The Homebuilder Rally May Not Be - 02/28/10 01:50 PM
The homebuilder rally may not be as great as we thought.  Homebuilding stocks have burst out of the gate in 2010 and are outperforming the market.  Oppenheimer and Compay's chief investment stratregist told us to hold on and not get on that train.
They are not convinced that the strength is a signal of things to come and would caution investors against adding homebuilders to their portfollios.  They are afraid that the stocks got ahead of themselves. 
They are concerned the tax credit benefit is driving the sales and they may not maintain there sales.
So be causcious.
… (7 comments)

Fewer Homes On The Market - 02/28/10 01:40 PM
There are fewer homes on the marketthan there were a year ago.  Local experts typically note this time to have the market take off.  The homeowners that took there homes off the market for the winter are considering re-listing them. 
The problem locally is that there are more buyer than sellers at this time.  This is especially true at the lower end of the market.  The demand for homes has been very high for several months now.  The real problem is too few homes are coming on the market. 
Demand has jumped up over 28 percent in recent weeks.  Highest since … (8 comments)

Two More Houses Enter the $30 Million Market - 02/28/10 01:24 PM
Two more houses enter that the rare $30 million market or more in the last month.  One is Corona del Mar and the other in Laguna Beach. 
That brings the number to six in the Orange County area. 
You could own one of these breathtaking, Water Front homes One at 3729 Ocean Blvd. Corona del Mar and has been completely remodeled, the home is 3 stories and is carved into the sea front bluff.
The other is at 31887 Circle Dr., Laugun Beach and has approximetly 80 feet of beach frontage.  Remarkably the home has a 270 degree view of the ocean.
… (6 comments)

Mission Viejo Area Market Report - 02/28/10 01:01 PM
This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 16.7 percent, for new homes it is up 14.8 percent and for resale condos up 13.2 percent.  The sales volume is up for resale homes 7.6 percent and up 3.3 percent on condos and up 48.0 percent for new homes.

 
Mission Viejo  Zip Code 92691  sales prices are up 12.7 percent and the sales volume is even 0.0 percent. Mission Viejo  Zip Code 92692  sales prices are up 7.0 percent and the sales volume is up 61.5 percent. Aliso Viejo  sales prices are down 7.9 percent and the sales volume is up 35.0 percent. Laguna Niguel  sales prices are up 40.2 percent and the sales … (4 comments)

What Do I Do To Get May Credit Back - 02/26/10 03:12 PM
  It has now been a few years since many people have had to sell with a short sale and have gone through a hard ship and don't know when they may get back into a home or how long it takes before the lenders will consider them again
  When it comes to repairing credit and applying for a home loan the underwriting philosophy can be summed up in one phrase. "A period of financial difficulty in the past does not necessarily make the risk unacceptable if a good payment record has been maintained since". The key after going through … (6 comments)

Mission Viejo Area Market Report - 02/23/10 02:01 PM
This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 17.2 percent, for new homes it is up 31.0 percent and for resale condos up 13.2 percent.  The sales volume is up for resale homes 3.4 percent and down 0.3 percent on condos and up 35.3 percent for new homes.
 
Mission Viejo  Zip Code 92691  sales prices are up 12.8 percent and the sales volume is down 11.1 percent. Mission Viejo  Zip Code 92692  sales prices are up 15.9 percent and the sales volume is up 60.9 percent. Aliso Viejo  sales prices are down 9.9 percent and the sales volume is up 41.1 percent. Laguna Niguel  sales prices are up 35.0 percent and … (0 comments)

BCBGeneration Opened Store In Mission Viejo - 02/21/10 12:57 PM
Welcome to BCBGeneration which opened a store Mission Viejo.  It is located in The Shops at mission Viejo. 
As reported in The Orange County Register on Friday the creative director for the BCBGeneration line, which debuted last year, is Joyce Azria, the daughter of BCBG's founder Max Azria.  The shop caters to shoppers age 18-30 and its prices are roughly 40 percent to 60 percent lower than those for BCBMaxAzria.
The store offers a fuller collection from brand, including handbags, key chains, sunglasses, hats, makeup cases, shoes and watches.
… (0 comments)

Villa Park Becoming a Great Area to Purchase A Discounted Home - 02/21/10 12:47 PM
Villa Park showed that the agents have cut prices on 40 percent of the homes, Villa Park is becoming a great area to look to purchase a discounted homes.  In all other areas of the county 24 percent seems to be the overall price cuts.
Home prices were more than other areas of the county according to Trulia.com.  At least 40 percent of the homes have had price reductions in Feb.
The reduction usually result in stimulating the buyers and we should see more sales generated in the area.
… (2 comments)

The Orange County Register states O.C. Real Estate Jobs Counld be Lost - 02/21/10 12:37 PM
The Orange County Register on Friday reported that Orange County could lose 7,000 real estate jobs in 2010.  However, the homebuilding permits are projected to increase 25.2 percent. 
The forcast is non-residential construction and real estate related jobs would disappear this year according to the Los Angeles County Economic Development Corp. economic forcast.
They see the commercial real estate defaults threaten banking and the local economy. 
Declining rental income and falling property values make it hard to renue loans.  Commercial, industrial and nonresidential construction is projected to fall 8.6 percent. Construction jobs are projected to fall 7.2 percent.  Finance and insurance jobs … (0 comments)

Why Shouldn't I See If Prices Drop Further Before I Buy? - 02/16/10 01:38 PM
I'm  sure you have a few buyers sitting on the fence and thinking I can just sit until I am sure we get the lowest price for a home.  They may ask, "Why Shouldn't I See If Prices Drop Further Before I Buy?"
 
Some may not believe that housing prices have stabilized and have shown improvement in the most affordable price ranges. New home builders are beginning to slowly release new products to the market here in Orange County. As the economy stabilizes further gains of improvement will emerge for housing.
  
The Federal Reserve has already been making public … (14 comments)

Mission Viejo Area Market Report - 02/14/10 06:02 PM
This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 19.9 percent, for new homes it is up 31.6 percent and for resale condos up 13.5 percent.  The sales volume is up for resale homes 8.0 percent and up 14.8 percent on condos and down 8.4 percent for new homes.
 
Mission Viejo  Zip Code 92691  sales prices are up 8.2 percent and the sales volume is up 23.9 percent. Mission Viejo  Zip Code 92692  sales prices are up 6.4 percent and the sales volume is up 48.3 percent. Aliso Viejo  sales prices are down 18.3 percent and the sales volume is up 34.3 percent. Laguna Niguel  sales prices are up 18.0 percent and … (2 comments)

Citi Offers New Ideas to Counter Foreclosure - 02/12/10 03:25 PM
Citi offers  new ideas to homeowners to on the verge of foreclosure that counter them leaving.  Citigroup is asking the homeowner to give up the deed to the home and they can live there for six months.
Citi said Thursday that it is lauching the pilot program called "Foreclosure Alternatives", this week in Texas, Florida, Illinois, Michigan, New Jersey and Ohio.  So far about 1,000 homeowners are expected to participate.  Citi may expand the program nationwide. 
The advantage of the program is the homeowner will not have a foreclosure on their credit report and they can live there for six months after the deed transfer.  … (6 comments)

Recall of Mayor of Mission Viejo - 02/12/10 01:51 PM
The recount on the recall election of the mayor of Mission was put to a halt by Lance MacLean late Tuesday. 
The recount would have cost the Mayor Lance MacLean $600 per day and was due to start on Wednesday.  Lance MacLean lost the special election on Feburary 2, 2009 by 19 votes.  7370 voted for the recall and 7351 voted against the recall. 
In a letter Tuesday to supporters titled "A Final Message from Lance MacLean", he wrote that it was his "wish to nurture a much needed time of healing in our city by accepting the election results, as … (1 comments)

Bankruptcy filings up in Orange County - 02/12/10 01:41 PM
Bankruptcy fillings for residents and businesses of Orange County are up in the month of January.  In fact, according to data from U. S. Bankruptcy Court Central District of California it number of filings hit a decade high.
January's filings (1,269) while the filings for January 2008 were 800.  Now, this is truly a record because this is the highest number of filings in a single month since the changes in the federal bankruptcy laws.  When the laws changed it made it more difficult to discharge all debts in bankruptcy court.
I see this as a continuation of the problems started with … (4 comments)

California Costal Commission Approves Dana Point Harbor Changes - 02/10/10 12:06 PM
The California Costal Commission Approves Dana Point Harbor Changes and the City Cuncil accepts changes to the revitalization plan. 
The City Council unanimously gave initial approval to the Coastal Commission's suggested modifications and capped a process started more than a decade ago. 
In October, Orange County got the green light to move forward with the proposed $140 million revitalization plan for the land side of Dana Point harvbor. 
The biggest changes to the proposal involve the number of boat slips parking and shipyard size. 
These changes have been on the County's list of things to do for more than 10 years.  … (0 comments)

You Can Get Loans on Luxury Homes - 02/09/10 05:26 PM
Today we heard that you can get loans for the estate or luxury homes.  That is definetly good news for the whole market
Sales of California homes at all price levels increased 16.9% last year, to 460,166 from 393,703 in 2008. However, sales of California homes priced at $1 million or more tumbled for a fourth consecutive year in 2009. The number of million-plus homes sold dropped 23.8% to 18,621 in 2009 from 24,436 in 2008.
Many buyers are under the impression that Jumbo financing is not available because of these statistics. That is about to change. We just heard today … (8 comments)

Mission Viejo Area Market Report for 2009 - 02/08/10 09:51 AM

This last years market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were down 7.4 percent, for new homes it is dowm 0.9 percent and for resale condos up 13.7 percent.  The sales volume is up for resale homes 14.3 percent and up 28.5 percent on condos and down 30.3 percent for new homes.
 
Mission Viejo  Zip Code 92691  sales prices are domn 9.1 percent and the sales volume is up 4.2 percent. Mission Viejo  Zip Code 92692  sales prices are down 9.1 percent and the sales volume is up 18.4 percent. Aliso Viejo  sales prices are down 9.7 percent and the sales volume is up 6.5 percent. Laguna Niguel  sales prices are down 9.6 percent and the sales … (0 comments)

Mission Viejo Area Market Report - 02/08/10 09:28 AM
This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 17.6 percent, for new homes it is up 27.4 percent and for resale condos up 13.7 percent.  The sales volume is up for resale homes 8.0 percent and up 14.3 percent on condos and down 3.2 percent for new homes.
 
Mission Viejo  Zip Code 92691  sales prices are up 5.4 percent and the sales volume is up 24.4 percent. Mission Viejo  Zip Code 92692  sales prices are even 0.0 percent and the sales volume is up 13.5 percent. Aliso Viejo  sales prices are down 11.7 percent and the sales volume is up 44.8 percent. Laguna Niguel  sales prices are up 12.7 percent and … (0 comments)

Orange County's Million Dollar Homes Off 11% - 02/05/10 05:05 PM
The number of Orange County homes selling for one million or more dollars fell for a fourth straight year in 2009 and were off by 11%.  The homes that are one million or more were down nearly 60 percent since 2005. 
The sales of the under one million jumped 17.4 percent from the year before.  The most significant increases were due to sales below $500,000. 
Note that the tax credit did stimulate the entry buyer but the majority of the buyers did not move up.  They were distressed sales and the buyer is not in the market.  It has a definite negative … (6 comments)

Irvine Company Speeds Up Home Building - 02/05/10 04:43 PM
Irvine Company bet that there was an appetite for new homes and it has paid off and they are now their program speeds up the home building.  They bet that new homes would have an appeal in this market and 70 new homes were sold before Saturday's grand opening of two new comunities in Woodbury and Woodbury East neighborhoods.  They believe that with just 10 days they could hit 100 new homes sold.
In the whole of Orange County the DataQuick reported an average of 124 new home sales a month.  The Irvine Company got off to a very quick start last Saturday.  … (7 comments)

Rent Decrease is Biggest in Lake Forest - 02/04/10 05:25 PM
The tenznts in Lake Forest got the biggest rent decrease in Ornage County on average.   The tenants in the Lake Forest got an average of $173 a month off their rent during the fourth quarter of 2009.  That is an average rent cut of 11.4 percent according to apartment tracker RealFacts.
The average rent in the city is $1,347 a month compared with $1520 in the fourth quarter of 2008.
The $173 cut compares with an average decrease of $105 in the USA.  The statistics show that all 23 cities have decreases in rents. 
The other cities high on the list of rent reductions are Brea, Aliso Viejo, … (3 comments)

Orange County Remodels Decrease - 02/04/10 11:23 AM
There has been a decrease in the remodels in Orange County.  As a mater of record the decrease for remodels in Orange County is not just a small amount it is a 9 year low.
If we understand what that means we have fewer subcontractor working.  Orange County has always had a lot of building going on and remodels are a constant.  Something has changed.  It has to do with the economy. 
Our area is being hit by lowering home prices and foreclosures, as well as, layoffs.  Our unemployment rates are very high.  Let us all hope that something will cause this … (3 comments)

Recall of Mayor of Mission Viejo - 02/04/10 11:12 AM
Yesterday I wrote on the Recall election in Mission Viejo and stated the mayor lost.  That is true however it now appears that the election was much closer than the papers had reported.
We find out the mayor lost my by only 9 votes with a final 50.1 percent of the votes and he received 49.9 percent.  He is now deciding what to do.  He will find out how much it costs to do a recount of the votes.
If you are thinking of moving, selling your property of buying an investment contact me.
… (0 comments)

Pending Sales Inch Up In December - 02/03/10 04:57 PM
The number of people who have signed contracts (pending sales) to purchase a home has increased or inched up in December which is an increase of  9 of the last 10 months.  According to the National Association of Realtors seasonally adjusted index of sales agreements rose 1 percent form November to December.
This increase was a little bit lower than analysts expected. 
The real estate industry is hoping the recovery will continue,  If the trend is up now it sets the stage for the season opening in spring.  The challenge is the high unemployment, raising foreclosures and tight lending standards. 
It is … (4 comments)

Mission Viejo Recalls Mayor - 02/03/10 11:57 AM
The results of the election showed the Mayor lost and the people recalls the mayor in Mission Viejo.  The other canidates do not win so a run off election for mayor.
The people voted and 50.4 percent voted to recall and 49.6 percent voted to keep the mayor.  The turn out was quite low with about 3.95 percent of the voters turning out for the election.
For more information on the election results go to www.ocregister.com/missionviejo.
… (0 comments)

Interest Rates Are Not Created Equal - 02/02/10 03:57 PM
Interest rates are not created equal.
When a borrower is shopping interest rates for a home loan the two most important factors will be the loan to value and the borrower's middle credit score.  The lower the loan to value and the higher the credit score the better the interest rate will be.  Obviously, this is because the risk factor is less to the lender when the borrower is putting down more and has excellent credit.  If the borrower has a small down payment and lower credit scores then the interest rate will be higher.
When lenders close the loans and … (8 comments)

 
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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.


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