Per DataQuick, foreclosures in California were at the highest level in the first quarter of 2008 in more than 15 years. The lending industry's irresponsible practices during the real estate boom in 2005 and 2006 are the main reason for foreclosures and declining home values.
"The main factor behind this foreclosure surge remains the decline in home values. Additionally, a lot of the 'loans-gone-wild' activity happened in late 2005 and 2006 and that's working its way through the system. The big 'if' right now is whether or not the economy is in recession. If it is, the foreclosure problem could spread beyond the current categories of dicey mortgages, and into mainstream home loans," said Marshall Prentice, DataQuick's president.
CQ Press, a reference and texbook publishing company has listed Chino Hills as the 16th safest city in the United States on the list of cities with a population of 75,000 or more. CQ Press is a division of Congressional Quarterly, Inc. and located in Washington DC. Statistics were acquired from 2006 crime data released from the FBI.
Other So. California cities rankings...Mission Viejo ranked number one, Thousand Oaks, number 7, Lake Forest number 10 and Irvine number 11.
Have home prices bottomed out? This is a question I receive all the time from my clients. I have not been able to say for sure, but it now looks like it may be coming close. The link below is from a Yahoo message board regarding a market review from John Dessauer, editor of John Dessauer's Investor's World. It addresses investment indicators of market improvements for IndyMac. For those not into investment jargon, this paragraph from the thread summarizes the analysis in layman's terms.
"A New York based hedge fund manager recently made the case that the housing market is bottoming out right now. The key element in his analysis is affordability. He says the combination of rising incomes and falling house prices means that a home buyer needs just 19% of average monthly income to afford a house. That is the level that prevailed during the 1990s and early 2000s, well down from the 25% threshold in 2006. No one suggests a new housing boom is coming along. But it is looking more and more like the worst is over or nearly over for housing."
Click on the link below to view the message thread:
• 1,177 sq. ft., 3 bath, 2 bdrm 2 story - MLS® $379,900 - Range $379,900 - $369,900
Claremont, Los Angeles County - Elegant upgraded Claremont condo near the Claremont Club! Stunning French pattern Travertine tile recently installed throughout the unit. Two upper level bathrooms and one half bath on main floor, all newly remodeled with upgraded fixtures and Travertine tile. Two spacious bedrooms (one master) with mirrored wardrobes. Recently remodeled kitchen with granite counters. Crown molding in living room, kitchen and dining area. Upgraded light fixtures and newly installed stairwell banister. Fresh paint throughout, indoor laundry, utility storage closet at patio and attached garage. Enjoy the greenbelt view from the private patio and Mountain View from the street. This exceptional condo is located within walking distance of the Claremont Club premier fitness center, near the 210 freeway, shopping and schools. Turnkey and ready to enjoy! Sq.ft. not taped, buyer to verify.
Per Dataquick, 40 resale homes, new homes and condos sold in Chino Hills in the month of March, 2008 with a median price of $497,000 compared to March of 2007's median price of $585,000 indicating a 15.4% median price decrease from last year.
Country Springs Elementary School has earned a place on the 2007 list of Blue Ribbon Schools on the US Department of Education's No Child Left Behind program and the only school to be chosen in all of San Bernardino County! The principal of the school, Michael Harrell attributes the high performance of students scores to teaching children according to their different intellengences. The Theory of Multiple Intellengences instructs children according to their learning preferences. Children learn best in a variety of ways and preferences including visual, audio or bodily kinesthetic approaches. Children are made aware of their individual learning style by the administration of an annual survey. The children are also taught using tonation and musical beat as memory aids.
Congratulations Country Springs students and teachers!
Chino Hills, California is an upscale newer community in San Bernardino County built over hills and valleys on the borders of Orange and Los Angeles Counties. Schools scores are high, crime is low and the commute is better than most cities in the area because of its prime location. The approximate population is 77,000. In 2002, residents passed a $150 million bond to build and renovate schools.
History: Massive growth in Orange and Los Angeles Counties drove many of the dairy farms over the hills to the Chino area. In 1969 the 60 freeway was extended bringing suburbia to this part of the county as well. Chino Hills doubled its residential units in the 1960s from about 700 to about 1400. In the 1970s, the building boon began and by the 1980s, over 10,000 new residential homes had been developed, most of them single detached homes.
The growth in Chino Hills demanded leadership and the City of Chino was ready to annex this area. The townspeople were split on the idea of annexing to Chino or incorporating as a new city. In 1991, after a successful local election, the townspeople incorporated Chino Hills into a legal city and placed planning controls in the hands of a locally elected city council. This new city is 46 square miles and that is only slightly smaller than San Francisco.
In the 1990s, development continued to progress with an additional 8,700 homes and some apartments. There is the old section in Los Serranos, but overall, Chino Hills is a new city. Almost 80 percent of the housing has been developed in the last 25 years. The new tracts came in as master-planned neighborhoods which encourages quick access to freeways, identifies school and retail sites, buffers residential streets from heavy traffic and often includes a recreation center.
Current:
Our beautiful city has about 30 parks with trails, equestrian centers and sports activities, including roller-hockey rinks, soccer, softball and baseball. The new six field Big League Dreams baseball center is a major attraction and is popular with the local Little League and soccer organizations. The city recreation department sponsors many activities for children and adults.
Four-lane arterials wind through the city and move traffic quickly to Highway 71. Ontario airport, the major center in the county, is within a drive of 20-30 minutes. Chino Hills enjoys a half-hour drive to Industry, one of the job centers of Los Angeles County. The Chino area is separated from Orange County by the foothills of the Santa Ana Mountains. Carbon Canyon Road snakes through the hills and deposits motorists near Brea, Yorba Linda and Highway 57 (Orange County job market). This is a shortcut that residents in the Carbon Canyon area would probably like to have closed, but it is handy! The Chino Hills State Park is located in Carbon Canyon just before the entrance to Brea and is huge! It spans over 11,000 acres with over 60 miles of hiking, biking and horse trails.
A new major shopping center is currently in development along with a new civic center and condominiums nearby with an estimated completion in December, 2006. Our city continues to grow, but a building moratorium is in place to protect our beautiful hills and views.
Future:
In five years the completion of major construction projects will bring in as many as 750 new residences and tremendous retail growth. According to City Planner, Jeff Adams, a majority of the city will probably be built out by 2010. The Shoppes project will bring a new civic center and more residential units to the center of Chino Hills. Street expansion along Peyton Drive and the connection of Eucalyptus Avenue to Peyton are under way to reduce congestion in the area. The city will have its first movie theater, an 18 screen Harkins Theatre at the Crossroads Entertainment center. The Gateway Village project is in progress with two more multivendor buildings to complete the center anchored by Chili's. The city's first hotel, the Hampton Inn, should be constructed with five new restaurants. Retail development along the 71 freeway will probably continue in the next five years and three new residential developments will also be completed...including the KB Home project south of Woodview Road with more than 200 homes,m the Vellano golf country club and residential development with 205 homes near Peyton Drive and Woodview Road, and Villa Borba, which will have three phases of homes totalling 351 homes south of Pine Avenue.
In ten years Chino Hills will be putting final touches on development, filling in areas farther away from the central portion of the city with smaller retail units. With the conclusion of rapid development since its incorporation in 1991, the city will really begin to see the benefits of sales tax revenue, according to City Manager Douglas La Belle. The city is expected to be completely built out residentially in ten years and commercial development may follow. This includes development along the 71 freeway. After build out, infill projects may begin to update standing structures. The city hopes to have an expanded recycled water system available to more residents and many street improvements should be completed in 2020, including the Pine Avenue expansion, the Soquel Canyon connection, the Los Serranos street improvement project, the Peyton Drive pipeline to reduce flooding and the realignment of Fairfield Ranch Road to make an all-weather road. The biggest unknown, the future of Tres Hermanos - a 1,700 acre area of open space owned by the City of Industry near Chino Hills's border with Diamond Bar, may be decided by 2020, bringing a water facilities or some other development to that area.
The average selling price of homes in Chino Hills was about $637,500 in 2006. If you would like more information or have any questions about our beautiful city, please feel free to contact me at (909) 952-9515 or ggriffin@chinohillsestates.com.
Gail Griffin, GRI, Realtor
Chino Hills, CA
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