Mortgage rate drops will indeed help home buyers and owners in the OC, California.
We talk with first time homebuyers and investors and recommend them to mortgage brokers and lenders.
Getting people prequalified to move forward to the end of buying a home and property is part of what we do as Realtor agents.
Folks at Orange County will benefit by part of the proposed plan by the U.S. Treasury Dept. to have Fannie Mae and Freddie Mac purchase mortgage loans with interest rates of 4.5 percent.
This plan has and will encourage homeowners at the OC to apply for refinancing and buyers to apply for and get new loans.
It's wrong to say that the California real market is controlled by those would would buy and sell the higher value homes.
Most of the homes selling these days in the OC, California, are well within the range for people who need loans of up to $625,000.
IRVINE, CALIFORNIA - HOUSING MARKET
SFR detached Homes in Irvine for sale on the market --- 659 homes for sale on the market as of today (December 13, 2008).
305 of those homes listed are detached single family residenial, and 7 are REO lender owned. 48 of detached SFR are short sale subject to lender approval. So 18% of these are in these stages of distress and need to be sold.
83 detached Irvine homes were sold during the last thirty days, which is 12.5% of the market in one month. The average sold price was $943,000.
Condo attached homes in Irvine for sale on the market ---- 354 homes for sale on the market today, and 25 of those are REO lender owned. And 94 of those on the market are short sale subject to lender approval. So 34% of condo homes on the market are in those stages of distress and need to be sold.
66 condo Irvine homes were sold during the last thirty days, which is 18.5% of the market in one month. The average sold price of Irvine condo was $509,853.
Most of the homes being sold in Irvine, CA ... at The OC ... are within the range of those who would and will benefit from anticipated mortgage rates dropping.
Fannie Mae and Freddie Mac 
only can purchase mortgage loans up to $729,750 according to current conforming loan limit, which expires Dec. 31, 2008.
The "new" conforming loan limit in most California areas will then be lowered to $625,500 in January, 2009.
That's OK. This change will encourage many of the people we are talking with these days ... first time buyers and investors in properties where they can take advantage of the new conforming loan limits.
Let's keep this trend moving. We expect that home buyers and owners will benefit from mortgage rates changes for the better.
This change will encourage people we are talking with these days ... first time buyers and investors in properties where they can take advantage of the new conforming loan limits. Home buyers and owners will benefit from mortgage rate decreases for the better.
Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.
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