Real estate blog entries tagged with remax adam brett by Adam Brett, The Adam and Eric Group, Fullerton's Finest (The Adam and Eric Group)

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remax adam brett: Is Your Loan Mod Or Short Sale Taking Forever To Be Completed? - 03/09/10 11:17 AM

Why does it take so long to get a loan modification or short sale completed? Here are some of the many reasons for the delays:
1. In many cases it is very difficult to collect all the necessary documentation from borrowers. This could be because the banks have misplaced them along the way or it could be because the borrowers take time to respond to the request for documents.
2. Often, no matter how many times the borrower calls they can’t speak to the person in charge of the file. In most short sale or loan modifications several different departments must touch … (0 comments)

remax adam brett: Classic Locomotive Trip From Fullerton to San Diego - 03/09/10 11:14 AM

Have you ever wanted to take a ride on a classic locomotive? Now is your chance!
The Central Coast Railway Club and the Pacific Locomotive Association are presenting a train trip May 1-2 featuring a restored Santa Fe Locomotive 3751. The steam locomotive that used to make trips from Los Angeles to San Diego until 1953 will be pulling the train as you go on an adventure down the coast.
The Muckenthaler Cultural Center has tickets available for the all-inclusive trip from Fullerton to San Diego. Your tickets include a walking tour of San Diego’s Gaslamp District, dinner at Chianti’s and … (0 comments)

remax adam brett: Number of UI Claims Filed Fell At The End Of Feb - 03/09/10 11:11 AM

The number of initial unemployment claims in California was the lowest since the
first week of the year for the week ending in February 20. It was the third week in a row first-time claims dropped with Californians only filing 63,709 claims during the week.
Last month EDD reported that there was a 34% increase in unemployment claims from January 2009 when layoffs began to escalate as the economy came to a stop.
Eleven other states also saw their number of initial claims fall by 1,000 more during the week ending in February 20th. Officials attribute the low number of claims … (0 comments)

remax adam brett: O.C. Consumers Spending Again - 03/09/10 11:09 AM

It appears as though Orange County consumers are getting back to spending according
to the latest survey released by Chapman University. Consumer confidence rose to 81.1 this quarter which is the highest level since the third quarter of 2007.
Although the rise in consumer confidence is a positive sign of better things to come, in order for the economy to really be on the right track the level of consumer confidence needs to be above 100 points. People are beginning to think that we are working our way out of the recession which can be seen by the fact that retail … (0 comments)

remax adam brett: O.C. is #1 Housing Market In The Nation - 03/09/10 10:57 AM

The latest report from the Federal Housing Finance Agency rates Orange County
has the best – yes you read that correctly – housing market in the Nation.
They based their rating on the fact that Orange County home values rose 6.38% in 2009. They didn’t seem to mind that the 2009 gain still left local prices off 10.15% for the past 5 years.
Orange County was ranked #1 among the 25 major U.S. markets tracked, followed by Denver, Houston and Pittsburgh.

… (3 comments)

remax adam brett: Nation Flood Insurance Program Extended - 03/09/10 10:54 AM

President Barack Obama signed a bill that extended the National Flood Insurance
Program through March 28.
The NFIP is the only way to protect your home against rising waters and was temporarily frozen on Monday after several Senators opposed the high cost of the bill.
This bill has been in contention of loosing its funding several times before but Congress has never allowed the program to expire. The delay in the current extension may pose problems for property owners who are waiting to close on property within a Special Flood Hazard Zone.

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remax adam brett: Rents Are Falling Again In O.C. - 03/09/10 10:50 AM

Good news for Orange County renters, according to the Consumer Price Index the
cost of renting an apartment in SoCal is falling again.
Rent inflation in Orange County fell at an annual rate of 0.8% in January – the biggest decline in 15 years. Overall housing costs fell at a 0.9% annual rate, a bigger drop has not been seen since 1983. Ownership expenses also had their biggest decline since 1983, falling at an 1.3% yearly rate.
In terms of overall regional inflation, Orange County is beginning to feel the strain as local consumer prices rose 1.8% in January compared to … (0 comments)

remax adam brett: Best January Home Sales In 3 Years - 03/09/10 10:45 AM

January 2010 was a triumph for Orange County realtors with homes sales generating $934
million – a 20.9% increase from January 2009. The lowest amount of revenue ever generated in one month was in January 2008 when home sales totaled $670 million.
There were 1,747 homes that changed hands through the Socal MLS during January 2010,quite an increase from the 1,004 that were in the system in January 2008.
The median home price for a single-family home was $507,100, up 15.2% from January 2009. Unfortunately, January’s home revenue was down 30% from December and it marked the first month since April … (0 comments)

remax adam brett: O.C. Hotels At Bargain Prices - 03/09/10 10:41 AM

Orange County hotel guests saw room rates fall 13% last year. In 2009 nearly 33% of all
hotel rooms in Orange County went empty compared to 28% in 2008.
Local hotel room rates haven’t been this low since 2005. Now is the time for a stay-cation! The biggest rate cuts have been found around Newport Beach (as high as 19%) and nearly 40% of rooms remain empty in south county.
Atlas Hospitality – which owns the St. Regis in Dana Point and the Wyndham in Costa Mesa – had 2 hotels go into foreclosure and 14 other hotels in Orange County … (1 comments)

remax adam brett: Short Sales Up In O.C. - 03/09/10 10:37 AM

Short sales throughout Orange County have increased
33.8% in January 2010 from January 2009.
Nearly 28% of all Orange County resales traded through the MLS in January were short sales, in total there were 487 short sales that took place in O.C. during the month.
While short sales are on the rise, the number of bank-owned foreclosures had a 62% drop from last January.
Distressed sales accounted for 49.3% of all MLS deals this past January, compared to 77% a year earlier. The number of distressed sales totaled 862 in January, down 27.6% from the previous January’s total of … (1 comments)

remax adam brett: O.C. Ranked 4th Worst For Home Affordability - 03/09/10 10:25 AM

The National Association of Home Builders and Wells Fargo Bank have released their latest
home affordability report and Orange County is ranked the fourth worst market in the nation based on affordability.
Only 34.5% of the homes sold in O.C. during the fourth quarter in 2009 were considered affordable to the typical Orange County householder. The housing prices had rose 12% in 2009 but the local incomes had only rose 2.4% in the past year.
Orange County ranked 223 out of 226 major markets tracked for home affordability in the nation.

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remax adam brett: Home Prices Up In Over Half of O.C. ZIPs - 03/09/10 10:19 AM

During January 2010, 61 of Orange County’s 83 ZIP codes had gains in their respective
median selling prices. Overall prices were up 14.9% compared to January 2009.
At it’s peak in 2007 Orange County had 11 ZIP codes with median sales prices above $1 million dollars. In January only 7 of 83 O.C. ZIP codes had median sales prices above $1 million. 44 of the 83 ZIP codes had year-over-year sales gains in the period.
Countywide home sales were up 7.7% compared to January 2009. 11 of 83 O.C. ZIPs had sales gains of 100% or more in the period.

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remax adam brett: Construction and Real Estate Industry Expected To Continue Decline Into 2011 - 03/04/10 10:33 AM

Although projections state that Orange County homebuilding permits are projected to increase
25.2% this year commercial, industrial and other non-residential construction is projected to fall 8.6% to $869 million worth of construction.
Construction jobs are projected to fall 7.2% to 72,500 positions and to still be down 5.4% in 2011. Finance and insurance jobs are expected to fall 1.2% to 71,600 and to still be down 0.7% in 2011. All real estate-related jobs combined are projected to fall 3.7% — off 7,000 — to 179,700 and to still be down 2.7% in 2011.
The latest forecast also projected that Southern … (0 comments)

remax adam brett: Aliso Viejo Is The Hardest City In O.C. To Buy A Home - 03/04/10 10:30 AM

The most difficult town in Orange County to buy a home in according to the latest market time reports
is Aliso Vijo where at the current buying pace all homes theoretically could sell in 1.3 months. Last year the market time for Aliso Viejo was 3.1 months.
In general the markets that have the lowest market times and therefore are the hardest to buy into are all south of the 55: Aliso Viejo, Rancho Santa Margarita, Lake Forest, Ladera Ranch and Foothill Ranch. These cities have a combined average market time of 1.4 months and account for only 7% of the … (0 comments)

remax adam brett: Market Time’s Increase Throughout Most Of South O.C. - 03/04/10 10:25 AM

Over the last two weeks all South Coast cities saw a gain in expected market time except for
Dana Point –who saw a slight drop in the city’s expected market time to sell homes.
Two weeks ago the market time of all active homes for sale in Dana Point was 4.98 months but it has now sped up to 4.85 months.
San Clemente saw a very slight rise in their market time over the last 2 weeks from 3.24 months to 3.25 months. The community of Talega’s market time rose substantially from 1.91months two weeks ago to 2.45 months as of … (1 comments)

remax adam brett: May 22nd Fullerton Air Days Fly-N-Float Festival - 03/04/10 10:21 AM

Mark your calendars: the 2nd Annual Fullerton Air Days Fly-N-Float Festival has been
scheduled for May 22nd from 9 am to 4 pm at the Fullerton Municipal Airport. This day filled with entertainment and education is being put together by The Fullerton Air Days and the US Coast Guard Auxiliary.
Opening ceremonies will begin with the US Coast Guard Aux-Flotilla 12-04 Color Guard and the event coincides with the kick-off of National Safe Boating Week (May 22-28) www.safeboatingcampaign.com. There will be activities for people of all ages including airplane and helicopter rides, jet plane simulators, car show, kid’s party zone, and … (1 comments)

remax adam brett: 2010 Local Home Market Off To A Good Start - 02/11/10 10:28 AM

The latest home inventory report shows the demand for local homes is starting off 2010
at its highest levels in 5 years.
Homes listed for under $750,000 are selling like wildfire, with multiple offers on most homes and sales prices above the list prices. The expected market time of homes in this price range is less than 2 months meaning that there is a lot of competition for these homes.
There is starting to be more interest in homes listed from $750,000 to $1.5 million. Many homes for sale in this price range are starting to receive the same sort of … (0 comments)

remax adam brett: O.C. Homes Sales Down For Million-Plus Homes - 02/11/10 10:22 AM

In 2009 only 2,448 homes were sold in Orange County at prices of $1 million or more. That is a
14.5% decrease from 2008 when 2,862 homes were sold.
Compare those figures to 2007 when 5,200 million-plus homes were sold. This large decrease in number of homes sold is a product of the recession ad well as many home values being decreased.
About 1,900 of the homes that sold statewide last year for less than $1 million had previously sold for $1 million or more. The median price for those homes declined by about $420,000, or 35%.

… (0 comments)

remax adam brett: Distressed Properties Continue To Dominate O.C. Market - 02/11/10 10:17 AM

The latest reports on Orange County homeowners shows that 14.4% were underwater in the 4th quarter of 2009. Homes with mortgages larger than the current value of the home were used in this calculation.
Distressed properties currently account for 33% of the market in Orange County. Out of all home sales that took place in Orange County in December, 19.57% were foreclosure resales. 19% of homes sold in December in O.C. were sold at a loss.
The number of homeowners losing their homes to foreclosure nationwide peaked in December with more than one in every thousand homes being repossessed. This … (2 comments)

remax adam brett: O.C. Had 8th Largest Rent Cut In The Nation - 02/11/10 10:13 AM

At the end of 2009, rents throughout Orange County were falling at the 8th fastest rate in the nation.
The typical Orange County rent in the 4th quarter was $1,504 a month – down $67 or 4.3% in the year.

Out of the 79 big markets tracked the average rate that rents fell was 2.3% for the fourth quarter of 2009.
The only markets with larger rent cuts than Orange County were San Jose, San Francisco, Seattle, New York, Las Vegas, Ventura County and Los Angeles. San Jose had the greatest rent cut with an average of 6.8% in the … (0 comments)

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