copa de oro: Jonathan Lansner blogs on the OC housing inventory.
- 06/30/09 01:28 AM
The latest reading on the Orange County housing market from Steve Thomas at Altera Real Estate, with data as of last Thursday ... After rising much of the year ... demand, measured as new pending sales in the past month, dropped by 23 in two weeks to 3,629. Demand is +623 vs. year ago. Inventory of homes for sale dropped by 125 homes in two weeks to 9,188 - lowest supply level since February 2006 and down 5,652 in a year. Expected market time - how long it would take to sell current inventory at the recent sales pace - dropped … (2 comments)
Click to enlarge The California Association of Realtors reported that the time it would take to sell all the houses for sale in Orange County fell last month to the lowest level since October 2005, the month the housing slump began. According to the association: It would take 6.3 months to sell last month's inventory of houses for sale at May's sales pace. That's the lowest level since October 2005, considered the start of the housing slump because sales began to falter then. That's three months quicker … (0 comments)
copa de oro: House prices continue decline....but more slowly according to Jeff Collins of the Register
- 06/29/09 10:54 AM
House prices continue to fall from year-ago levels but the rate of decline is slowing, a possible sign that price drops are approaching bottom, said Santa Ana-based First American CoreLogic’s latest Home Price Index. The index shows: •Orange County house prices fell 12.5% in April from the year before. •That’s the smallest percentage decline since November 2007. •Price drops were greatest here in July, when the house price fell nearly 22.9%. •The rate of decline has been decreasing, more or less, since then. •Orange County’s percentage drops in home prices ranked 18th out of 35 U.S. metro areas. •The Inland Empire … (0 comments)
copa de oro: Frenzied bidding at courthouse as blogged by Matthew Padilla
- 06/29/09 02:13 AM
Investors announced bids within seconds of each other on some steeply discounted foreclosures auctioned on Friday in front of the Santa Ana Courthouse. I attended the trustee's sale to gauge investor interest these days and to see if the state's foreclosure moratorium, which began earlier this month, is having any impact. Whenever I attended auctions in 2007 and 2008, investors generally passed on properties. But on June 26 they jumped on houses and condos with discounts of greater than $100,000 on the debt and fees owed on each property. For example, at least four people bid on a two-bedroom house in … (0 comments)
copa de oro: Lansner on County taxes.
- 06/29/09 02:10 AM
The Orange County Assessor's Office reports that more than 179,200 houses, townhomes and condos will be spared property tax hikes next fall and spring thanks to falling home values here.
Guillory Some of those homeowners will see their taxes stay the same, but the majority will get a tax cut. For houses and townhomes, the average tax savings will be around $1,400 in the 2009-10 tax year, said Assessor Webster Guillory. The average reduction in the assessed value for those homes will be about $120,000. For condos, the average tax savings will be $1,000 thanks to an average reduction in … (0 comments)
copa de oro: Scott Smith joins the Mike Kelly Team!
- 06/29/09 02:04 AM
Scott Smith joins the Mike Kelly Team Veteran award winning agent Scott Smith of Prudential California Realty has recently joined the Mike Kelly Team. "In the most difficult real estate environment in our lifetimes, Scott has continuously demonstrated an intellectual level of professionalism that is respected by his peers, clients, and customers", states team leader Mike Kelly. "As the market conditions continue to improve Scott will excel to even greater heights of success because he works diligently, never complains, and takes the time to understand, qualities that we all strive for", added Kelly. "For the past several years I've observed closely … (0 comments)
copa de oro: Going once, Going twice.....for the third and final time!
- 06/26/09 02:23 AM
Crystal Sands in Laguna Niguel has sold "All Cash" for $477K. 8616 E. Canyon Vista in Anaheim Hills sold also, its sales price at $616K....according to the MLS it is day 10 today....it went into the MLS last Friday....so the real ‘days on market' is 7 (Friday-Thursday)......congratulations to all involved....this makes 7 sale sides on the month going into our ‘auction' weekend with 7 more properties ready to be ‘sold'. The other 5 sales are Paseo El Greco, Heatherwood, Quiet Canyon, Nordic (which already closed) and Autumn. As I'm typing this....the office radio is on, K-earth playing "Got to be there" and "Billie … (0 comments)
copa de oro: The appraisal mess and Foreclosures!
- 06/25/09 02:42 AM
The Home Appraisal Mess Posted Jun 25, 2009 09:55am EDT by Joe Weisenthal in Newsmakers, Recession, Housing From The Business Insider, June 25, 2009: We've been talking this week about the NAR's war against what it claims are low-ball home appraisals, caused by new regulations, and outside appraisers using distressed and foreclosure sales. Real estate appraiser Jonathan Miller is weighing in on the question, and finds some merit to the idea that there are problems with current appraisal methods. But first, he thinks it's ridiculous to dismiss distressed and foreclosure sales as being somehow irrelevant, since the market is the market. … (0 comments)
copa de oro: Fed agrees to maintain purchase of securities.....
- 06/24/09 08:32 AM
The Federal Reserve today said it will continue to buy up to $1.25 trillion in mortgage securities by the end of this year and that it is maintaining its target for a benchmark interest rate at between zero and 0.25 percent. Some market watchers have hoped the Fed would buy more securities than previously announced to push down mortgage rates, which are above 5%. But the Fed also has to face concerns a $1 trillion expansion of its balance sheet over the past year to $2.07 trillion will fuel inflation, drive up interest rates, and hamper any potential economic recovery. The … (0 comments)
copa de oro: The priciest OC Homes as published by Jeff Collins in the OC Register
- 06/24/09 08:23 AM
As reported in the Register's South Coast Homes blog, a luxurious beachfront property along Emerald Bay's "street of gold" closed escrow two days ago for what could be the third-highest sale price in Orange County history. It also could be just the ninth home in the county to fetch more than $20 million. According to the Multiple Listing Service, 106 Emerald Bay sold for the asking price of $32,995,000, according to Register blogger Kelli Hart. Be aware, however, that prices specified in the MLS aren't always accurate. Still, homes along that strip of beachfront land are among the most valuable residences … (0 comments)
copa de oro: A blog sampling from Matthew Padilla of the OC Register posted June 22nd and 23rd.....
- 06/23/09 02:22 AM
Remember those loans for 125% of the value of a home? That's what comes to mind with this from National Mortgage News (hat tip to broker Lou Pacific): The 105% loan-to-value ratio limit on Fannie Mae and Freddie Mac's program to refinance underwater borrowers could be raised to increase participation, according to the GSEs' regulator. The Federal Housing Finance Agency is "looking at going significantly higher than 105%," FHFA director James Lockhart said. The 105% ceiling has kept too many borrowers on the sidelines, he told a National Association of Real Estate Editors conference. The GSEs have refinanced 80,000 homeowners under … (0 comments)
copa de oro: Signs of the housing market?
- 06/22/09 09:45 AM
The U.S. housing market will rebound eventually, according to a Harvard University report. Demographics and under building are conspiring to up demand and revive home prices. But that day still is a long way off, perhaps not until sometime after 2010, the university's Joint Center for Housing Studies said in its 2009 State of the Nation's Housing report. For now, the housing center said: "Clear signs of a recovery have yet to emerge, and job losses and the steady stream of foreclosures are keeping many markets under pressure. Sales of both new and existing homes continued to struggle to find a … (0 comments)
copa de oro: A Father's Day success!
- 06/22/09 01:49 AM
This week, June 27th & 28th the Mike Kelly Team will sell 7 ‘auction' properties in excess of $10 million in the aggregate. Wishful thinking? No! Part of a deliberate plan; each ‘auction' property will sell this Saturday or Sunday; or placed into a category entitled "Sold, subject to seller's confirmation". Notice the word "failure is not associated with either outcome. Certainly ‘success' is far from a foregone conclusion. We have received more attention for this effort than anything we've done in recent times. Supported by advertising in the OC Register, LA Times, Pennysaver, direct mail, e-mail blasts to 1600 agents....over … (0 comments)
copa de oro: The start of summer......
- 06/21/09 10:19 AM
Summer officially started Saturday night around 10:45 pm PST. Father's Day is the first full day of summer....my best is offered to all ‘Fathers" in celebration.... This week was particularly interesting; as we built momentum towards the big auction days next weekend....Saturday the full page ad ran in the LA Times real estate section page 7; the public relations supporting it can be found on page 14....the first PR story in the section....we also enjoyed the placement of four properties on the cover and inside cover....the ad insert went to all 22,000 households in Anaheim Hills and Villa Park promoting the auction via the Times or … (0 comments)
copa de oro: Social networking comes of age......
- 06/18/09 05:22 AM
June 14th, 2009, 12:08 am · 5 Comments · posted by Jon Lansner/ocregister.com sOCial sunday will frequently explore a real estate angle to blogging, Twitter, etc. Today, Orange County entrepreneur Greg Robertson of Dwellicious.com offers his thoughts on how should a real estate agent or a brokerage should initially approach “social networking” tools … Blogging? I think that starting a blog is one of the best ways for an agent today to show off their personality — but also their knowledge of the local market. Both are important in real estate. I’m also a big believer in creating a niche for … (0 comments)
copa de oro: The overall role of financing.....
- 06/18/09 01:46 AM
The world of finance continues to change. Lenders and the requirements for 'borrowing' are diminishing the 'overall' capacity of consumers to enjoy the standard of living we previously were accustomed too. One day in the not to distant future this period will be reflected upon as one of the greatest transfers of wealth in history. In our part of the real estate equation we play a significant role in shaping the future successes of our client's sales and purchases....regardless of the 'rules' imposed on us....we must remain diligent in our quest to grow our business and succeed beyond any level imaginable...through … (0 comments)
copa de oro: 100 billion dollars of worthless junk bonds.....
- 06/17/09 09:06 AM
meant to post earlier this interesting item from National Mortgage News: Two-thirds of the AAA-rated private-label MBS purchased by Fannie Mae and Freddie Mac have been downgraded to "junk," the GSEs' regulator told a congressional panel, and only a small portion is still rated AAA. Federal Housing Finance Agency director James Lockhart told a House Financial Services subcommittee the two government sponsored enterprises have $171.3 billion in PLS backed by alt-A, subprime and other mortgages in their investment portfolios. Only 3% remain AAA and not on downward watch, Mr. Lockhart said. Another 11% remain AAA-rated but are on downgrade watch as … (0 comments)
copa de oro: Investors snapping up foreclosures at 34% discount at the court house!
- 06/17/09 09:02 AM
Banks accept 66% of debt value at foreclosure auctions June 17th, 2009, 12:05 am · 4 Comments · posted by Mathew Padilla Banks on average were willing to take a 34% discount against the first mortgage on an Orange County property at foreclosures auctions, known as trustee's sales, last month, ForeclosureRadar.com reported yesterday. Although the discount was up from 32% in April and 23% in May 2008, it has been mostly flat this year. The average discount shot up early last year as foreclosures mounted. During the housing boom, banks generally did not offer discounts. Investors buy a small portion of … (0 comments)
copa de oro: Foreclosure filings up or down depending on your point of view....
- 06/17/09 01:39 AM
June 16th, 2009, 1:42 pm · Post a Comment · posted by Mathew Padilla ForeclosureRadar.com reports banks filed 2,139 notices of default in Orange County in May, up 7% from April, but down 15% from a year ago. The chart (click on it for larger image) shows notices of default (NOD), notices of trustee's sale (NTS), and actual foreclosures going back to July 2007 - just before the credit crunch got serious. Back in January 2008, notices of default topped 2,000 in the county in a single month for the first time since the housing downturn began. But, as the chart … (0 comments)
I am a California Real Estate Agent based in Anaheim Hills, California. This blog is made up of daily comments/observvations on real estate news in Orange County California
The latest reading on the Orange County housing market from Steve Thomas at Altera Real Estate, with data as of last Thursday ...;)
;)
