jonathanlansner: 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)
jonathanlansner: 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)
jonathanlansner: 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)
jonathanlansner: 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)
jonathanlansner: 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)
jonathanlansner: 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)
jonathanlansner: 7 lenders escape state foreclosure moratorium!
- 06/24/09 02:06 AM
Matthew Padilla of the OC Register Blogs..... "7 lenders escape state foreclosure moratorium" Bank of America, Citigroup and EMC Mortgage Corp. are among seven companies that have received permanent exemptions to California's 90-day foreclosure moratorium, which began last week. More than 20 other lenders and loan servicers, including Wells Fargo and JPMorgan Chase, have received a temporary exemption while they wait to learn if it will become permanent. Here's what I wrote previously on the law: The California Foreclosure Prevention Act, or Assembly Bill X2 7, which Governor Arnold Schwarzenegger signed in February, is meant to push banks and loan servicers … (0 comments)
jonathanlansner: 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)
jonathanlansner: 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)
jonathanlansner: The official start of Summer!
- 06/22/09 01:47 AM
The start of summer...... (edit/delete) 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 … (0 comments)
jonathanlansner: 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)
jonathanlansner: 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)
jonathanlansner: 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)
jonathanlansner: 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)
jonathanlansner: May foreclosures increase......
- 06/17/09 08:59 AM
DataQuick reports banks seized 591 houses and condos in May in Orange County, up 22.6% from April but down 47.7% from a year ago. The chart (click on it for larger image), which I first published over the weekend, shows annual countywide foreclosure totals - I used year-to-date total for 2009 - and annual unemployment rates for O.C. - I used April's rate for 2009. It shows that the unemployment rate rose first and then foreclosures in the '90s. But foreclosures fell in the early 2000s even as unemployment rose. Low interest rates and rising home prices reduced foreclosures. The chart … (0 comments)
jonathanlansner: Median OC price jumps back over $400K.....
- 06/17/09 04:45 AM
Quick glance at final May stats from DataQuick for Orange County homebuying show a $410,000 median selling price, highest in 7 months and 15.5% off a year ago. Shoppers bought 2,667 residences, that 17.7% above a year ago - 11th consecutive year-to-year gain and also a 7-month high. ShareThis Posted in: Top tale | Post a Comment » Chapman sees O.C. home prices up 1.6% in 2010 June 17th, 2009, 9:03 am by Jon Lansner/ocregister.com Click to enlarge Chapman U. econ professors have their semiannual Orange County forecast out. Here's the real estate scoop: Orange County's median family income runs … (0 comments)
jonathanlansner: 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)
jonathanlansner: The business of selling homes is changing.....
- 06/15/09 01:32 AM
The business of selling homes isn't just being rocked by economic forces. The Internet is changing how consumers are acquiring real estate information and shopping for housing. Insider Q&A decided to ask Orange County entrepreneur Greg Robertson of the new Dwellicious.com - a site that helps users track various online housing information streams - how he sees this revolution evolving ... Us: How big is online shopping for real estate? Greg: Big and getting bigger. According to studies conducted by the National Association of Realtors, over 84% of all home buyers begin their search online. That's a huge number and growing, … (0 comments)
jonathanlansner: More pain for housing?
- 06/15/09 01:31 AM
Painful months ahead for housing? June 13th, 2009, 3:00 am · 1 Comment · posted by Mathew Padilla, Reporter This coming week DataQuick will release its foreclosure totals for May. In preparation, below is a chart (click on it for larger image) showing Orange County's annual unemployment rate and annual foreclosure totals going back to 1990. For 2009, I use the April unemployment rate and foreclosures so far this year. In the early '90s the unemployment rate rose and foreclosures followed. But in early 2000s, the unemployment rate rose while foreclosures fell and fell some more. Rising home prices and falling interest … (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 ...;)
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