Real estate blog entries tagged with south orange county real estate by Bob Phillips, CDPE, SFR, South Orange Co., CA (Realty ONE Group)

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south orange county real estate: The Supply Of Available New Homes Just Plummeted - 05/28/10 06:19 AM

The supply of newly-built homes for sales plummeted in April, a positive indicator for the South Orange County housing market as we head into the summer months.
It's no wonder that homebuilders are breaking new ground at the fastest clip in 2 years.
At the current sales pace, the nation's complete supply of new homes would be sold in just 5 month's time. That's more than double the pace of a year ago.
Also, as more good news, in terms of total housing units, the government reports that New Home Sales topped one half-million homes sold for the first time since … (1 comments)

south orange county real estate: Should You Refinance Your Mortgage? - 05/27/10 12:10 PM

Because of strife in Greece, Spain and North Korea, conforming mortgage rates are back to all-time lows. They're at levels not seen in 50 years. For homeowners that missed the Refi Boom of November 2009, it's a second chance.
In this well-presented, 3-minute video from NBC's The Today Show, you'll get tips getting low rates and choosing the best time to lock in.
Some of the topics covered include:
Why were the experts wrong about rates moving higher this summer? How much money can you save with a 1 point drop in your interest rate? Should you buy a bigger … (1 comments)

south orange county real estate: Best April for Orange County homebuying in 3 years - 05/18/10 12:03 PM

DataQuick’s homebuying stats for April are out, and they show a real estate market still on the mend with sales of all residences of 2,669 — that’s up 11.60% in a year and the best April in 3 years. Median selling price was $430,000 — up 13.2% in a year. Also …
Slice Price Yr. ago Sales Yr. ago Houses $505,000 +17.4% 1,704 +9.7% Condos $299,000 +16.6% 877 +18.7% New $629,500 +32.8% 88 -11.1% All O.C. $430,000 +13.2% 2,669 +11.6%
$430,000 median selling price that is still 33% below June 2007’s peak of $645,000. The most recent median is 16% … (0 comments)

south orange county real estate: Markets Ignore The April Jobs Report And That’s Good News For Mortgage Rates - 05/07/10 07:12 AM

On the first Friday of every month, the U.S. government releases its Non-Farm Payrolls report.
More commonly called "the jobs report", Non-Farm Payrolls is a major market mover. The number of working Americans is directly tied to the health of the economy which, in turn, drives the stock and bond markets.
In general, when jobs numbers improve, it's good for stocks and bad for mortgage bonds. It follows, therefore, that conforming mortgage rates in California rise because rates always move opposite of mortgage bond prices.
Conversely, when jobs numbers worsen, it tends to be bad for stocks and good for … (0 comments)

south orange county real estate: Why the predicted "Wave of Foreclosures" may just be a ripple - 05/06/10 06:13 PM

There is an interesting phenomenon going on, even while doom & gloom bloggers predict gigantic Tsunami's of foreclosures heading our way. The following is excerpted from an article out of Texas this week.
"Every week, new home sellers are hitting the market, basing their initial asking prices on recent contracts, sales, and other active listings, and influencing active market prices. And what does this have to do with foreclosures? It provides a glimpse into housing market psychology.
Homeowner Henry down in Texas is underwater in his mortgage, or at a minimum, feels some personal economic strain. He's trying to determine if he's … (5 comments)

south orange county real estate: What's Ahead For Mortgage Rates This Week : April 26, 2010 - 04/26/10 04:44 AM

Mortgage markets worsened last week in see-saw trading. By the time Friday's market closed, mortgage rates were higher across the board -- ARMs, fixed rates, FHA and conventional.
The biggest stories of last week were actually non-stories.
First, the ash cloud from Iceland’s Eyjafjallajökull volcano dissipated, allowing warehouses to move inventory, airlines to move people, and businesses to move product. In addition, Greece moved closer to securing emergency funding that will help it stave off default.
When these two issues were threats earlier in the month, mortgage bonds rallied on safe haven buying, driving rates down. As the threats lessened over … (0 comments)

south orange county real estate: California homeowner defaults down 40% - 04/20/10 01:25 PM

California homeowner defaults down 40%
April 20, 2010, by Jeff Collins, O. C. Register
More evidence surfaced today that home-loan defaults and foreclosures are receding from historic peaks seen a year ago. However, the pace of defaults and foreclosures remain high, especially in areas where lower-cost homes predominate.MDA DataQuick reported that lenders filed 81,054 notices of default in California during the first quarter of 2010, down 4.2% from the previous quarter and down 40.2% from the first quarter of 2009.
DataQuick’s analysis shows that the greatest year-over-year declines occurred in areas with cheaper homes, with smaller declines occurred in pricier areas.“We … (0 comments)

south orange county real estate: The O. C. Market Report – This Market is Taxing! - 04/20/10 04:55 AM

Below is the latest Orange County Market Report from my friend Steven Thomas, the President of Altera Real Estate. Steven’s reports are cited and discussed in most of Southern California’s media, as an authoritative source of local real estate information. I have slightly altered his report to make it a bit easier to read, but the context and content remains true to Steven’s report.
“The Orange County Market Report – This Market is Taxing!
Talk to an Orange County buyer, especially a first time home buyer, and you will quickly find that the real estate market is simply crazy.
Let’s first … (0 comments)

south orange county real estate: What's Ahead For Mortgage Rates This Week : April 19, 2010 - 04/19/10 05:45 PM

Mortgage markets improved last week for the second week in a row. And, also for the second week in a row, rates were down on "safe haven" buying -- just not for the same safe haven reasons as before.
If you'll remember, safe haven buying is when investors sense market risk, then move money toward less risky investments.
Well, because the U.S. government backs the bonds of Fannie Mae and Freddie Mac, mortgage bonds tend to fit the "less risky" description and as Iceland's volcanoes shut down air traffic in Europe, mortgage bonds benefited.
That was early in the week.
… (2 comments)

south orange county real estate: Florida's Home Price Outlook Not So Sunny, California Fares Better - 04/02/10 06:33 AM

In its 12-month home price forecast issued Wednesday, Veros Real Estate Solutions said it had “continued bad news for Florida.” Markets in the Sunshine State claimed the top five spots on the collateral valuation company’s list of areas where prices are expected to drop the most over the next year.
The Deltona-Daytona Beach-Ormond Beach market has the farthest to fall when it comes to price depreciation. There, Veros projects prices will plunge another 10 percent between now and March 2011.
In Palm Bay-Melbourne-Titusville, the forecast is a decline of 8.9 percent. Naples-Marco Island will likely see prices drop another 8.8 percent, … (1 comments)

south orange county real estate: Florida's Home Price Outlook Not So Sunny, California Fares Better - 04/02/10 05:54 AM

south orange county real estate: Florida's Home Price Outlook Not So Sunny, California Fares Better - 04/02/10 05:53 AM

south orange county real estate: Non-HAMP Modifications Accounted for Two-Thirds of Loan Mods in February - 04/02/10 03:42 AM

HOPE NOW announced Wednesday that its members completed an estimated 95,586 proprietary loan modifications in February 2010, which is almost double the 52,905 modifications completed under the government’s Home Affordable Modification Program (HAMP) during the same month.
Of the proprietary loan modifications completed in February, approximately 78 percent included a reduction of principal and interest payments. HOPE NOW’s data also showed that foreclosure starts and sales dropped 17 percent for the month, along with a 4 percent decrease in the number of 60-plus day delinquencies.
“Our data shows that mortgage servicers are continuing a strong effort on proprietary and … (1 comments)

south orange county real estate: Case-Shiller Index - The California Version - 03/31/10 04:31 AM

A surprisingly strong rebound in California's real estate market helped lift a key home price index for the eighth month in a row.
That's good news for people who plan to sell their homes this spring. Prices are now up almost 4 percent from the bottom in May 2009, but still almost 30 percent below the May 2006 peak.
Prices rose 0.3 percent from December to January on a seasonally adjusted basis, according to the Standard & Poor's/Case-Shiller 20-city home price index released Tuesday. Prices increased in 12 cities in the index.
The biggest monthly gain was in Los Angeles, … (0 comments)

south orange county real estate: Case-Shiller Index - The California Version - 03/31/10 04:28 AM

south orange county real estate: Case-Shiller Shows Home Price Improvement In A Majority Of Cities Nationwide - 03/31/10 03:54 AM

Standard & Poors released its Case-Shiller Index Wednesday. The report shows that, on a seasonally-adjusted basis, between December and January, home prices rose in more than half of the index's tracked markets.
The strength of this month's Case-Shiller report, however, should be put in context.
For one, the report is on a 2-month delay; it's showing data from January, before the start of the Spring Buying Season and before the rush to beat the tax credit. Anecdotally, buyer interest has been strong since, leading to the types of multiple offer situations that drive home prices northward.
In other words, home … (1 comments)

south orange county real estate: Short Sales are Rapidly Becoming Both Easier and Faster - 03/29/10 05:36 AM

Short Sales are Rapidly Becoming Both Easier and Faster
NEW YORK (CNNMoney.com) -- Short sales are the hottest thing going in the distressed-property market, and the trend is expected to get even hotter in coming weeks, when the government starts handing out cash to encourage lenders to close these deals.
"Banks have ramped up short sale approvals," said Duane Legate of House Buyer Network, which connects short sellers with buyers. "They're hiring a lot of the people who once worked in the mortgage-lending industry and moved them over to short sales."
These transactions, where lenders allow homeowners to sell their … (0 comments)

south orange county real estate: What's Ahead For Mortgage Rates This Week : March 29, 2010 - 03/29/10 05:17 AM

Mortgage markets tanked last week, raising rates to their highest levels in a month.
Most of the losses occurred Wednesday in what was the worst 1-day mortgage market performance in more than 6 months. Even Friday's rally could barely dent the losses. Most of the movement was tied to geopolitical concerns and worries of a ballooning federal debt load.
The best time to lock a conventional or FHA mortgage rate last week was Tuesday morning.
This week, markets should remain volatile. There's a large set of economic data due for release, plus trading volume will thin as the week goes on … (0 comments)

south orange county real estate: Orange County median home price 5.6% too low? - 03/27/10 10:23 PM

Economists at IHS Global Insight and PNC Financial conclude that Orange County homes were priced 5.6% too low in 2009’s fourth quarter.
Comparing local house-sale prices to historical real estate and economic trends, IHS-PNC estimates that Orange County homes were undervalued for the 7th consecutive quarter after being overvalued for the previous 20 quarters.
The latest 5.6% undervaluation — on par with the likes of Louisville, Ky.; Jefferson City, Mo.; Fairbanks and Abeline, Texas — was a roughly equal to the previous 5.5% in Q3. The current wave of Orange County undervaluation peaked at 11.4% in Q4 of 2008.
Also … (0 comments)

south orange county real estate: Orange County median home price up 10.5% in year - 03/26/10 03:14 PM

For the 22 business days ending March 8 – DataQuick’s latest homebuying report — Orange County saw … $420,000 median selling price that is +10.5% vs. a year ago and -35% below June 2007’s peak of $645,000. The most recent median is 14% above the cyclical low hit in January 2009 at $370,000 — a current bottom that was -43% below the peak. Prices fell on a year-over-year basis from Sept. 2007 through August. (Worst at -31.5% in August 2008.) Single-family homes resell for 32% less than their peak pricing (June ‘07) while condos sell 39% below their peak in March … (0 comments)

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