Home Prices Rose Again - 09/30/09 03:43 PM
Home prices rose againin July, this activity will definitely help the foreclosure markets recover.  Higher home prices show that the recession is slowing because the consumer is still willing to take some risk with the home prices are lower.  The home prices for Los Angeles and Orange County gained for the second consecutive month in July.  The increase was 1.8%. 
A twenty city composite home price index was up 1.65 percent vs. June, the third consecutive month to month gain. 
Thirteen cities in the index enjoy at least three consecutive months of positive pricing.  Over all the annual home prices continues … (1 comments)

Commission Recommends Tax Cut - 09/30/09 03:25 PM
Gov. Arnold Schwarzenegger created a California commissionto overhaul the tax code and they recommends tax cut.  Part of the proposal is to lower taxes on top earners, repealing sales taxes and replacing the corporate profits tax with taxing not the gross but the net.
California finds itself in a massive budget deficit due to the recession.  Schwarzenegger endorsed the commission's recommendations and intends to call a special session for the Legislature to consider these recommendations.  Tax cuts are not popular with the California Legislature so the commission recommends tax cuts is not going to be received well.
The commissionis led by former … (3 comments)

Recession Delays - 09/27/09 02:22 PM
The recession can cause people to put off the things causing delays.  The down turn (recession) is changing the way we live and it always happens.  More people put off getting married and home purchases.  Many who were going to relocate to a new area do not.  We are uncertain or keenly certain of the way the recession will cause us delays.  Lines of credit are and have been frozen and therefore, we do not tap into them and do fun things purchase thing we want so we put them off.
There is no way that the recession does not have some kind … (3 comments)

Market Report From Mission Viejo - 09/27/09 01:51 PM
This market report from a Mission Viejo Realtor shows again that in most areas the volume of homes selling in Orange County are up 20 percent for new homes and 11.7 percent in resale condos and 6.1 percent in homes for the previous 4 weeks.  If you are wondering about the prices over all in the County new home are up in price 1.1 percent while everything else in down in price, resale condos down 6.1 percent and resale homes down 2.9 percent for the previous 4 weeks.
The cities show what is happening in and around Mission Viejo:
Aliso Viejo median … (0 comments)

Home Resales Drop - 09/27/09 01:23 PM
You may have seen the head line Home Resales Dropor something like it in your newspaper.  The National Association of Realtors published the sales of resale homes drop of 2.7% on Thursday.  Why do they always have the negative spin?  The statistics show a 3.4% increase when compared with a year ago. 
Although the results surprised the analysts, who had expected an increase to the sales and did not expect to see resale homes dropin number of sales.  If you watch statistics month to month you need a series of months to be able to determine the significance to a one month … (1 comments)

California Builders are Increasing Prices - 09/27/09 12:52 PM
California builders are increasing prices according to John Burns real estate consulting firm in Irvine stated this last week.  While U.S. home prices are stabilized at least for the current period Burns stated he thought another round of price drops are coming.
More builders are raising their prices (increasing) than dropping them here in California, Burns learned from a survey of 269 homebuilding execuitives in 86 metro areas.  He also found that there are more homes sold nationally per development.  Up 2 from a 1.4 figure in August.  This is due to fewer builders selling homes on the contingency of the buyer … (1 comments)

Mission Viejo Helps Injured Marine - 09/25/09 03:24 PM
Mission Viejo Helps Injured MarineAles Minsky one of its own.  Minsky was critically injured by a roadside bomb in Afghanistan and has been in recovering in hospitals all across the United States.  He is and was a resident of Mission Viejo.  The injuries suffered include, brain injuries, broken jaw severe burns and the amputation of his right leg below the knee.
Minsky will receive approximately $6,000 from the Mission Viejo Country Club Golf Tournament in that was held this month and $500 from Mission Viejo's Saddleback Valley Elks helps the injured Marine with expenses.  The Elks will also help through the "Adopt a Veteran" program and culled … (1 comments)

Mission Viejo City Attorney Filed Lawsuit - 09/24/09 11:35 AM
Mission Viejo City Attorney, William P. Curley, filed lawsuit against the Saddleback Valley Unified School District.  According to the Orange County Register Curley said he filed the suit because of a statute of limitations under the California Environmental Quality Act.  If he did not file he would not have been able to file at all.
Curley, the Mission Viejo City Attorney stated he had filed the lawsuit but did not serve and therefore commence the litigation.  This is where it gets interesting and maybe a waist of tax payer money.  The lawsuit alleges that while the district paid for an environmental study to be conducted regarding … (0 comments)

Here Comes The Mortgage Increases - 09/24/09 11:16 AM
Here comes the begining of the increases in mortgage rates.  Don't look now but the Fed is not going to support lower interest rates.  On Wednesday the Federal Reserve said it was slowing the pace of a program to lower mortgage rate and prop up the housing market.
The Fed decided to stretch out its goal of buying $1.45 trillion in mortgage backed securities.  Fannie Mae, Freddie Mac and Ginnie Mae until the end of the first quarter of 2010.  The Fed Chairman Ben Bernanke and his colleagues believe the recovery is here. 
The Fed must control inflation.  There for the … (3 comments)

Home Prices Up - 09/23/09 04:04 PM
The news today let us know that home prices are up slightly 0.3% nationally in July.  The home prices rose slightly according to a government index as further evidence the housing market is stablizing.  We are all glad to see this up tick.
The Federal Housing Finance Agency said Tuesday that price showed a 0.3% increase from the prior month.  However, this same agency showed a correction for their calculations in June which was revised down to just 0.1%. 
This index is off 4.2% lower than last year at this time.  This index is based on loans owned or guaranteed by … (1 comments)

Neighborhood Housing Services of Orange County - 09/22/09 05:36 PM
The Neighborhood Housing Services of Orange County offers the Orange County Housing Trust Second Loan which is a down payment assistance loan for first time homebuyers in Orange County. The funds are made available by the Institutional Lender Partner Program consisting of the contributions from major banks. Funds are currently available.
  
The Neighborhood Housing Service of Orange County will require buyers to have 3% of their own funds for the down payment. The Housing Trust second is a 30 year fixed rate second mortgage for 17% of the sales price. The buyer then obtains an 80% 30 year fixed rate new … (0 comments)

Water Shortage Due to Fed's - 09/21/09 01:33 PM

Did you know that the water was turned off by the Fed's causing a water shortagein the Great Central Valley of California it is certainly due to the Fed's.
This is serious insanity.  Did you know that the Great Central Valley of California grows cotton, all salad vegetables (produce), almonds and is known to provide for 12.5% of the nations green veg.  and we as a people have turned (Fed's) off the water causing a dust bowl to exist.  We have a water shortage due to the Fed's and that has caused 40% unemployment in the Valley.  People who normally … (2 comments)

Orange County Market Report from a Mission Viejo Realtor - 09/20/09 04:38 PM
This is the Orange County Market Report for the last month from a Mission Viejo Realtor.  In that month we see that resale homes stayed even neither up or down.  New homes went down in price 6.3 percent.  and resale condos went up 4.2 percent.  The sales volume for resale homes uas up .9 percent and the resale condos showed and increase of 8.8 percent.  While new homes went down in price 2.2 percent.
The Orange County Market Report from a Mission Viejo Realtor shows the median price for the county is now $427,750 this is down from $440,000 a year … (1 comments)

Are Loans Good a View From a Mission Viejo Realtor - 09/20/09 02:39 PM
Loans are good right now as I see it a view from a Mission Viejo, CA Realtor.  It is a good time to borrow money for a home car or small business.  Rates are great.  But the lenders (banks) are demanding more collateral, bigger down payments and detailed financial histories from borrowers in most cases.  Bank of America seem to have the lease problem with luxury home with traditional down payments and are not asking for 30 to 40 percent equity positions from the buyer.
All banks are in a defensive posture and will remain there for a number of years.  You … (0 comments)

How are businesses doing in Orange County, CA. - 09/18/09 03:27 PM
You have to ask yourself how businesses are doing during the recession in Orange County, CA.  There are plenty of indications out there as you walk or ride around the county.  Foreclosures, unemployment and bankruptcies were the all to familiar results of the economic turn down.  Since the consumer's are fearful of the economic climate, they have become frugal.  They fear being laid off or getting their home foreclosed on, or having pay cuts.
If you want to know how businesses are doing in Orange County, CA.we should look at the restaurants.  They report that the number of folks coming to … (3 comments)

Orange County Loan Officer Arrested! - 09/17/09 11:56 AM
Attorney General Jerry Brown announced Friday that his office arrested a Huntington Beach, Orange County loan officerand two other men for allegedly placing consumers into $30 million worth of fraudulent loans and pocketing almost $1 million of illicit profits.
It is amazing that so many have been caught up in this scandal.  California's Attorney General Jerry Brown has been very agressive on these types of problems as well as the Loan Modification Frauds. 
The loan officer was Alan Ruiz who is 28 years. old was arrested at his Huntington Beach home.  Also arrestedwas the sales manager for the Los Angeles based mortgage … (6 comments)

Recession Over? A View from Mission Viejo - 09/17/09 11:28 AM
As a Realtor from Mission Viejo here is my view of the  Federal Reserve Chairman Ben Bernanke's comment Tuesday that the worst recession since the 1930's is probably over.  However, he did say there will still be pain especially for the unemployed.
He stated that the economy is growing now but not enough to prevent the unemployment rate, from raising.  He went on that it will feel like a very weak economy.  Perhaps that feeling might come from the fact that the economy is weak for some time to come.  That weak economy view is significant to how we proceed is selling real estate … (2 comments)

Jumbo Financing is Available A View by a Mission Viejo Realtor - 09/16/09 08:42 AM
Jumbo Financing is Available in Orange County, CA a view by a Mission Viejo realtor.  During the first half of 2009 statistically most sales were at or below $500,000 sales price. Beginning the second half of 2009 the activity level in South Orange County in the Jumbo market is showing signs of life. We are seeing a substantial increase in pre-qualifications and sales for higher priced properties.
When clients call for financing they are shocked how low our rates are for Jumbo financing. Jumbo financing is considered in Orange County loan levels above $729,750. No other lender has this great of … (1 comments)

For Lease! Large Upgraded Tri-Level with Greenbelt Views! - 09/14/09 01:53 PM
     Fabulous Lease!      Visual Tour at www.markandtim.com
Large Upgraded Tri-level with Greenbelt Views!
Completely Remodeled and Upgraded
Spacious Tri-Level Town Home
Featuring 3 bedrooms, 2.5 bathrooms
1,800 sq. ft. (n/t) of living space
Newer Gourmet Kitchen with Newer Appliances
Beautiful Cocoa Hued Cabinetry
Granite Countertops and Designer Tile Floors
Bathrooms Recently Remodeled and Upgraded
Living Room with Gas Fireplace and Viewing Balcony
Formal Dining Room
Full Size Inside Laundry Room
New Heating and Air Conditioning Units
2 Great Patios and Lots of Windows Overlooking Greenbelt Views
2-car Garage
Award Winning School District and Convenient to Everything
Located near the prestigious Mission … (2 comments)

Statistics for the Orange County, CA and Mission Viejo Area - 09/13/09 01:27 PM
Here are the statistics for the Orange County, CA and Mission Viejo and other areas.  Did you see the drop in value in Corona Del Mar?  The statistics showing the median home price dropped over 35% as shown in today's paper, The Orange County Register.  Yet, they are hot hot hot.  There sales are up for the last 4 weeks by 260% total of 18 sold homes.
For the last 22 days ending August 24, 2009 the statistics have showen that in Orange County, CA 19 of 83 Zip Codes had an increase in there median selling price.  But the overall county showed … (0 comments)

We Cannot Continue Without A Really Big Crash or Higher Taxes. - 09/13/09 12:56 PM
Today as I was traveling to my office I heard a stock market gruru stating that there has been 8 times since the 1930s that we have had a better than 50% growth in stocks since 1930.  He went on to say the data was gathered by Bloomberg.  In the year after the 50% growth in all but one time the stock market grew 8% more.  The one time was when we had a double dip in recession in the 1980s.  Do you remember what happened then?  It is very much like we are today.
We have runaway spending at the … (4 comments)

Fishing is here at Lake Mission Viejo - 09/11/09 11:53 AM
Lake Mission Viejo will receive 8,000 pounds of rainbow trout, delivered by truck from the Claulk Mound Trout Farm in Southern Nebraska.  This restocking will occure the week prior to season opening.  They keep the lake well stocked and another 4,000 pounds of rainbow trout will be delivered to the Lake November 30, 2009.  On the day of delivery the lake will be closed to allow the trout to spread out and get comfortable with the environment.
Then on Saturday November 21, 2009 Lake Mission Viejo Association will kick off its 33rd season of great trout fishing.  The local expert biologist … (0 comments)

Mission Viejo will sponser the Orange County International Triathlon - 09/11/09 11:38 AM
On Sunday Sept. 27ththe Orange County International Triathlon will take place in Mission Viejo.  The race will start at 7:00 AM and conclude at 10:30 AM there will be temporary road closures along the route.  The event includes a one mile swim in the Mission Viejo Lake, a bike ride beginning on Marguerite Parkway for 25 miles. It will go north on El Toro Road and out through Santiago Canyon.  The final part of the Triathlon will be a 10k run begining on the Aliso Creek Bike Trail and travel along various trails until it concludes at Lake Mission Viejo.
No … (0 comments)

9/11 - 09/11/09 08:45 AM
It is the a day I will never forget the tragic attack and the loss of lives in New York.  I was at work here in California and my wife called and I went home it was early and we were not sure what was happening.  There were rumors of many more plane that might be coming to LA or else where.
The long never ending view of the first airplane hitting the twin towers and then while the reporting of that the other two.  What was going on?  We all pulled together as one after that.  American flags flew from … (4 comments)

Aliso Viejo and South Orange County are HOT HOT HOT Markets - 09/10/09 01:29 PM
The hottest area of South Orange County for trying to purchase a if one is looking at supply of homes vs homes sold in the last month would be Aliso Viejo.  However, all of South Orange County is smoken hot.
We have multiple offers on almost all homes that are for sale under $600,000.  The coldest market is Laguna Beachas I addressed on Sunday.  The home prices in Laguna are higher than where the buyer are looking.  Therefore, the upper end properties will have to come down a lot more to where there are buyer's for them or wait it out.
… (1 comments)

IHS Global Insight says Orange County is Selling too Low. - 09/10/09 01:14 PM
Today Jonathan Lansner a reporter for the The Orange County Register reported that the homes here are selling too low in the second quarter by 10.6%. IHS Global Insight stated that using pure economics of the area and their formula homes sell for 10.6 percent too low.
Wow, that means that the properties are a great buy.  This would be the time to purchase a home or an investment in this area.  According to IHS the area has been undervalued for 5 consecutive quarters.
We have seen this formula used before and it does not mean that the values will come back quickly.  … (0 comments)

Today I had to think how to get the most out of my business. - 09/09/09 04:19 PM
Today I had to think how to get the most out of my business.  It is one of those days where planning is what I spent most of the day on. 
Where do I need to go?  How to I increase profit and stay in the black?  Where is the market headed?  How do I stay ahead of the curve?
Well here is what I decided.  The majority of the foreclosures have not come thru the pipeline.  So how do I get in the way of that business.  I contacted a friend and we will be making some inroads to that … (8 comments)

Here are the statistics for Orange County 331% increase A View From A Mission Viejo Realtor - 09/09/09 01:12 PM
I ran some data from the multiple listing service here in Orange County, California.  I think you will find it interesting.
At the end of August and the begining of September 2007 we had over 17,000 properties for sale but only around 1,900 properties in escrow or under contract.  That made a great buyer's market because there were few buyers and a lot of property.  Prices dropped significantly from that point on.  We know it got more and more difficult to get a loan (full documentation and FHA).
At the end of August and the begining of September 2008 there were … (0 comments)

Happy Labor Day A View from A Mission Viejo Realtor - 09/07/09 05:46 PM
 
  A Birdseye View of Lake Mission Viejo
Well the end of summer is here and another great day.  It is sunny here in Mission Viejo and slightly breezy the pool is at a perfect temperature and I have been swimming for a couple of hours.  Yes, I is absolutely great to be alive. 
I hope you are all enjoying your Labor Day and taking some time off and enjoying your families and friends.  Remember all work and no play make you a dull person.  Any way enjoy and then get back to work tomorrow.  I will be teaching some … (1 comments)

Statistics for Mission Viejo, Laguna Niguel, Rancho Santa Margarita, Aliso Viejo A View From a Mission Viejo Realtor - 09/06/09 12:59 PM
The statistics for the last 4 weeks are very interesting:
Mission Viejo shows alway as two Zip Codes in the 92691 area the median price dropped 18.8% and there were 51 sales which is down 7.3% in the past 4 weeks.  In the 92692 area of Mission Viejo the median price went down 19.19% while 67 properties were sold which means the sales volume is up 34% in the past 4 weeks.
Laguna Niguel's median price was up 1.5% with 94 properties sold and and increase in the sales volume of 23.7% in the past 4 weeks.
Aliso Viejo's median price dropped … (0 comments)

Professionalism in Real Estate We need to Answer these Questions? - 09/06/09 12:20 PM
What is Professionalism?
This is a very competitive business and to be successful we must compete against other agents.  How do we maintain professionalism in the heat of battle?
We all realize that we are all after a small pool of buyers and sellers and some of those have concepts and ideas on how they want us to work for them.  Often in a down market they have ideas and concepts that are unethical just off the wall.  How do you handle that client?
If we know of a company or an individual that is always pushing the gray area as … (4 comments)

Assessed values see first drop on record A View From A Mission Viejo Realtor - 09/04/09 11:53 AM
This is a harsh sign that the market is still going down in Orange County the State Board of Equalization reported on a dramatic down turn in a key variable for municipal tax collection.
The total value of a property assessed by counties and the state fell 2.4 percent from the previous year.  The State Board of Equalization has never in its entire existence seen a drop year over year since it started keeping records in 1933. 
Orange County is down 1.4 percent while Southern California is down 2.4 percent. This must be put into context of the mortgage melt down.  Too … (0 comments)

Are We Getting Better in the South Orange County Real Estate Market? - 09/04/09 11:39 AM
Many neighborhoods are showing more sales, there are more pending sales and the inventory is getting low. Normally these signs would be strong indications that the market is improving.  What we actually are concerned about is the backlog of properties that are in default.  The foreclosures continue at a very strong pace. 
This causes us to wonder if we have hit a lull or if we have truly hit the bottom of the market.  If the banks release all there inventory by foreclosing the market will tank.  However, they cannot hold off forever.  It is a difficult line that the banks … (1 comments)

Moody's analyst estimates 21 years to a Recovery A View from Mission Viejo - 09/03/09 05:17 PM
If Moody's analyst is correct the 40% we have dropped means a great buy to the person who is entering the market.  There are many articles currently showing we are coming off the bottom in pricing.  For first time buyers or investers that would mean a lot of growth.
The economist at the Moody's credit rating agencies stated there will not be a return to the high prices for 21 years.  If the economist is correct it will be the first time it has taken that long to return to normal.  In the 1980s when the interest rates were at 19 3/4% … (4 comments)

The Orange County Register Files for Bankruptcy - 09/03/09 04:48 PM
Did you see that the Owner of the Register, Freedom Communication Inc filed for a Chapter 11 bankruptcy reorganization.  The Register stated they will not close there doors and will continue to operate.
At this point it is not clear if the newspaper will be sold.  There will be job cuts to the employee at the Register. 
Under the reorganization Freedom's debt will be cut to $325 million from more than $770 million.  The Blackstone Group,the Hoiles family, and Providence Equity Partners will retain up to a 2% equity interest and be granted warrants that will allow them to purchase up … (0 comments)

California and the Pacific States Have the Hottest Spring Market A View from a Mission Viejo Realtor - 09/03/09 02:15 PM
Freddie Mac has let us all know that pricing trends shows that the Pacific states had the strongest spring among the nine slices of the nation tracked.  Pacific home values based on Freddie Mac shows that there was a 3.2% increase in the second quarter of this year.  The national figuer was only up 1.7%.  Freddie Mac also shows that the prices have.
Regional prices down 15.7% in the past year the nations biggest drop and off 5.1% for the past 5 years the national low.  Freddie Mac's chief economist Frank Nothaft stated, "The pickup in home price growth rates is … (1 comments)

Gated Neighborhood and Beautifully Remodeled. Coto De Caza Residence - 09/02/09 03:14 PM

31832 Via Coyote, Coto De Caza  .   Beautifully Remodeled Coto De Caza Residence
Outstanding Views, Guard Gated Community
One-of-a-kind Custom, Craftsman Style Home
Located in Highly Desired "Village" Neighborhood
Uniquely Designed Around Center Atrium
3 Bedrooms and 3 Full Bathrooms
2,450 sq. ft. (n/t) of Living Space
Brick Hardscape Sidewalk and Oversized Patio
Charming, Cottage Garden Entry
Mountain Views From All Verandas Across Back of Home
Downstairs Master Suite with Custom Master Bath
Gleaming, Solid, Hardware Floors
Family Room Features Fireplace with Emerald Granite Surround
Formal Dining Room, Large Laundry Room
Custom Built-Ins, French Doors, 10' Ceilings, Crown Moulding
Gourmet … (0 comments)

Approved Short Sale!! Beautiful Wagon Wheel Community in Trabuco Canyon, CA - 09/02/09 03:01 PM
23 Mesquite, Wagon Wheel  .    Great Open Floor Plan & Model Perfect!
2 Bedroom, 1 Bathroom Condo
Located in the Dakota Tract of Wagon Wheel
900 sq. ft. (n/t) of Living Space
Living Room Features Gas Fireplace
Easy Care Tile Floors and Plush Carpet
Open Floor Plan Great For Entertaining
Mirrored Wardrobe Doors
Light, Bright and Airy - Lots of Windows
Bathroom has Shower/Tub
Eat-In Kitchen Features White Appliances and Tile Countertops
Sunny Dining Area Leads to Nice Patio
Lots of Storage Throughout
1 Car Attached Garage
Award Winning Capistrano Unified School District
 
Proudly Offered at $245,000
Keller Wms. Agt. … (0 comments)

Individuals Who Are Thinking of Buying Are Asking Should I Rent or Buy - 09/01/09 05:09 PM
With housing prices depressed as they are more people are qualified to be 1st time buyers.  Interest rates are still low and the question becomes buy or rent?  They are trying to make the right choice and they are worried.
In some case the price of owning is the same or nearly the same as renting.  For some that have job security they can take advantage of low interest rates and low prices.  This is rare in a down turn.  Plus there is a tax credit in addition to the other good qualties of the market.
First in this situation you … (2 comments)

How to Buy Four Units Using FHA Financing - 09/01/09 02:14 PM
It seems that very few realtors know that FHA financing can be used to purchase up to 4 units. Owner occupancy is required but the buyer can still buy the property with as little as a 3.5% down payment. Financing one and two units the minimum down payment is always 3.5%. With three and four units the loan amount is determined by the debt service.
  
When a buyer wants to purchase three or four units utilizing FHA financing the property must be self-sufficient. The maximum loan amount is limited so that the ratio of the monthly mortgage payment, divided by … (0 comments)

 
145c Rainmaker_large

Tim Lorenz - 949 874-2247

Mission Viejo, CA

More about me…

TIM LORENZ of Keller Williams Realty

Address: 27101 Puerta Real, Suite 150, Mission Viejo, CA, 92691

Office Phone: (949) 282-2521

Cell Phone: (949) 874-2247

Email Me

A real estate professional and investor for over 43 yrs look at the market, the laws, the trends and the condition of the market. A runing commentary of one persons professional's opinion.


Listings

Links

Archives

RSS 2.0 Feed for this blog