'07 foreclosure filings in California jump to three times '06 level - 01/31/08 04:06 PM
Foreclosure filings in California more than tripled last year to 481,392 (a figure that includes default notices, auction sales notices and bank repossessions) involving 249,513 properties, according to Irvine's RealtyTrac. Nationally, there were 2,203,295 filings involving 1,285,873 properties in 2007. The number of filings was up 75 percent from 2006, said RealtyTrac, which tracks foreclosures and sells the information to investors and home shoppers. In California, 1.9 percent of households entered some stage of foreclosure last year, compared with a national rate of just over 1 percent, according to Realty Trac. Nevada had the highest foreclosure rate in the U.S. in … (1 comments)
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Who Benefits From the Rebate Plan - 01/30/08 02:07 PM
How americans in different financial situations wuld fare under the rebate lan proposed by House leaders and the White House.
An individual with $2500 in earned income in 2007: Disqualified because income fell below $3000 threshold. No Rebate.Married couple with no children, with adjusted gross income of $100,000 in 2007: Would qualify for the full $1200 for couples. A $1200 rebate.A worker with one child, who earned $9000 and owed no taxed in 2007: Would qualify for the $300 rebate available to individuals who pay no taxed but earned at least $3000, plus an additinal $300 for the child. A $600 rebate.A … (3 comments)
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Will the Senate Increase Loan Limits to Help Housing Market? - 01/30/08 01:52 PM
A deal reached Thursday would allow the two companies, Fannie Mae and Freddie Mac, for a period of one year to purchase home loans up to 75 percent larger than the current limit of $417,000 in areas of the country with expensive home prices such as California and the Northeast.
House lawmakers are still negotiating how high that limit should be, with Democrats pushing for nearly $730,000 and Republicans advocation $625,000, a Boehner spokesman said Friday. It will be interesting what the Senate can agree on. It is an election year so this will help to get the bill passed! Here is … (0 comments)
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Fed Funds Cuts Rate 0.5 to 3.00% - 01/30/08 01:25 PM
As of this morning the Fed Fund Cut Rates by 0.50 to decrease the basic rate to 3.00%. The reasoning behind this decision was to "Moderate growth over time." This is what was said back in Sept, Oct of 2007 and when the rate was cut 0.75 points recently.
Other good news is that they did not close the door on future rate cuts.
Let's hope that these cuts will be incentive enough to keep the market going.
For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.
Listen to Zen's Laguna Niguel … (1 comments)
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Aliso Viejo Current Active Listings of Existing Homes up 10% - 01/29/08 11:00 PM
Aliso Viejo active listings of existing homes as of January 30, 2008 is currently at 310. This is down 33% from the peak of last year of 467 which was at the end of September 2007 but it is also up 9.5% from last January. The trend will be for this number to grow into the end of the summer. With the number of home sales trending down due to market conditions it will be interesting to see if we will exceed the last years peek of 467. In comparison to January of 2007, we only had 283 homes in Aliso Viejo on the market a year ago.
Seller's need to be … (0 comments)
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January Home sales up 18% in Orange County over previous 4 weeks in December - 01/28/08 05:55 PM
For the first 4 weeks of January 2008 Home sales are up 18% in Orange County compared to the previous 4 weeks in December. Unfortunately they are down 37% compared to the first 4 weeks of January in 2007.
As a professional working this market last January, it was extremely busy January of 2007. It was one our busiest months here in Orange County. Buyers were writing a lot of offers and the year started out with a bang. Then the Sub Prime meltdown began in February of 2007 and by the end of March our market really turned down from there in Orange County. Irvine, … (1 comments)
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New Home Sales Hit 12 Year Low ... December Sales down 4.7% - 01/28/08 09:33 AM
New home sales hit a 12 year low in December and sales were down 4.7%. This is the 8th straight quarter of declines in new home sales. New home prices were down 10.4% year over year from 2006 to 2007. This just shows that we are still in the housing correction and prices are still headed lower. This is why it is important that you hire a strong realtor to negotiate a great price for you as a buyer. If you are a homeowner needing to sell you must hire a realtor with an agressive marketing plan and strategy to position your … (0 comments)
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What is the best SMART PHONE for Realtors? Blackberry or I-Phone or what? - 01/26/08 12:24 PM
It's time to upgrade my old smart phone the audio vox 6700/pocket PC phone through Verizon. I am leaning to going towards with a black berry. I'm on Verizon and I'm happy with their service so I don't want to switch carriers to get the I-phone. I want to be able to access the web and email along with my outlook calendar.
I'd appreciate your comments on a phone that you really like and why. Thank you so much!
If you know anyone interested in real estate in Orange County CA I'd be happy to pay you a referral fee for sending … (25 comments)
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Internet Marketing Keys - Targeting Your Favorite Niche - 01/26/08 12:04 PM
I just attended a class by Michael Russer about the keys to internet marketing so I wanted to share the most important points I learned with my active rain friends. The key to internet marketing is targeting a specific niche and Michael's suggestion is target a niche that you are passionate about and go for it. The reason you want to be passionate about it is that you will be working with these types of people on a daily basis so work with the kind of people you really like to do business with.
Our generalized Realtor websites are too vague and non-direct to … (5 comments)
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Laguna Niguel Current Active Listings of Existing Homes Down 20% from 2007 Peak - 01/26/08 10:11 AM
Laguna Niguel active listings of existing homes as of January 26, 2008 is at 467. This is down 20% from the peak of last year of 586 which was at the end of September 2007 but it is also up 9.1% from last January. The trend will be for this number to grow into the end of the summer. With the number of home sales trending down due to market conditions it will be interesting to see if we will exceed the last years peek of 586. In comparison to January of 2007, we only had 428 homes on the market a year ago.
Seller's need to be realistic … (1 comments)
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Interest Rates Going Lower? - 01/25/08 08:29 PM
After an unexpected .75 rate drop on Tuesday January 22nd the FED meets next week again (the end of January). They are expected by Wall Street to cut rates again to help our slowing economy and troubled housing market. How much will they cut and how will it effect mortgage rates is the question. The FED's behind the curve now and is trying to make up for it. Wall Street is betting on another .50 basis points but we will have to wait and see. No matter what happens our housing market and economy still needs interest rates lower. This will help out borrowers so they can refinance at a lower rate and … (1 comments)
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What the Fed Rate Cut Means to OC Housing Market - 01/25/08 04:26 PM
The Federal Reserve's surprise cut of a key interest rate on Tuesday may lead to lower mortgage rates, but it won't end the liquidity freeze that is keeping many folks from getting a loan, experts said.
For sure, lending rates are down.
The average rate on a 30-year fixed conforming loan fell to its lowest in more than a year in the weeks before the Fed's cut Tuesday. These rates often follow the 10-year bond. And the bond market has long expected the Fed to cut rates at its meeting next week. The cuts just came a little early.
Mortgage brokers quoted rates as … (0 comments)
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Existing Single Family Homes Sales fell 13% in 2007 Biggest Drop in 25 years! - 01/24/08 10:05 AM
Good News: Home Inventories fell 7.4% in December.
Bad News: Home Sales drop to lowest levels in 25 years for Single Family Homes and Median Home Prices fell in 2007 for the first time since 1988.
Existing-home sales fell 2.2% to a 4.89 million annual rate in December, according to the National Association of Realtors. The median home price also declined to $208,400 in December, down 6% from $221,600 in December 2006. Inventories of homes fell 7.4% at the end of last month to 3.91 million available for sale, which represented a 9.6-month supply at the current sales pace. Sales of single-family existing homes fell by … (1 comments)
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Emergency Rate Cut .75 Basis Points By FED to help slowing economy - 01/22/08 09:45 AM
While the world stock markets were getting murdered across the globe in fear of a possible US led recession the FED stepped in this morning and made an unexpected .75 basis rate cute this morning. This was the first inter-meeting rate cut since 9/11 and the first .75 basis cut since 1984.
The US stock market/DOW opened almost 500 points lower this morning and rallied back to only 150 points down within one hour after the open. The FED cut helped save the stock market today but will it save housing? My opinion, is this will definitely help all of us and the housing … (1 comments)
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45.4 percent jump in the notices of default (NOD) in December 2007 - 01/21/08 10:48 AM
I wanted to share and discuss some of the latest foreclosure statistics according to ForeclosureRadar and their latest California Foreclosure Report report issued on 1/15/2008.
The report noted a substantial month-to-month 45.4 percent jump in the notices of default (NOD), the initial notice that a homeowner receives once they fail to pay their mortgage. The number of NOD in December was 32,948 compared to 22,665 in November. December auction sales increased by 4.1 percent from November, to a total of 12,783 properties with a loan value of $5.18 Billion dollars. Additionally, a total of 9,001 properties have been sold at auction in just the … (1 comments)
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Don't Quit Now! - 01/17/08 10:16 AM
This is going to be a year of tremendous opportunity for the TRUE PROFESSIONALS. In a market with fear and uncertainty it will give those of us who are professional, educated, committed to this business and dedicated to helping our client's a chance to shine and prosper! Be focused on your goals and your outcome. Take advantage of the huge opportunities awaiting you as your clients will really need a true professional in this business. That of course is YOU!
For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County … (8 comments)
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Home Construction Plunges to slowest Pace since 1991 - 01/17/08 09:54 AM
Another sign of the housing slow down as home construction plunged in December to a seasonally adjusted 1.006 million annual rate, the slowest pace since 1991. In addition, a sign of future groundbreakings also dropped sharply. Builders have been pulling back because sales for new homes have plunged while the supply of unsold homes hovers high. We are still in the correction phase and we still have more to go. The question is when will we bottom? Only time will tell.
For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends … (0 comments)
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Are Homeowners going to be taxed on Mortgage Bailout? - 01/16/08 01:31 PM
I was listening to a talk radio show on Sunday Night. The host was speaking with someone about the effects the mortgage bailout would have on California residents. Supposedly, those being helped with their mortgage were going to be charged taxes on the amount that would have paid their mortgage, it is going to be listed as income.
Maybe I didn't hear it right, but has anyone heard of this? If you have please let me know, send me an email or leave a comment. This is useful info for some of my clients.
For more great Orange County market insight and industry news … (5 comments)
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30 Year Fixed Rate Loan in OC at 12 Month Low - 01/15/08 03:04 PM
Borrowers looking to take advantage of a lower 30-year fixed-rate mortgage may finally have their chance as Orange County's rates have dropped to the lowest level since last january.
The average this past week for a 30-year fixed-rate mortgage with a 1 point fee was 5.867 percent, down from 6.015 percent a week ago, Newspaper Chart Services reported. That's the lowest since Jan 11, 2007, when the average 30-year fixed-rate hit 5.854 percent.
Jumbo rates on 30-year dixed loans (over $417,000) with a 1-point fee were also down. Jumbos averaged 6.788 percent this past week compared iwht 6.919 percent a week age. but they still … (0 comments)
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Unpaid Property Taxes up 48% in Orange County! - 01/15/08 12:58 AM
According to the OC register more than $147 million in due taxes were not paid by the December 10th, 2007 due date. That is 6.44% of the total $2.28 Billion due versus a year ago the delinquent amount was 4.72% for a total of $99 Million past due. Tax Collector Chriss Street says this is an obvious sign "how stressed the real estate market is."
Other signs of homeowners in trouble: mortgage default notices sent out by lenders to tardy mortgage borrowers and actual foreclosures are also on the rise in Orange County. DataQuick has reported that defaults were up 128% in 2007's first … (3 comments)
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Actor Nicolas Cage sells his Newport Beach, CA home for $35 Million setting record price. - 01/15/08 12:42 AM
Actor Nicolas Cage sold his Newport Beach, Calif., house last week for $35 million - setting a new record for Orange County. Nicolas Cage paid $25 million for the nearly 0.6-acre property in 2005. The buyer, 70-year-old Jerry Herbst, is owner, chairman and president of Las Vegas-based Terrible Herbst, which runs gas stations and other retail operations. Orange County's previous record home-sale price was $30 million, a deal that closed in the summer of 2007 in Laguna Beach. … (5 comments)
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Help for Homeowners and Buyers! Interest Rates at lowest levels in one year. - 01/11/08 01:36 PM
According to the Orange County Register interest rates are at the lowest levels since last January. This will definitely help home owners in several ways. The chance to refinance at a lower rate and a chance to motivate some of the buyers on the sidelines to take advantage of the lower home prices and interest rates. According to Bankrate.com fixed rates are the best option for buyers. This is a win win for all!
The Newspaper Chart Services reported today that the average this week for a 30-year, fixed-rate mortgage with a 1 point fee was 5.867%, down from 6.015% last week. That's the … (0 comments)
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Reverse Mortgages Gain New Role - 01/08/08 02:54 PM
Reverse mortgages used to be a way for homeowners to get extra cash during retirement. Now they're also being used for a morepressing purpose: helping people who are struggling to meet payments on high-interest loans to keep their homes. The strategy, which is relatively novel but gaining popularity among legal-aid attorneys and housing advocates around the country, calls for persuading lenders to take the cash generated by a reverse mortgage in lieu of foreclosing on older homeowners.
With a reverse mortgage, the bank makes payments to the homeowner instead of the homeowner making payments to a bank. The loan … (0 comments)
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Weak Jobs Report and Unemployment moves up to 5.0% = Slow Down Ahead - 01/04/08 02:17 PM
Today's job weak jobs report unsettled the stock markets sending the dow down over 200 points. Unemployment moved up to 5%. The economy is slowing and the effects of the housing crisis continues to make it's mark. The next FED meeting is January 30th were they may have to lower interest rates .50 basis points. There will be a lot of pressure on Bernanke at the end of the month as the economy slows, the housing crisis continues and oil is around $100 per barrel. Stay tuned ...
For more great Orange County market insight and industry news visit Laguna Niguel Real Estate … (0 comments)
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Zen's 5 Orange County Real Estate Predicitions for 2008 - 01/04/08 02:14 PM
Here are my predictions for the Orange County Real Estate Market in 2008 ... Before you read my predictions, I want you to know that I am an optimistic person and optimistic about the New Year. I believe that there will be great opportunity for buyers and investors in 2008. We had the 5th best year ever on record in 2007 for U.S. home sales but Seller's will need to be much more realistic when it comes to selling their homes in 2008. Sellers are going to have to realize that prices are not going back to peak levels of 2005 … (0 comments)
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