely La Habra Condo for Sale 2BR/2+1BA Townhouse offered at $270,000 Year Built 1980 Sq Footage 1,530 Bedrooms 2 Bathrooms 2 full, 1 partial Floors 2 Parking 2 Car garage Lot Size 1,200 sqft HOA/Maint $140 per month DESCRIPTION Spacious townhome with large bedrooms that feature vaulted ceilings. A lovely deck provides outdoor living space. This home also has lots of closet and storage spaces. Green, lucscious landscaping enhances this home. 2 car garage has direct access. Information deemed accurate but not guaranteed. Short sale. see additional photos below PROPERTY FEATURES - Central A/C - Central heat - Fireplace COMMUNITY FEATURES - Swimming pool(s) - Sauna/Spa ADDITIONAL PHOTOS Lambert La Habra exterior La Habra Woods Fireplace La Habra condo kitchen La Habra Woods bath La Habra Woods greennbelt La Habra Woods pool Contact info: Christine Donovan 800-610-7253 For sale by agent/broker Equal Opportunity Housing Posted: Feb 7, 2010, 7:04pm PST

The Mesa Verde neighborhood of Costa Mesa was largely built around the Mesa Verde Country Club, a private club and golf course Costa Mesa Country Club, which is a public course, is also located within Mesa Verde's boundaries.

Most Mesa Verde Costa Mesa homes were built in the 1960's and 1970's, with several of the homes actually built right along the golf course.

Mesa Verde is bordered by Fairview Regional Park and the Costa Mesa Golf Course on the south, Harbor Boulevard on the east, the Santa Ana River to the west, and the 405 (San Diego Freeway) on the north.

The Estancia Adobe, built in the late 1800's is also located within Mesa Verde in Estancia Park, and provides insight into the history of this wonderful area of Costa Mesa.

The Market Report for Mesa Verde Costa Mesa Homes is below: