Explore The OC

U.S. Independence Day ~ July 4, 2009 ~ Time for Celebration

Fri, 03 Jul 2009 18:18:40 -0500

U.S. Independence Day ~ July 4, 2009

On July 4, 1776, the Declaration of Independence, which was approved by the Continental Congress in Philadelphia, set the 13 colonies on the road to freedom as a sovereign nation. This adopted document later came to be known as the United States Declaration of Independence.

Let's show and waive our US flags proudly on this special day.

Best Wishes to you and your families for fun and safe celebrations of our U.S. Independence Day 2009, with picnics, making and listening to music, fishing and relaxing, swimming or hiking, relaxing in a porch chair or swing, playing some baseball or tennis, eating watermelon, and enjoying fireworks displays.

We celebrate this ...

"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness. That to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed."

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.ExploreTheOC.com

More US Tax Incentives Are Needed For Home & Property Buyers ~ Less Focus on Spending Taxpayer Money on Loan Mods

Thu, 02 Jul 2009 18:12:00 -0500

We need more US government tax incentives for home and property buyers in the United States, and less focus of time and money on loan modifications.

BloombergNews.com reported that "U.S. mortgage applications fell last week by the most since February, defying efforts by President Obama's administration to revive the housing market." See article ~ Mortgage Applications Are Down ~ Bloomberg News, July 1, 2009.

The government's focus on loan mods is not working to stimulate the economy, and it's not tax encouragement for home and property buyers.

Obama's new Home Affordability Refinance Program (HARP) raises its maximum Loan-To-Value (LTV) limit from 105% to 125% (I do not support this).

Spending so much taxpayer money on loan mods is not reducing unemployment. The decline of mortgage applications shows that buyers and owners are discouraged from getting home loans.

The Federal Housing First Time Homebuyer Tax Credit of $8,000 (expiring Nov. 30, 2009) is nice but not enough to get our economy and real estate jump started.

To improve the housing market, bills have been introduced by U.S. Senator Johnny Isakson (R-Ga.) and Rep. Ken Calvert (R-Calif.), which would bump up tax credit to $15,000 or 10% of the home's purchase price, whichever is lower. Both bills would expand tax credit to be used by any buyer, not limited to first timers, and remove income limits on qualifications.

Will the $8K First Time Home Buyer Tax Credit Expand to $15K? ~ US News and World Report, June 12, 2009.

Let's support these U.S. House and Senate Bills that will expand the US income tax incentives for home buyers.

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.ExploreTheOC.com

Huntington Beach Annual U.S. Independence Day Parade ~ July 4, 2009

Wed, 01 Jul 2009 14:57:32 -0500

Watch out for the annual Huntington Beach U.S. Indpendence Day Parade ~

Special Celebration of our U.S. Independence Day

& City of Huntington Beach 100 Year Anniversary as a city.

Saturday, July 4, 2009 ~ 8:00 A.M.

Surf City 5K Run ~ (I ran this race many times with some friends)

Marching bands

Colorful floats

Kids with face paint, ice cream and cotton candy

Red, white and blue everywhere!

Celebrate this day and 105th Annual Huntington Beach 4th of July Parade!

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.ExploreTheOC.com

Free Supplemental Mortgage Protection Insurance for First Time Homebuyers ~ Housing Affordability Fund at California Association of REALTORs®

Wed, 01 Jul 2009 01:46:42 -0500

In its welcoming move, the California Association of REALTORs® and its Housing Affordability Fund continues to offer its free Mortgage Protection Program as insurance for first time homebuyers.

The Association says this is to help provide first-time homebuyers with peace of mind when purchasing a home.

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The CALIFORNIA ASSOCIATION OF REALTORS® Housing Affordability Fund (C.A.R.H.A.F.) continues to offer the FREE supplemental insurance product for qualified first time homebuyers.

Through this fund's Mortgage Protection Program (free insurance), first-time homebuyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month (for six months) to help make their mortgage payments, and qualified co-buyers can receive $750 per month (for six months).

Homebuyers can request an application for this free Mortgage Protection Program from their REALTOR® who will have information and materials.

This is part of customer service that is offered by and through California REALTOR® members of this Association.

See my prior article ~ New Mortgage Protection Program Introduced by California Association of Realtors ~ April 6, 2009

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.ExploreTheOC.com

US Home Sales ~ May 2009 ~ Good Real Estate News

Tue, 30 Jun 2009 02:51:54 -0500

The US Federal Reserve (the FED) during the week ending June 26, 2009, made no change in the FED funds rate, and mortgage rates were generally unchanged.

According to the National Association of Realtors, existing US home sales in May 2009 rose 2.4% vs. April 2009. That was the first time since September 2005 that existing home sales increased for two months in a row.

Market Saturation ~ The US inventory of unsold homes declined to a 9.6 month supply in May 2009 from a 10.1 month supply in April.

The National Assoc. of Realtors survey showed that 29% of May home sales were to first-time homebuyers, which were helped by the $8,000 tax credit, low mortgage rates, and favorable affordability levels.

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.ExploreTheOC.com

Newport Beach Back Bay Loop Bike Ride, Newport Coast, Costa Mesa

Sun, 28 Jun 2009 15:06:41 -0500

Newport Beach is a great place to be, especially to enjoy the sunshine, hiking, running and biking trails, and the beach too.

Sometimes I see another person's nice localism post with photos that I enjoy and want to share.

Check out this article with photos about bike ride loop, Newport Beach, Back Bay, with ascent to Corona del Mar (click here) ~ which was posted by Ryan (last name unknown) at Wordpress on June 27, 2009.

Ryan described his good experiences about the 23 mile local ride and shared photos too.

I've been on this nice trail for running and hiking and the same area for biking many times. Thanks to Ryan for this post.

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.ExploreTheOC.com

If You Can Find a Condo to Buy Without Competing Offers, Good Deals Are There for You

Sun, 28 Jun 2009 14:13:08 -0500

Many of the condos we preview with customers and buyer clients here in Orange County are nice and priced well according to market. So these well priced homes get lots of investor and buyer interest with competing offers.

The median sold price of OC condo was down to $263,500 in May 2009, which is down 44% from peak of $470,000 in 2006.

But this doesn't alone mean you will can get the good condo deal.

Most of the condos sold in OC during May 2009 were distressed homes and not regular equity situations.

Times have changed, and it's challenging for buyers to find a home that's nice, with attractive price, where you can have a fair chance to buy without sellers getting swamped with offers.

Most of the condos sold in OC during May 2009 were distressed homes (REOs and short listings) where sellers got multiple offers.

So homebuyers need to be creative and aggressive with their offering plans to get that good condo deal in Orange County, including possible removal of contingencies and pre-approval for home loans.

See article ~ Condos a steal for homebuyers seeking deal (click here) ~ Jon Lansner, OCRegister.com, June 28, 2009, who says by his math that condos should outperform single-family homes in the future on a pricing basis.

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.ExploreTheOC.com

Keep Your Living Trust & Estate Planning Up To Date

Fri, 26 Jun 2009 14:37:38 -0500

Has your REVOCABLE LIVING TRUST been kept up to date according to your wishes and intentions?

Will your REVOCABLE LIVING TRUST protect your loved ones from losing their inheritance to divorces, lawsuits, creditors and government claims?

Do you own a home or real property? Does your LIVING TRUST hold title to that property?

Does your LIVING TRUST use a special "legacy" provision to build your family's wealth, free of estate taxes, for several generations?

Does your LIVING TRUST (plus other special signed document) permit your surviving spouse to potentially save hundreds of thousands of dollars in capital gains taxes?

If you are married, do you have the right kind of "A-B" LIVING TRUST (husband and wife trust) so that your surviving spouse can avoid needless paperwork and fees, and so your IRAs won't cause needless estate taxes?

Are your health care directive documents and your LIVING TRUST (propertly updated for recent laws caled HIPAA and CMIAA), so the person you have named as your successor trustee can act promptly when you are ill or disabled, rather than be forced to go to court?

Do you have a simple and valuable Emergency Card to make sure your Health Care decision making documents will be immediately available if and when you are rushed to the hospital?

Are your company retirement plans and IRAs properly protected by your LIVING TRUST?

According to IRS rules, these IRA accounts may someday represent the largest assets your loved ones will inherit and, even if they are only $100,000, your family could lose millions if these accounts are not planned for properly.

Does your LIVING TRUST have the flexibility to adapt (after you are gone) to new tax laws and the changing needs and circumstances of your beneficiaries (so your trust will continue to work the way you intended?

Do your Trustees and beneficiaries have an Owner's Manual and Trustee Manual they can turn to for guidance when the time comes?

These are important estate planning questions. Trusts and Estate Planning are complicated matters involving legal and income tax matters.

For information and advice, contact a qualified attorney in your state and jurisdiction who is experienced in living trusts and estate planning.

See my prior article ~ CALIFORNIA ESTATE PLANNING ATTORNEY AND EXPERT - BRIAN CHEW.

For other information and referral about qualified estate planning attorneys in Orange County, California, please contact us. Thank you.

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.ExploreTheOC.com

CA Home Resales and Sold Prices Up in May 2009 ~ News

Fri, 26 Jun 2009 12:05:08 -0500

It's good news that CA homes median sold prices were up in May 2009, as compared to April and March 2009.

Sold prices are still down May 2009, as compared to same time last year, May 2008. This is because of buyer market rush to pick up the REO bank owned and distressed homes at lower price level.

Realtors report 10% jump in O.C. house prices (click here) ~ OCRegister.com, June 26, 2009. This is report that home sale prices were up form the month of May as compared to April, 2009.

CA Home Sale Prices Climb 3rd Consecutive Month (click here) ~ WSJournal.com, June 26, 2009

CA Homes Sales are Up ~ June 26, 2009. This is report that home sales were up in May, that sold prices in CA were up May over April, but still down May 2009 as compared to May 2008.

Home Prices Continue to Climb in San Gabriel Valley ~ SanGabrielValleyTribune.com, June 26, 2009. This is local report about San Gabriel Valley and 7 communities.

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com ~ www.ExploreTheOC.com

Property Owners Using a 1031 Tax-Deferred Exchange to Divest Outdated Properties and Going Green

Fri, 26 Jun 2009 01:47:40 -0500

I like 1031 exchanges of properties and the ideas presented in the article ... Investors can go "Green" save "Green" with 1031 Exchanges by William B. Hood.

He reported that some property owners and corporations are using a 1031 Tax-Deferred Exchange strategy to divest themselves of environmentally outdated properties, and acquire modern, energy-efficient ones, thus solving "Green" investor requirements and financial needs.

IRC Code Section 1031 says that a taxpayer can defer payment of capital gains, depreciation recapture and state taxes on the sale of investment or business property provided the proceeds are used to purchase a replacement property within certain time frames.

William Hood said: "For property investors and corporations considering exchanging their investment residential or commercial properties, "going ‘Green' offers a host of highly tangible benefits:

Lower operating costs;
Ability to attract a higher class of tenants (Federal Government Agencies are striving to lease only properties that are designated "Green")
Greater leasing value
Higher cap rate
Potential to increase asset value.

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com ~ www.ExploreTheOC.com

Foreign Investment in California Business and Real Estate Should Be Encouraged

Wed, 24 Jun 2009 18:53:23 -0500

We need and should welcome foreign investment of money and capital in business and real estate here in California and Orange County.

US IMMIGRATION THROUGH INVESTMENT ... Under section 203(b)(5) of the Immigration and Nationality Act (INA), 8 U.S.C. §1153(b)(5).

10,000 immigrant visas per year are available to qualified individuals seeking permanent resident status on basis of their engagement in a new commercial enterprise. Policy behind this U.S. Investment Visa program was to attract needed foreign sources of capital into the US for development projects and employment for American workers.

See my prior article ~ The INVESTMENT VISA ~ US Immigration Through Investment In Commercial Enterprise ~ April 23, 2009.

Foreign nationals can through this program buy and own property anywhere in the US and travel in and out of the country, and obtain green cards for themselves, their spouse, and unmarried children under the age of 21.

As Realtors and business people, we should recognize this needed source of capital and encourage our law and policymakers to support this US investment VISA program.

Let's Support the US Investment VISA Program and encourage non US citizens to get legal residency through the Investment Visa In Commercial Enterprise.

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com ~ www.ExploreTheOC.com

Top 5 Reasons ~ Buyers of Expensive Homes Should Get Low US Govt. Loan Rates Too

Tue, 23 Jun 2009 14:41:37 -0500

It's popular these days to support the concept that our US government provides help for homebuyers who want good loan rates on conforming limits of under $417K and for those needing jumbo rates on loans up to $729K.

Last year's mortgage meltdown put an end to Wall Street securitizing jumbo loans where the street bought large mortgages and resold them to investors. Investment banks like Bear Stearns and Lehman Brothers were caught in that and collapsed, carrying the super jumbo lending market down with them.

Conforming Loans ~ US government agencies Fannie and Freddie now have conforming loan limit at $417K, which are insured by the FED.

Jumbo Loans ~ Jumbo loans between $417K and up to $729K in California and some areas can also be insured by the U.S. government.

Super Jumbo Loans ~ Home loans over $729K are SUPER JUMBOS, not insured by the US government and difficult to get. These are not covered by US govt market lenders Fannie Mae and Freddie Mac. Super jumbos are sometimes offered by servicers at wholesale institutions, insurance companies, and some Wall Street conduits for lenders. Super Jumbo loans doing the boom were a great deal for homebuyer and cost little more than conventional loans under $417K. Now the spread between conventional loans rates and super jumbo loans is almost 2% higher in some areas.

~ BUYERS OF EXPENSIVE HOMES DESERVE BETTER U.S. GOVERNMENT MORTGAGE AND PURCHASE MONEY LOAN RATES.

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1. People who buy homes at $1 million more deserve the same US government and taxpayer help for their purchase money loans as those who need loan of $417K or less.

2. People who buy homes at $1 million or more tend to be high bracket taxpayers who pay a larger percentage per capita of US personal income taxes.

3. People who buy homes at $1 million or more were were not at fault for the financial institution collapse and mortgage meltdown of 2008.

4. People who buy homes at $1 million or more are mostly willing to get qualified for their loans the old fashioned way with documentation and history to support.

5. The slowest selling US home markets are those with prices above $1 million, and these need to be stimulated to improve our economy and inspire job growth.

Perhaps there are more reasons to support this argument.

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com ~ www.ExploreTheOC.com

Inventory is Low ~ Buyer Demand Is Up ~ South Orange County home sales market

Sun, 21 Jun 2009 01:26:47 -0500

One of our buyer clients asked whether the for sale inventory of homes in their range at South Orange County is good, and that's an important question.

Homebuyers here at Irvine and South Orange County, CA, simply don't have enough regular equity listings and REO homes to preview and buy.

Last year we had too many for sale listings relative to market. Times changed, and now we don't have enough homes for sale.

Investor buyers have made a serious buyer move and big impact on the market. Homebuyers are now struggling to find good equity and REO homes to buy (especially priced under $600k).

"Short listings" (some people call these "short sales" when we know that most are not actually for sale and won't sell, but rather they go away by foreclosure or loan mods) are clogging up the market and not real buyer opportunities.

Here's summary of inventory information for our local markets for the thirty days ending June 20, 2009.

Aliso Viejo, CA

Homes sold during past 30 days - 70 homes
Active now for sale - 126 homes (less than 3 months inventory)
Balanced market would be 350 homes.
Regular equity listings - 66 homes
REO bank owned active - 5
Short listings active - 61

Costa Mesa, CA

Homes sold during past 30 days - 59 homes
Active now for sale - 176 homes (less than 3 months inventory)
Balanced market would be 295 homes
Regular equity listings - 117 homes
REO bank owned active - 9 homes
Short listings active - 50 homes

Irvine, CA

Homes sold during past 30 days - 190 homes
Active now for sale - 569 homes (about 3 months inventory)
Balanced market would be 845 homes for sale
Regular equity listings - 431 homes
REO bank owned active - 12 homes
Short listings active - 134

Ladera Ranch, CA

Homes sold during past 30 days - 43 homes
Active now for sale - 129 homes (3 months inventory)
Balanced market would be 215 homes for sale.
Regular equity listings - 69 homes
REO bank owned active - 3 homes
Short listings active - 59

Laguna Niguel, CA

Homes sold during past 30 days - 86 homes
Active now for sale - 311 homes (less than 4 months inventory)
Balanced market would be 430 homes for sale.
Regular equity for sale listings - 214 homes
REO bank owned active - 15 homes
Short listings active - 96

Lake Forest, CA

Homes sold during past 30 days - 98 homes
Active now for sale - 160 homes (less than 2 months inventory)
Balanced market would be 490 homes for sale.
Regular equity listings - 90
REO bank owned active - 10 homes
Short listings active - 71

Mission Viejo, CA

Homes sold during past 30 days - 97 homes
Active now for sale - 281 homes (less than 3 months inventory)
Balanced market would be 485 homes for sale.
Regular equity listings - 179 homes
REO bank owned active - 10 homes
Short listings active - 96

Five months supply of homes is considered a balanced housing market. Less than 5 months is a seller's market, and more than 5 months is a buyers' market.

We have less than 3 months inventory of homes for sale in almost all of these markets at South OC, California, which is not enough relative to high buyer demand.

There are good current local buyer opportunities. Homebuyers need Realtor advocates to dig for information and help them about the local housing markets and those opportunities.

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com ~ www.ExploreTheOC.com

Newport Beach, CA ~ Local Housing Market Report ~ May 2009 Activity

Thu, 18 Jun 2009 18:28:38 -0500

Community with some of the most beautiful and pleasant weather, homes and beaches, in all of Southern California.

Local Housing Market Report ~

May 2009 activity ~ seeing signs of improvement as compared to May 2008.

Number of Homes listed for sale during May 2009 ~ 133 homes

Average list price during May 2009 ~ $2,200,615

Number of homes listed for sale during May 2008 - 127 homes

Homes sold during May 2009 ~ 50

Average sold price during May 2009 ~ $1,517,000

Homes sold during May 2008 ~ 47

Average sold price during May 2008 ~ $1,487,000

REO homes sold during May 2009 ~ 3

Ave. price of REO home sold May 2009 ~ $478K (3 homes sold)

REO homes sold during May 2008 ~ 1

Ave. price of REO home sold May 2008 ~ $640K (one home sold)

Short listings during May 2009 ~ 20

Short listings during May 2008 ~ 7

Expired and canceled Listings May 2009 ~ 49

Expired and canceled Listings May 2008 ~ 87

Newport Beach zip code 92660 during May 2009 had 30 homes sold, a 20% increase as compared to May 2008.

Zip code 92660 had median sold price of $866k during May 2009, which was 36% down from same time May 2008.

Interesting article about OC beach areas ~ OC California Weakest Housing Markets at the Beach ~ Jon Lanser, OCRegister.com, June 18, 2009

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com ~ www.ExploreTheOC.com

California Foreclosures ~ Articles and Information

Thu, 18 Jun 2009 11:17:01 -0500

Seeing lots of articles about California home foreclosures and real estate activity in May ...

...so we turn to Google Alerts and find some links:

California Homeowners and Renters Fall through the Cracks ~ American Chronicle, June 25, 2009

Californians Get 90 Day Foreclosure Moratorium ~ Examiner.com, June 24, 2009

Consumer Group to Pressure Lenders to Help Homeowners ~ San Diego Tribune, June 24, 2009

Despite Foreclosures, Housing Markets Bump Along ~ ForeclosureS.com, June 23, 2009

We're In a Slow, But Definite Recovery Mode ~ SacramentoBee.com, June 22, 2009

Foreclosures Grind On ~ USA Today, June 16, 2009

7 Lenders Get Immunity from CA Foreclosure Prevention Law ~ Sacramento Bee, June 20, 2009

California Foreclosure Protection Act Takes Effect ~ National Mortgage Pro Magazine ~ June 20, 2009

California's Mortgage Crisis Now Beyong Sup-Prime ~ SacramentoBee.com, June 20, 2009

Foreclosure Heavy Inland Impire Weighs Heavily on CA Home Prices ~ LATimesBlogs.com, 6-18-09

U.S. Foreclosure Prevention Plan Gains Steam ~ WSJournal.com, June 18, 2009

Foreclosure Sales Climb Steadily in California ~ RIS Media, June 18, 2009

Foreclosures Rising in Santa Clara County ~ San Jose Mercury News, June 16, 2009

Foreclosure Freeze Prods Banks to Modify Loans ~ San Francisco Chronicle, June 16, 2009

Southern California home prices rise slightly in May ~ Los Angeles Times, June 17, 2009

US Treasury provides $3B more for foreclosure program ~ Associated Press, June 16, 2009

California Foreclosure Still Climbing - Central Valley Business Times, June 15, 2009

Prices of Foreclosure Listings Still Down in California - June 15, 2009

Helping Clients Find the Right Cure For Foreclosures ~ Realty Times, June 15, 2009 ~

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com ~ www.ExploreTheOC.com

Finding and Buying Bank-Owned REO Properties

Wed, 17 Jun 2009 20:30:07 -0500

Investors and buyers here in Orange County and Southern California have found discounts in REO bank-owned properties since the first of this year. And more investor opportunities will improve if mortgage defaults continue to increase.

As the inventory of bank-owned properties grows, owners of REO bank owned properties will be more open to negotiate price and terms. Prospective investors like these opportunities.

Some banks and mortgage loan investors who now own REO properties are challenged these days to dispose of their inventories.

Investors and Buyers who specialize in acquiring bank owned properties like their chances, and subject properties are known as real-estate-owned ... REOs.

Once a home ends with foreclosure and goes up for trustee sale auction, a bank will send a representative to bid as much as the bank is owed. The lender will usually let it go if they are outbid. Banks in that situation are made whole and want to move on. But if the bank is the only or highest bidder, the property becomes an REO bank owned home.

There are some REO bargains to be found ... primarily in areas that were hardest hit by the mortgage scams and sub-prime lending for people who weren't qualified to buy homes.

However, most REO properties are not selling at prices far below market value during this time. Investors with competing bids have returned to the market, and REO sold prices have reflected market enthusiasm.

Some bank-owned sales transactions are complicated. Sale terms must be approved by the lender or their attorneys. It's challenging to deal with bank-owned properties. Some REO owners are in offices separated from loss-mitigation departments and struggle to process the listings. And REO owners are understaffed.

Real estate investing should be part of your overall financial plan. Before buying any REO bank-owned real estate, understand the real estate laws, especially local rules and ordinances, and tax ramifications, and other financial issues.

Before you buy a REO property, consult with a qualified tax or financial adviser who will help you assess your situation. Get your financials in order first and know what you can afford and risk.

Foreclosure investing is not easy. There are lots of REO buyers who have failed ... Why?

They didn't hire a REALTOR.
They paid too much.
Bought the REO property subject to liens that they did not know about.
Didn't Get Title Abstract prior to purchase.
Properties needed too much money for repairs or renovation.
Home located in rent control district.
Unable to find good tenants.
Failed to research expected rents.
Didn't break even on attempted flip.

Make sure you spend lots of time and study the market, talk with experienced investors and Realtors and real estate professionals who will help you.

Hire a REALTOR or real estate professional who has foreclosure buying experience. Always look for a Real Estate advisor who can provide significant local information, that about title, and get you through the deal.

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com ~ www.ExploreTheOC.com

Are Mortgage Applications a Real Indicator of Where the Real Estate Market is Going?

Wed, 17 Jun 2009 15:32:26 -0500

I saw a CNBC reporter's article today ~ "Watch The Mortgage Apps" ~ that number of such mortgage applications are down recently.

She is talking about our US real estate market ... and not about any particular local or state market. Our real estate markets here in Southern California are primarily local, at our areas, city, county and state levels.

Her argument is that the number of Mortgage Applications in the US is the "real indicator of where this market is going."

Mortgage rates have recently moved up, which she says cause applications to fall. However, she also recogiznizes that current 5.5% rate on 30 year fixed home loan continues be excellent opportunity.

That continued low interest rate on home loans seems to me to indicate continued positive sign for the future of real estate markets.

Question is whether mortgage applications are the real indicator for where the real estate market is going.

Or are the indicators ...

Opportunities for first time homebuyers and tax credits.
Number of loan modifications now in the pipeline.
REO homes being sold on monthly basis and during this time.
Number of homes currently on the market.
Rate of sale and Market saturation of homes now on the market.
Foreclosures that continue to come on to the market.
How long market needs to clear out foreclosures.
Short listings and when they will be cleared from markets.
Mortgage applications.
Capital available to real estate investors.
Unemployment rates.
Available funds for home loans.
International credit markets.
Mortgage backed securities market.
US stock market.
Consumer confidence.
US economy indicators.
Attractiveness and value of real estate ownership.

Perhaps the true indicators are a combination of these and others factors to show where the real estate market is going.

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com ~ www.ExploreTheOC.com

US Flag Day ~ June 14, 2009

Sun, 14 Jun 2009 10:05:55 -0500

It's US Flag Day ~ today on June 14, 2009.

Flag Day commemorates adoption of Old Glory as flag of the US, which was approved by resolution of the 2nd Continential Congress in 1777.

Later in 1917 President Woodrow Wilson proclaimed and officially stated that June 14 is US Flag Day.

Expect the US flag to be posted or flown over all government buildings and facilities this day and week.

I remember celebrating Flag Day every June 14 while growing up in Salina, Kansas, always liked the tradition, and will keep it up.

Lyrics from Chorus of "You're A Grand Old Flag", patriotic march tune written by George F. Cohan in 1907 for his stage musical, George Washington, Jr.:

Lyrics from Chorus ~ "You're A Grand Old Flag"

"You're a grand old flag,

You're a high flying flag

And forever in peace may you wave.

You're the emblem of

The land I love.

The home of the free and the brave.

Ev'ry heart beats true

'neath the Red, White and Blue,

Where there's never a boast or brag.

But should one acquaintance be forgot,

Keep your eye on the grand old flag."

We have our US flag today displayed proudly at the front of our home in Irvine, California.

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com ~ www.ExploreTheOC.com

Famous Stock Market Pro ~ Stock Pick For Real Estate Recovery

Sat, 13 Jun 2009 12:31:16 -0500

I'm not a stick picker and will leave that to the experts.

Cramer "Mad Money" ~ Stock Pick For Real Estate Recovery ~ Bank of America Corporation ~ May 30, 2009

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California Housing is bottoming
CA median housing prices are down 36% from a year ago
CA median sold prices have increased for the second consecutive month.
CA Transaction prices are up 49% from 2008
California housing inventory is clearing out.
A Recipe for a bottom in real estate
Bank of America benefits more from the number of transactions than housing prices.
36% of Bank of America's mortgages are located in California.
Bank of America benefiting from Merrill Lynch acquisition
BofA benefiting from its OREO (Other Real Estate Owned).

Cramer "Mad Money" ~ The Most Compelling Stock in the Market Today ~ June 11, 2009 ~ Bank of America.

Bank of America benefiting from its Merrill Lynch acquisition
BofA benefits from its OREO (Other Real Estate Owned).

So how will the future of real estate in America inspire choices by Cramer and other pro stock market pickers ... and the stock market itself?

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com ~ www.ExploreTheOC.com

7 Questions About the First Time Homeowner Income Tax Credit ~ Why It's So Important Now

Thu, 11 Jun 2009 16:01:53 -0500

Questions about the US Homeowner Income Tax Credit and importance now are answered at the National Association of Realtors featured article ~ The Basics: 2009 First-Time Home Buyer Tax Credit.

Who Qualifies For This Tax Credit?

Which Properties are Eligible?

How Much Money Will The Tax Credit Be?

If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?

Will the Income Tax Credit Need to Be Repaid?

Can This Income Tax Credit Be Used As Closing Costs?

~ see article HUD Will Now Allow First Time Homebuyers to Apply $8K Income Tax Credit Toward Purchase Costs.

What is ending date for eligibility for this income tax credit?

Good questions, and there are answers and more information at the National Assoc. of Realtors web site.

See article ~ First Time Homebuyers Should Get Going Now ~ Take Advantage of the $8,000 U.S. Income Tax Credit.

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com ~ www.ExploreTheOC.com

Ignite Serious Homebuyer Activity ~ Lower Prices~ Orange County, CA

Thu, 11 Jun 2009 13:46:20 -0500

Reduced home asking and sold prices here in Orange County, CA, have inspired significant buyer ativity ~ especially for those under $400K.

Here's a SNAPSHOT OF HOMEBUYER ACTIVITY IN ORANGE COUNTY ~ during the past thirty days ending June 10, 2009.

ALISO VIEJO ~

66 homes sold
32 of homes sold were under $400k (49% of market)
Average time on market for sold homes was 57 days

ANAHEIM ~

193 homes sold
173 of those sold were under $400k (90% of market)
Average time on market for solds was 52 days.

COSTA MESA ~

60 homes sold.
18 of those sold were under $400k (30% of market)
Average time on market for sold homes was 56 days.

HUNTINGTON BEACH ~

148 homes sold.
34 of those sold were under $400k (23% of market)
Average time on market for solds was 78 days.

IRVINE ~

191 homes sold.
30 of those were under $400k (16% of market)
Average time on market for solds was 53 days.

LAKE FOREST ~

78 homes sold.
46 of those sold were under $400k (59% of market)
Average time on market for sold was 54 days.

SANTA ANA ~ Orange County's largest city in terms of people and housing units.

247 homes sold in past 30 days.
228 of those sold were under $400k (93% of market)
Average time on market for sold homes was 56 days.

TUSTIN ~

76 homes sold.
28 of those sold were under $400k (30% of market)
Average time on market for sold homes was 70 days.

Investors have returned to the Orange County market and have been buying entry level homes.

Properties with prices under $400K are going fast ~ especially at Santa Ana and Anaheim where prices have dropped dramatically during the past two years. REO homes in this range are flying off the market.

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If you want information about Orange County homes and properties, please contact us. Thank you.

Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com ~ www.ExploreTheOC.com

Business Experts Make Real Estate Recommendations to the White House & US Congress

Wed, 10 Jun 2009 19:05:49 -0500

Press Release, June 10, 2009, by The Business Roundtable, an association of chief executive officers of leading U.S. corporations.

The Business Roundtable's Housing Working Group, chaired by Realogy CEO Richard A. Smith, issued a set of recommendations for the White House and US Congress that are aimed at jumpstarting the housing market in order to stimulate a broader economic recovery.

The Business Roundtable's recommendations are:

•· Keep mortgage interest rates at historically low levels (below 5 percent) for at least one year;

•· Expand the current First-Time Homebuyer Tax Credit incentive from the lesser of 10 percent of the purchase price of the home or $8,000 to a higher limit of either 10 percent or $15,000 for all homebuyers, remove the income restrictions and include all primary residence purchases for one full year;

•· Conduct a thorough review of current foreclosure mitigation and loan-modification programs in light of rising loan-modification re-default rates;

•· Make permanent the current temporary conforming loan limits; and

•· Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices.

"We believe targeted, demand-side solutions - such as the ones Business Roundtable is recommending today - will provide a critical next step for a housing recovery that will help create jobs and boost the economy as a whole," said Smith in Business Roundtable's press release.

See the Business Roundtable press release and its Housing Working Group's detailed recommendations.

See the Wall Street Journal online article about the Business Roundtable's recommendations.

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Let's support these industry leader recommendations to the White House and Congress.

Source of information: Coldwell Banker NRT, and its parent company, Realogy.

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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com - www.ExploreTheOC.com

Irvine, CA ~ Not Enough Equity Listings On the Market ~ Local Housing Market Update

Mon, 08 Jun 2009 18:50:50 -0500

With some of the best residential neighborhoods and homes at South Orange County, Irvine is located adjacent to Newport Beach, Laguna Beach, Newport Coast, and within a 10 minute drive of the Pacific Ocean at Crystal Cove.

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Irvine is famous for its pleasant weather, lots of sunshine, award winning public schools, healthy business climate with good job opportunities, the University of California Irvine, wonderful parks and recreation areas, encouragement for business and development, diverse backgrounds of residents, celebration of freedoms, places for freedom of worship, and one of the safest cities in the United States.

LOCAL HOUSING MARKET REPORT ~

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594 homes were listed for sale here as of May 31, 2009 (down from April of this year and May of 2008)
Average list price of home at Irvine then was $723,000.
262 of the homes listed are SFR detached, and others are attached homes or condos.
Average time on market for listed homes is 89 days.
141 of the Irvine homes on the MLS are short listings not yet bank approved.
15 of the homes active on MLS are REO lender owned (decrease from April and last year).
196 Irvine homes were sold with escrow closed during May 2009.
We have market saturation of 3.29 months of inventory of homes listed (lower than a balance, which is about 4.5 months).
Average price of sold home during May 2009 was $706,600.
Average time on market for sold homes was 55 days.
22 of the sold homes during May 2009, were REO or lender owned.
27 of the sold homes during May 2009, were short listings.
There were 379 homes under contract, pending sale and in escrow as of May 31.

379 Irvine homes under contract is an amazing and high number of pendings as compared to only 594 homes listed for sale.

We need more homes to be listed for a balanced market.

People and investors are buying homes at Irvine. Investors and smart people continue to make positive decisions about value.

Information Source for this article: Southern California Multiple Listing Service.

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If you want information about Southern California and Orange County homes and properties, please contact us. Thank you. Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com - www.ExploreTheOC.com

Orange County Housing Market Report ~ REO Homes Continue To Sell Quickly ~ May 2009

Wed, 03 Jun 2009 17:43:25 -0500

... great place to live and work ...

with beautiful canyon areas, good wetlands and wildlife, Pacific Ocean coastlines and lots of blue water, fantastic views toward mountains during winter, flat and sandy beaches, mild and pleasant climate almost all year.

We continue to have lots of distressed homes on the market here in Orange County, either REO lender owned, in foreclosure, or short listings.

REO homes continue to sell quickly and with multiple offers.

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ANAHEIM ~

During May of 2008, there were 43 REO homes sold.
During May 2009, there were 95 REO homes sold.
Average time on market for REO sold home is less than 30 days.
There are now 51 REO homes listed for sale at Anaheim.

COSTA MESA ~

During May of 2008, there were 11 REO homes sold.

During May 2009, there were 10 REO homes sold.

There are now 5 REO homes listed for sale.

Average time on market for REO sold is less than 30 days.

Buyer activity at REO has significantly reduced inventory.

HUNTINGTON BEACH ~

During May of 2008, there were 12 REO homes sold.
During May 2009, there were 22 REO homes sold.
There are now 20 REO homes listed for sale.
Average time on market for REO sold is less than 30 days.

IRVINE ~

During May of 2008, there were 12 REO homes sold.

During May 2009, there were 22 REO homes sold.

There are now just 13 REO homes listed for sale.

Average time on market for REO sold is less than 30 days.

Buying activity has signficantly reduced REO listings.

LAKE FOREST ~

During May of 2008, there were 28 REO homes sold.
During May of 2009, there were 17 REO homes sold.
There are now just 4 REO homes listed for sale.
Average time on market for REO sold is less than 15 days.
Buying activity has signficantly reduced REO listings.

SANTA ANA ~ Orange County's largest city in terms of people and housing units.

During May of 2008, there were 64 REO homes sold at Santa Ana.
During May of 2009, there were 144 REO homes sold.
There are now 71 REO homes listed for sale.
Average time on market for REO sold was less than 15 days.

TUSTIN ~

During May 2008 there were 10 REO homes sold at Tustin.
During May 2009 there were 23 REO homes sold.
There are now 11 REO homes for sale at Tustin.
Average time on market for REO sold was less than 15 days.

Investors have returned to the Orange County market and have been buying entry level homes, mostly in the range under $400K. REO homes in this range are flying off the market.

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If you want information about Orange County homes and properties, please contact us. Thank you.

Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com ~ www.ExploreTheOC.com

HUD Will Now Allow First Time Homebuyers to Apply $8K Income Tax Credit Toward Purchase Costs

Wed, 03 Jun 2009 10:21:59 -0500

Our US Housing and Urban Development Secretary Donovan Announced on May 29, 2009 ~

that the Federal Housing Administration (FHA) will allow homebuyers to apply the $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home.

Their stated idea for this change is to help stabilize the nation's housing market by stimulating home sales across the country.

Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Buyers still must issue the mandatory 3.5 percent down payment, but the tax credit now can be used as an additional down payment, or for other closing costs, which can help lower principal balances and monthly payments.

As Realtors and business people, we support this change and will encourage our clients, some first time homebuyers, to take advantage of the excellent opportunity.

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If you want information about Orange County homes and properties, please contact us. Thank you.

Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.

www.BuyersExploreHomes.com ~ www.ExploreTheOC.com