Verizon Wireless Keeps 2,300 Jobs In O.C. - 07/31/09 01:25 AM
In a surprising move on Verizon Wireless’ part they have decided to keep their regional headquarters  - along with 2,300 employees in Irvine. 
Verizon Wireless re- signed the lease for its western regional facility on San Canyon Ave.  They intended to stay at that location for at least another 10 years.  Their headquarters were completed in 2000 by a builder who purchased the land from the Irvine Co.  The Irvine Co. bought the complex back in 2005 and remains the current landlord. 
In their press release several prominent business people in Orange County stated their feelings on Verizon Wireless … (0 comments)

Number of Foreclosures Decreasing in O.C. - 07/31/09 01:21 AM
The number of foreclosures fell in nearly 70% of all ZIPs in Orange County during the second quarter of 2009 vs. the same period in 2008. 
Many people believe that the number of foreclosures will rise in coming months due to Obama’s disappointing foreclosure plan.  The continuing rise in the unemployment rate also will also greatly affect the number of foreclosures that happen in the second half of the year. 
Housing prices are expected to bottom later this year in the county, although some O.C. neighborhoods may have already hit the bottom.  The Federal Housing Administration allows for 3.5% … (0 comments)

Laguna Hills Is Top Community In State In Avg. Home Sales Prices - 07/31/09 01:16 AM
In June the top community in the state with the largest jump in median home selling prices was Laguna Hills – where home prices were up 20.6% compared to the same month a year ago.  The median home in Laguna Hills in June was $375,000 – up from $311,000 in June 2008. 
Three other Orange County cities were among the top 10 with the greatest median home price increases in June compared to the same period a year ago.  Placentia had a median price of $469,000; Lake Forest had a median selling price of $425,00 and Dana Point had a … (0 comments)

Fewer Homes To Sell In O.C. - 07/31/09 01:12 AM
The inventory of houses for sale in Orange County continued its five-month decline in June mostly due to the fact that fewer homes were on the market. 
The is the lowest inventory level for Orange County since the housing slump began in October of 2005.  At the current pace of the market it would take 5.8 months to sell all the houses for sale in Orange County.  The decline is mainly due to a decrease in the number of homes being offered for sale.  
In the month of July Orange County only had 8,895 homes on the market but … (0 comments)

Bank of America Closing 10% of Branches - 07/28/09 11:59 PM
Bank of America announces that it plans to reduce the company’s 6,100 branches nationwide by 10%. 
At this point it is not clear how many of the branch cuts will be from Orange County.  Bank of America is one of the largest banks in O.C.; it was the top bank in June 2008 with $13.8 billion in deposits in the county.
It is unclear when the bank closings will occur but it appears that a big factor in the closings is a change in customer preferences, as online and mobile banking take transactions away from the traditional bank branches. 
… (0 comments)

O.C. Home Sellers Getting Higher Than Their Asking Prices - 07/28/09 11:57 PM
During the second quarter of 2009, home sellers in 9 O.C. ZIP codes typically got selling prices higher than their asking prices. 
Buyers in mid-county neighborhoods (Santa Ana, Garden Grove and Anaheim) average sales prices surpassed the average listing prices, although the numbers were not substantial it is a positive sign for the housing market. In most relatively affordable markets pricing is firm after big discounts lured in many shoppers who discovered only a small supply of homes to buy. 
On the other hand there was the Newport Coast where sellers had to lower their prices 8.7% from their … (0 comments)

O.C. Brokers Receiving Same Revenue As In June 2008 - 07/27/09 04:37 PM
In Orange County last month, broker- generated home sales totaled $1.3 billion – half of the amount reached in 2005.  They have remained consistent; their revenue was nearly even with the revenue generated in June 2008. 
Last months sales revenue from MLS listings was 2.8% lower than the June total of $1.4 billion.  Overall, June’s revenue was down 51% from the high reached in June 2005.  Sales of single-family homes were up 6% - last month 1,557 homes were sold through MLS compared to 1,470 last June.  Although the median price of a single family home sold through MLS was … (0 comments)

CA Home Market Expected To Improve In Late 2010 - 07/27/09 04:32 PM
The current housing projections show California’s home prices rising 5.7% in late 2010 – this comes after housing prices in California have fallen 48.5% from 2006-2008 and nearly 17% this year alone. 
Due to the large number of foreclosed properties for sale, once the economy gains stability and potential homebuyers regain confidence in the system they will be able to get into the market because prices are more in line with incomes.  A larger pool of buyers should improve demand and create more confidence that the housing market is finally stabilizing.
Other states that are expected to improve include Washington … (0 comments)

O.C. Home Sales Increased By 8.7% - 07/25/09 06:31 PM
Orange County home buying patterns for the month of June show that 9 of the 83  ZIP codes in Orange County had gains in their respective median selling price.  Overall prices were down 11.6%  compared to last year. 
Out of the 83 ZIPs in O.C., 3 had sales gains of 100% of more for the period. 4 of O.C. ZIPs had median sales prices above $1 million in the period vs. 11 million-dollar ZIPs when the county median price peaked in June 2007.
5 of O.C. ZIPs had year-over-year sales gains in the period. Overall, sales were up 8.7% … (0 comments)

11th Straight Months Of Sales Gains In O.C. - 07/25/09 06:23 PM
The latest O.C. home buying statistics for the month of June have been released and marked the 11th straight month of sales gains vs. the previous years.  This follows 33 consecutive months where sales failed to beat the previous years pace. 
During the month of June the median selling price of O.C. homes was $420,000, which is down 11.6% from a year ago.  Prices have been falling on a year-over-year basis since September 2007 with August 2008 being the worst month thus far.
In the month of June Single-family homes sold for 33% less than their peak pricing (June ‘07) … (0 comments)

More People Are Moving Out Of O.C. - 07/24/09 08:21 PM
According to the latest report from United Van Lines migration experts, there seem to be a large number of Orange County resident moving out of the county. 
In the first half of 2009, 55% of the moves done by United Van Lines were outbound from Orange County.  Both the Orange County exit rate and California exit rate increased from the 2008 statistics. 
The top destination for former Orange County residents is Texas, followed by Washington, other California counties, Florida and Virginia. Ironically 45% of the people the move into Orange County previously resided in Texas, Illinois, Washington, Michigan and … (0 comments)

Free Movies On The Beach - 07/24/09 08:18 PM
Tired of spending your summer inside? Why not head down to the Newport Dunes Waterfront Resort to get some sun, an ocean view and watch a movie.
Every weekend starting May 22, Newport Beach will be screening the classic movies, and a few new favorites. A giant, inflatable screen will add to the family fun. Movies start when the sun goes down, but get there early for concessions and a good spot.  The movie schedule is listed below:
July
July 25 Finding Nemo July 31 Jungle Book
 
August August 1 Kung Fu Panda August 7 Monster's Inc. August 8 … (0 comments)

O.C. Projected to lose 15,800 more Construction Jobs - 07/22/09 11:53 PM
The latest stats from the Los Angeles Economic Development Corporation regional forecast projects that the already dwindling construction industry in Orange County will lose 15,800 jobs in 2009.  Locally the construction industry is already down 31,600 jobs from the employment peak of September 2006.
The number of people employed in the real estate and finances industry in Orange County has decreased 9%, almost 20,000 jobs, in one years time.  O.C. business that are related to property ownership have decreased their employees by nearly 22% or the equivalent of 58,600 jobs since its peak employment. 
The unemployment rate in O.C has … (2 comments)

Jumbo Loan Market Hit Hard - 07/22/09 11:45 PM
The jumbo mortgage market has been severely restricted, with climbing interest rates and limited availability, and these problems are affecting the entire housing market.
According to insights from National Association of Realtors research, sales of homes priced above $750,000 have stalled and inventory has climbed from 18.7 months in 2007 to 41.1 months in 2009.
While mortgage rates on conforming loans up to $417,000 are near 50-year lows, jumbo loans currently carry unusually high interest rates. In many cases, wary lenders with overly stringent credit standards add to the problem by treating jumbo loan applicants with high credit scores and … (3 comments)

Fullerton Implements New Water Conservation Program - 07/22/09 01:46 PM
The city of Fullerton has begun to implement Phase 1 of the city’s Water Supply Shortage Conservation Plan.  Their motto is “Be water wise!”
The plan specifies steps to be taken by the city in times of water shortage, the severity of those measures determined by the extent of the shortage.
                      
Under Phase 1, which went into effect July 1, specific water uses are prohibited.  Those uses include using a hose to wash down paved surfaces such as sidewalks, driveways and parking areas; restaurants may not serve drinking water unless it is requested by a customer; indoor and outdoor plumbing leaks … (0 comments)

CalPERS Loses 23.4% of its Assets - 07/22/09 01:36 PM
CalPERS – the California Public Employees’ Retirement System and pension giant- released their preliminary investment results for 2008-2009.
They estimate that they lost 23.4% of their assets in the fiscal year that ended June 30.  The year ended with CalPERS owning $181 billion on the books. 
Real estate hurt CalPERS the most, as of March 31 they had lost 35.8% in real estate alone. Another CalPERS document shows the pension fund with $17.8 billion in real estate assets at the end of the 1st quarter.
CalPERS reposition of its strategy includes “revising its asset allocation to maintain flexibility to … (0 comments)

What O.C. city is the toughest to find a home? - 07/20/09 08:00 PM
A new chart has come out showing the toughest Orange County cities to find a home to buy.  Topping the list was Foothill ranch, where an average home will spend less than a month on the market before it is snatched up buy a homebuyer. 
Price doesn’t seem to affect the most desirable cities considering the average prices of the cities on the list range from $327K to $716.  Aliso Viejo, Buena Park, Anaheim and Rancho Santa Margarita round out the top 5 cities where it is toughest to find a home to buy. 
See the chart below for … (0 comments)

17% of Office Spaces in O.C. Are Vacant - 07/20/09 07:49 PM
The number of vacancies for local offices rose to nearly 1 in 6.  As a result, landlords continue to offer free rent and parking to lure new tenants into their buildings. 
Office vacancies in complexes owned by Voit increased 16.3% in June, which is a 14.5% increase from last year.   They also reported that the average rent for a square foot of office space in the county fell to $2.29 in June, nearly 15% below the rate in 2008. 
Grubb & Ellis Co. reported that office vacancies were even higher in the second quarter than a year ago.   Vacancies … (0 comments)

Sunday Family Event At The Fullerton Museum - 07/17/09 12:34 PM
From 12pm-4pm this Sunday the Fullerton Museum Center will be putting on the “Fullerton Forever Family Day.”  The event is free with regular admission to the museum; $4 for adults, $3 for students with ID and seniors 65+, $1 for children ages 6-12 and free to children under 5 and members of the Fullerton Museum Center. 
The concept of the event is to take visitors back to the city of Fullerton during the 1950‘s and 1960’s and utilizes the museums current exhibit to illustrate the time period.  The 34 image exhibit comes from the portfolio of Julius Shulman – a … (0 comments)

62% of O.C. ZIPs Had Year-Over-Year Sales Gains - 07/16/09 08:17 PM
The June home buying statistics are out and 11 of the 83 ZIP codes in Orange County had gains in their respective median selling prices. Over all home prices were down 11.1% from a year ago.
 
Almost 62% of the ZIP codes in Orange County had a year-over-year sales gain during the month of June.  Sales were up 16.5% in the county compared to last year. 8 of the ZIP codes in Orange County had gains of 100% or more.
 
Since the pricing peak in Orange County (reached in June 2007) there has been a 35% drop … (0 comments)

41% Increase in Number of Foreclosed Homes - 07/16/09 05:54 PM
The number of foreclosed homes in Orange County totaled 833 in the month of June making it the highest total in 5 months.  It was a 41% increase from May but a decrease of 31% from the year before.    4,052 Orange County properties were seized by bank and loan servicers during the first portion of the year, which is down 26% from the first half of 2008.  There is a chance the number of foreclosures could rise in the upcoming months since the unemployment rate hit 8.6% in May and the June numbers have yet to be released.   Some … (0 comments)

Number of O.C. Homes In Foreclosure Increased 19% - 07/14/09 09:59 PM
During the month of June in Orange County banks and loan servers began the foreclosure process on 2,486 homes, the highest total in three months.  Foreclosures that either went to an investor or more commonly a bank at auction totaled 910 in June which is a 19% increase from May but a 22% decrease from the previous year.
The number of notices of default increased 16% from May and 10% from June 2008.  NOD’s are typically filed after a borrower misses three or more monthly payments and they do not always end in foreclosure. 
Servicers and banks filed 1,602 notices … (0 comments)

Habitat for Humanity and OCAR Give A Veteran A Home - 07/14/09 09:51 PM
Habitat for Humanity of Orange County and REALTOR Building Homes for Heroes, a committee within the Orange County Association of Realtors (OCAR), presented a family with a set of keys to their new house.  This is one of 4 homes that have been completed in San Juan Capistrano that are specifically for combat-wounded veterans and their families, in total their will be 14 homes completed for combat-wounded veterans.   
The REALTORS raised $260,000 to build and furnish this home (which is one of 27 homes total that Habitat for Humanity is building for the veterans.)  OCAR members met monthly to brainstorm … (0 comments)

Home Sales Up 9% in Huntington Beach - 07/13/09 06:12 PM
For the 22 business days ending June 12 homes sales in Huntington Beach totaled 178, which is up 9% from a year ago.  Throughout Orange County sales were up 17% compared to the same period a year ago.
Out of the 4 ZIP codes in Huntington Beach, 3 had sales gains vs. the same period a year ago. They also beat the -11.6% overall performance of the countywide median for the past year. 
 
… (0 comments)

Sunday Activity For The Whole Family - 07/13/09 06:05 PM
Looking for something fun to do with the family on a Sunday this summer? Why not head down to the Island Hotel at Fashion Island in Newport Beach.  Every Sunday until September 9th they will be offering a Sunday BBQ and Swim at their Palm Terrace Patio for non-hotel guests. 
A swim at the Palm Terrace Patio is available from 3 p.m. to 9 p.m. and the BBQ will be from 5 p.m. to 8 p.m.  The experience is $34 for adults and $12 for each child over the age of 5 (under 5 is free) and includes both the … (0 comments)

Fullerton Summer Concert Series Begins July 15th - 07/13/09 05:56 PM
The summer concerts in park begin again on July 15th at the Fullerton Sports Complex.  This Wednesday “The Answer” will be performing classic rock from 6:30-8pm.  Heroes Bar and Grill will be serving food for the opening concert. 
Other downtown Fullerton restaurants will be providing food for the other summer concerts.  On July 22 Big Sandy and his Fly-Rite Boys will performing and Roscoe’s deli will be catering. July 29th Rusty Anderson will be performing with food from Bourbon Street.  The Matador Cantina will be serving food on August 5th with music by James Intveld.  The Bruce Springsteen Tribute Band … (0 comments)

Select South Coast ZIP Codes Had Sale Increases In May - 07/10/09 06:11 PM
New trends have been released focusing on the South Coast Beach cities statistics for the month of May. 
The number of sales in the 3 cities totals 167 which is an increase of 22% compared to a year ago.  Throughout Orange County in the month of May sales were up 17% from a year ago. 
3 of the 5 South Coast Beach city ZIP codes has sales gains compared to their statistics a year ago and 1 ZIP code had a gain in their median selling price compared to a year ago. 
2 of the 5 ZIP codes … (0 comments)

Condos Reach Highest Median Selling Price In 10 Months - 07/10/09 06:05 PM
For the month of June the median selling price of a home in Orange County was $420,000 which is 11.6% below where it was a year ago and 35% below its peak reach in June of 2001. Home prices in Orange County have consistently fallen on a year-over-year basis since September of 2007.  Single-family homes sell for 35% less than their peak pricing, while builder prices for new homes are 38% below their peak, reached in February ’05. 
In Orange County during the month of June the median selling price for condos was $297,000, which is the highest selling price … (1 comments)

All O.C. Homeowners To Receive Property Value Notices - 07/10/09 12:19 AM
If you own real estate in Orange County be prepared to receive a notice soon stating how much property tax you can expect to pay next December and April.  Notices could start appearing as soon as this week and every homeowner in Orange County should receive their notice by next Friday. If you haven’t received your notice by the end of this week, contact the Assessor’s Office at 714-834-2727. The statements could alert some owners that they need to appeal assessments to lower their taxes. 
This is called the “property value notice” and will contain a value assessment of your … (0 comments)

Number of Homes In Foreclosure Increased in May - 07/10/09 12:15 AM
In May the number of foreclosed properties in Orange County on the books of banks fell to account for only 0.5% of all home loans in the county.  The ratio of foreclosed properties to all home loans was 0.8% in both April ’09 and May ’08. These facts mean that bank-owned properties are selling, especially home priced under $500,000.
Unfortunately the number of homes that are in the process of foreclosure has increased to 2.1% in May – up from 1.3% in April. The ratio of mortgages at least 90 days late but without a notice of default jumped to … (1 comments)

Median Price of O.C. Homes Rose in May - 07/08/09 11:21 PM
The median price of O.C. homes rose in the month of May. Aided by the slight decrease in the sale of foreclosed and a slight increase in the sale of higher priced home.
Half of all the existing houses and condos sold in Orange County in May were foreclosed homes.  When foreclosure re-sales were in their peak in February 57% of homes sold in O.C. were foreclosures.
In May 17% of homes selling for over $500,000 were sold as opposed to only 15.2% in April. It appears the home buying market is in the beginning stages of reaching a more … (0 comments)

Popular Mortgage Fraud Schemes Exposed - 07/08/09 11:14 PM
Since the FBI listed California as one of the state’s with the most cases of mortgage fraud I thought it would be important to share with you several of the mortgage fraud schemes that are popular today. 
One is a twist on equity stripping. It involves buying a property with a straw buyer and turning over ownership to a senior citizen. The senior is told to withdraw all the money with a second mortgage and then the fraudulent buyer makes off with the money.
Arson has become more prevalent as homeowners, property flippers, and investors are committing arson to avoid … (0 comments)

Number of Distressed Homes Down 46% Since December - 07/06/09 06:40 PM
The number of distressed properties on the market in Orange County fell by 4.7% in the past 2 weeks.  This past week there were 2,919 homes listed on the market which is 143 homes less than were listed 2 weeks ago.
The number of distressed homes has dropped 46% since December 26, 2008 while the number of non-distressed homes is 22% lower.  Distressed properties accounted for 31.8% of the market last week compared to 32.9% two weeks earlier.
The chart below shows the total inventory listings; distressed property listings and the share distressed listings have of total inventory supply on a … (0 comments)

50 ZIP Codes In O.C. Had Sales Gains - 07/05/09 07:20 PM
For the month of May , 9 of the 83 Orange County ZIP codes had gains in their respective median selling prices;  Overall though prices were down 12.2% from a year ago.
5 ZIP codes in Orange County had median sale prices above $1 million in the period compared to 11 ZIP codes having a median sales price of more than $1 million when the market peaked in June 2007. Since that peak the nation has experienced a 35% drop in the median price. 
50 of Orange County zip codes had year-over-year sales gains for the month.  Overall, sales … (0 comments)

Home Prices In O.C. at 9-month High - 07/03/09 10:04 PM
For the month of May the median selling price was $420,000, the last time it was higher was September of 2008. It is down 12.2% from a year ago and 35% below its peak of June 2007.  Prices have been falling at a year over year basis since September of 2007 with the worst month being August 2009 when it fell 31.5%. 
 
Last month single-family homes sold for 35% less than their peak pricing and condos sold for 38% below their peak that was reached in March 2006.  Builder prices for new homes are 38% below their February ’05 … (0 comments)

Fullerton Fourth Of July Firework Show Information - 07/03/09 09:59 PM
The City of Fullerton is having their annual Old –fashioned Fourth of July festival and firework spectacular.  Fullerton High School Stadium is located on 201 E. Chapman Ave and will be hosting entertainment including circus acts, carnival games, pony rides, live music with Dick Dickerson (rockabilly, country) and a fireworks show. 
Food is available for purchase in the festival area. There is no alcoholic beverage service.All food is reasonably priced, and is being offered by local charity organizations as a fundraising activity (funnel cakes, popcorn, beef jerky, Mexican food, Thai food, ice cream, pizza and more). Games, food and attractions … (1 comments)

OC Home Prices Expected To Fall 19% More - 07/02/09 07:18 PM
The latest information release from DataQuick shows that home prices have begun to increase in the recent months. 
Home prices in Orange County are likely to fall 19.1% more - the 15th biggest drop out of 100 metropolitan areas in the U.S.A.  When the dust settles, O.C. prices will have tumbled 49.7% from the peak of the market to the bottom of the 3.5-year-old slump. If true, that means that a median-priced home here will sell for $311,000 to $325,000 at the bottom of the slump.
As for other SoCal metro areas, prices are projected to drop14.3% in the Inland … (0 comments)

Mortgage applications rose on dip in rates - 07/02/09 07:12 PM
The Mortgage Bankers Association announced that the number of mortgage applications rose 6% last compared to the prior week and nearly 18% compared to the same period a year ago.  Only 4.1% people applied for an adjustable rate loan in the last week.
Since last week the refinance index rose 5.9% and the purchase index jumped 7.3%; even with the increases though both indexes are well below their peak levels.
In the last week the average contract interest rate for 15-year fixed rate mortgages decreased to 4.93 percent from 4.99 percent, with points decreasing to .92 from .99 for 80% LTV … (1 comments)

FHA Loans Continue To Grow - 07/02/09 12:10 AM
The Federal Housing Administration insured $27.3 billion in single-family mortgages in April, which is a 85 increase from the previous month which is due to higher mortgage purchase volume. 
In the last month mortgage purchase volume has raised $1.6 billion to $11.7 billion, while refinancing rose by $350 million to $15.6 billion.  FHA servicers ramped up their loss mitigation efforts and were able to complete 7,366 loan modifications in April – up from 4,837 in March.  Unfortunately the percentage of FHA loans 90 or more days past due hit 7.32% in the month of April.
Under the FHA loans consumers … (2 comments)

Federal Reserve Acknowledges Improvements In The Financial Market - 07/02/09 12:05 AM
The Federal Reserve has announces that it will allow one of its emergency programs to expire and trim down two other programs.  This is sign that the financial markets are beginning to improve and is the first step towards terminating all of the Federal Reserve’s unprecedented interventions.
The three programs provide funds or treasury securities to security brokers and money-market funds.  This provisions are authorized a loop hole allowing loans to non-banks in “unusual and exigent circumstances.”
The Federal Reserve also extended five other emergency facilities that would have expired Oct. 30 to Feb. 1, 2010.  The facilities include foreign-currency … (1 comments)

 
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Adam Brett - Fullerton, California Realtor

The Adam and Eric Team - Fine Homes

Fullerton, CA

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The Adam and Eric Team

Address: 1431 Harbor Blvd # A Fullerton, Fullerton, CA, 92835

Office Phone: 800977ADAM

Cell Phone: (714) 496-8116

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