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business: California Home Sales Continue an Upward Swing - 12/08/09 10:36 AM
Positive business news comes from California Association of REALTORS, which reported that October 2009 Home Sales Increased as compared with the same period during 2008.
C.A.R. Report highlights:
Closed escrow sales of existing, single-family detached homes in California totaled 562,400 in October at a seasonally adjusted annualized rate. Information collected from more than 90 local REALTOR associations statewide.
CA home resale activity increased 1% from the revised 557,050 sales pace recorded in October 2008. Sales in October 2009 increased 5.9% compared with the previous month. The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the October pace throughout … (9 comments)
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business: Orange County, CA, Local Housing Market Community Updates - 11/16/09 06:14 PM
Local Housing Market Updates for Orange County Communities
Irvine, California
Costa Mesa
Tustin
and Newport Beach, Mission Viejo and Laguna Beach.
These local homes for sale markets are now more dominated by short listings, and bank owned REOs have been bought up and are a very small share.
See my blog article with lots more detail ~ Irvine, Costa Mesa, Tustin, Newport Beach, Mission Viejo and Laguna Beach ~ Housing Market Updates (click here for article).
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If you are interested in homes and properties at Orange County, CA, communities, please let us know. Thanks.
Harrison K. … (0 comments)
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business: US House Today Approved Homebuyer Tax Credit Extension and Expansion - 11/05/09 04:32 PM
U.S. House of Representatives today voted by overwhelming positive vote of 403-12 to approve the Unemployment Compensation Extension Act (H.R. 3548) that included, as an amendment, the extension and expansion of the Homebuyer Tax Credit.
This bill with bipartisan support already passed in the U.S. Senate so now will advance from Congress to the White House for President Obama's signature.
The Administration already has signaled its support of the Homebuyer Tax Credit amendment and the President's intention to sign the bill into law.
So extension and expansion of the US Homebuyer Tax Credit will soon be a reality.
Voices by REALTORS and National Association of Realtors … (2 comments)
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business: Will Expected Extension of Homebuyer Tax Credit Help Our Real Estate Clients? - 11/01/09 01:03 AM
Will the Expected Extension of the US Homebuyer Tax Credit help business in our state, be a boost for our clients, the housing market and be good for our US and local economies?
Good question, and we will all see what develops, whether the measure can be worked out between Senate and Congress, and if it passes whether Obama will sign it into law. Then we'll see how buyers and consumers react between December 1 and April 30 of next year.
WE NEED ENCOURAGEMENT FOR HOME SELLERS HERE AT ORANGE COUNTY. Too many are nervous and waiting to sell their homes. Our local markets … (85 comments)
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business: Expect Monday After Thanksgiving Weekend To Be a Busy Real Estate Day ~ November 30, 2009 - 10/10/09 11:39 AM
Monday after this year's Thanksgiving Weekend, November 30, 2009, will be a very busy day in real estate, with home purchases to satisfy First Time Homebuyer Tax Credit - Act Now Before It's Too Late ~ Take Advantage of Your First Time Homebuyer Tax Credit.
New FED "TRUTH IN LENDING" requirements for lenders went into effect on October 1. FED Adopted New Rules for Lenders and Home Mortgage Loan Brokers ~ Effective on October 1, 2009.
Will lenders be able to close transactions on a timely basis, or could this TRUTH IN LENDING regulations gum up the works with anticipated and planned closings for November 30, 2009, … (2 comments)
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business: Buyer Demand Wiping Out REOs at Irvine Housing and Local Real Estate Market - 10/05/09 03:26 PM
Buyer Demand is Wiping Out REOs at the Irvine Housing and Local Real Estate Market. Trend for local market shows huge buyer demand for REO homes and that the market doesn't have enough listings to support.
Homes sold at Irvine, CA, last thirty days (ending September 29, 2009) - 170 homes Regular equity sales last thirty days - 131 REO homes sold last thirty days - 16 Short listings sold last thirty days - 23 More than half of homes sold were between $500k to $1 million
Irvine homes now listed for sale at SoCal MLS ~ 506 homes for sale (not enough). 345 of those … (6 comments)
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business: Good News for Homebuyers and Better Mortgage Rates Quoted Today - 10/02/09 11:31 AM
Great news for Homebuyers and borrowers is that better mortgage rates were quoted today by Caliornia lenders and mortgage brokers.
Conforming
30 Year to $417k 4.750%
30 Year to $729,750 5.000%
15 Year 4.250%
5 Year 3.750%
Jumbo
30 Year to 2M 6.125%
30 Year to 5M 6.500%
FHA
30 Year 4.875%
30 Year Jumbo 5.125%
Rates were stated with 1 point. Borrowers must contact their local mortgage brokers and lenders to confirm information about rates for their area and individual situations.
Great news for Homebuyers and borrowers is that better mortgage rates were quoted today by California lenders and mortgage brokers.
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For information about Orange County and Southern … (1 comments)
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business: Interesting Coincidence: Orange County Home Sold Prices Rose Almost $8K During August 2009 v. July - 09/17/09 07:19 PM
The Orange County median home sold price was up almost $8,000 in August from July 2009.
Coincidence is and on lots of minds these days that the $8,000 US First Time Homebuyer Tax Credit expires November 30, 2009.
My prior article ~ Act Now Before It's Too Late ~ Take Advantage of Your First Time Homebuyer Tax Credit.
Median sold price of an OC home was $427,750 in August 2009 ~ per MDA DataQuick. August's median sold price is the highest that Orange County has seen in 10 months, but down about 3% from same time during 2008. And it's down more than 30% from all-time high in June 2007.
Home Prices Rise … (0 comments)
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business: Dove Canyon ~ Rancho Santa Margarita's Premier Residential and Private Community - 09/17/09 03:53 PM
Dove Canyon - Rancho Santa Margarita, South Orange County ~ premier residential community designed and built around Dove Canyon golf club and its course.
With about 1,200 homes and 5,000 residents, Dove is located in the foothills of South Orange County on the south and east side facing toward Saddleback Mountain.
Inside the guard-gated entry is a Jack Nicklaus signature golf club, pool, tennis courts, child's park, play field, shopping center, and water reservoir. All homes in Dove are single-family residences.
A horse trail starts outside the community gate and continues to Sycamore Canyon, where hikers, horse riders, bikers, go into neighbor community, Coto de Caza.
Homes at Dove range from asking price of $599K to … (0 comments)
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business: First California Stand Alone Mortgage Fraud Bill Passed by Legislature ~ Now on Governor's Desk for Expected Signing Into Law - 09/17/09 01:33 AM
The California State Assembly approved the state's first stand alone Mortgage Fraud Legislation by a 76-0 vote during week of September 11, 2009.
This bill would establish California's first stand alone mortgage fraud law treating the crime as a felony.
The California State Senate had earlier approved the measure, SB 239, by a vote of 39-0.
If signed into law by Governor Terminator (We hope and expect that he will sign), this legislation will make it a felony for any person to knowingly make or use any deliberate misstatement or omission during the mortgage lending process, with the intention that it be relied on by a mortgage lender, … (4 comments)
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business: Act Now Before It's Too Late ~ Take Advantage of Your First Time Homebuyer Tax Credit - 09/15/09 06:30 PM
Act Now and Take Advantage of your first time homebuyer tax credit ~ Get Going before it's too late, and deadline for purchase and closing of escrow is November 30, 2009.
Existing US home sales have jumped recently, and first-time homebuyers are buying about one third of all homes sold. This is because of tax incentives, interest rates at historic lows and housing affordability at best level in many years.
Guidelines for eligibility for this tax credit:
First-time homebuyers can claim 10% of the purchase price up to $8,000, or $4,000 for married individuals filing separately. Tax Credit for purchases completed on or after January … (3 comments)
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business: Irvine's Home Sales Continue on the Upswing - 09/14/09 11:01 AM
Irvine, California, home resales have continued to be on the upswing.
We see lots of buyers and investors getting involved. Homes at under $500k are in special demand, get multiple offers, and are on the market a very short time.
There are now only 558 Irvine homes listed at MLS on the market.
135 Irvine homes are short listings, which are mostly not good situations for buyers.
15 Irvine homes are bank owned REO after foreclosure.
187 Irvine homes have sold during the past 30 days ending September 13, 2009. Average sold price for those 187 homes was $671,743.
We expect the … (2 comments)
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business: Upswing Continues for Orange County Home Sales - 09/11/09 02:52 PM
The Orange County Housing Market has heated up even more these days. Those of us involved with real estate sales at Orange County have known for several months that buyer demand and sales have improved, particularly for homes at under $500k.
We and other Orange County REALTORS and real estate professionals have written and presented lots of purchase offers during the past ninety days.
Why aren't some purchase offers been accepted? Here's our experience:
Heated buyer demand Competition from other buyers Multiple offer situations Some buyers have expectations of success based upon 2008 slow market FHA buyers with 3.5% down are unable to compete with … (2 comments)
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business: Short Listings (Short Sales) Are Messy and Very Challenging for Buyers - 08/25/09 03:10 PM
These should be called "SHORT LISTINGS" ... not "Short Sales" ... and won't actually be homes for sale or "short sales" until after all lenders notify in writing for approval of seller side debt forgiveness and deal.
A SHORT LISTING is where a property seller needs to sell and sale proceeds are not sufficient to pay off the existing mortgage or lienholders. This is an alternative to foreclosure.
SHORT LISTING and SALE requires the mortgage company and lienholders to agree for a reduced payoff. If not, the sale won't take place.
All sale costs must be included in SHORT SALE price. The Seller receives nothing, except debt relief and not having a foreclosure on his … (5 comments)
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business: Guidelines for Successful Buying of a Foreclosed Property - 08/20/09 09:32 PM
REALTORs and Real Estate Professsionals will tell you that there are important guidelines to follow for successful buying of a foreclosed home or property.
Look at the numbers. It's important to look at anticipated net annual operating income (rent to be received less expenses) from the property (numerator) and compared to the amount you will paying for the property (denominator). That's CAP rate. The higher the CAP rate, especially if it is over 6, the better situation for you as owner investor.
Make sure you can afford the purchase. Do you have money on hand for extensive repairs some of these houses need? Do you have somebody to rehab this home? … (4 comments)
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business: Luxury Home Sellers at Orange County Reducing Asking Prices to Attract Buyers & Provide Opportunities - 08/19/09 01:31 PM
Buyer Opportunities are improving these days at the Orange County luxury home markets. 291 of the Orange County homes now on the market priced at $1 million or higher in Laguna Beach, Newport Beach, San Clemente and Dana Point have had price reductions during the past 30 days.
Orange County homes for sale priced at $1 million and above received an average price reduction in more than 85 percent of the situations.
See Orange County Register article ~ Are Luxury Home Prices Collapsing? (click here).
The current expected market time for Orange County homes priced between $250,000 and $500,000 is about one month, and market time … (0 comments)
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business: Tips On Avoiding Loan Modification Scams ~ California Attorney General - 08/13/09 11:29 AM
Loan Modifications Scams have popped up in California big time. Our state Attorney General posts articles at its site with news on this ~ and how to Avoid Loan Modification Scams (click here).
Five Tips to Avoid Being Scammed
1. Don't pay up-front fees.
Foreclosure consultants are prohibited by law from collecting money before services are performed. 2. Don't ignore letters from your lender or loan servicer.
Responding to those letters is your best bet for saving your house. 3. Don't transfer title or sell your house to a "foreclosure rescuer."
Beware! This is a scam to convince homeowners they can … (2 comments)
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business: Getting Prepared to Buy Your Home ~ What You Need to Know and Do - 08/10/09 06:15 PM
Here is at least part of what you need to know and do to get prepared for buying your home.
Do this at first and before you begin house hunting. Contact a lender or experienced mortgage broker and get a letter of loan prequalfication.
Fill out lender's requested paperwork for preapproval that will determine how much home you can afford to purchase. This preparation will increase your bargaining position with the sellers. Getting preapproved sets you apart and signals to the agents and the seller that you are dedicated and serious and that you can afford the home you want.
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business: Trend Tracking Tillers ~ Tustin Ranch Housing Market Update - 08/08/09 04:29 PM
Tustin Ranch, California ~
beautiful residential community located north and adjacent to Irvine, part of The Irvine Ranch and land preserve until creation of residential communtity in 1986 by The Irvine Company ~ about 4,000 homes.
Buyer and investor demand for homes at TUSTIN RANCH, CA, has been increasing.
There are now 48 homes under contract with pending escrow and backup.
There are now 65 homes active for sale at Tustin Ranch.
Increased buyer demand shown by recent sales and pendings is pressuring the regular for sale equity market.
Realtors need more homes to show and sell at Tustin Ranch.
… (1 comments)
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business: Mortgage Insurance Protection Offered by California Association of Realtors ~ First Time Homebuyers - 08/04/09 06:15 PM
The California Association of Realtors has offered since April 2, 2009, a mortgage protection Plan (insurance program) for first time homebuyers.
CAR has purchased and provided about 400 such insurance policies for first-time homebuyers at no cost to the buyers. This can provide up to $1,500 a month in mortgage assistance for six months if the buyer lose their jobs.
CAR has said it use $1 million that its members California Association of Realtors had donated to a charitable fund earmarked for affordable housing, which was to buy the one-year mortgage payment protection policies for about 3,000 first-time homebuyers.
The CAR program has been successful, and it has now received … (0 comments)
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Harrison K. Long, business, REALTOR®, GRI, Broker
Irvine,
CA
More about me…
Explore Group, Coldwell Banker Previews, Irvine, South OC
Address: 6833 Quail Hill Parkway, Irvine, CA, 92603
Office Phone: (949) 854-7747
Cell Phone: (949) 701-2515
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