peralta hills: 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)
peralta hills: 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)
peralta hills: 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)
peralta hills: 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)
peralta hills: 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)
peralta hills: 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)
peralta hills: 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)
peralta hills: The world is changing but don't leave behind what worked in the past.....
- 06/16/09 01:37 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)
peralta hills: 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)
peralta hills: 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)
peralta hills: Currrent events of the Mike Kelly Team!
- 06/08/09 01:15 AM
An important message of ‘success' for the MK Team.....great job turned in by Karen...you can feel the enthusiasm in Karen's e-mail so I decided to forward it unedited to the hardest working team in real estate.....this was sold to "Delores" who was featured in our farming pieces as a buyer "ready, willing and able" to buy........ Also, Mike Vartanian listed 17 Ima Loa Ct. in Newport Beach...ocean view.... "Auction presentation" with Jim Nelson....date of auction Sunday June 28th.....still time to add others....this condo features endless ocean views.... "Full" not "peek-a-boo" off the roof or through a bathroom window.....starting bid "$699K"........7th auction property for … (0 comments)
peralta hills: Think properties are over valued? Maybe not......
- 06/04/09 05:52 AM
Today inflation is not an issue....last years nearly $5.00 a gallon for Super is now about 40% less....at $3.00 a gallon, give or take. Home prices are down 30% from last year approx.....with high demand at certain price points....interest rates remain low despite surges in the 10 year treasury yields....government borrowing at record levels, etc. So we are left to wonder is inflation gone or just waiting in the wings....looking ahead 5 years is always murky....leaning at this point to a recovered economy, higher interest rates, etc....as the current subsidies from the Fed are unsustainable for the mortgage industry....and economic … (0 comments)
peralta hills: California near bottom? Not so fast!
- 06/02/09 01:23 AM
The California Association of Realtors chief economist, Leslie Appleton-Young, said this week of April statewide conditions: "The statewide median price has increased for two consecutive months, and the nine-month string of year-to-year price declines in the 40-percent range has ended. It appears that the median price is now at or near the bottom. Favorable home prices in many parts of the state have led to an increase in affordability for first-time buyers." Two other observers were not so optimistic! Prepared summary of the week's speech by Cal Poly Pomona professor Mike Carney, head of Real Estate Research Council of Southern California, … (0 comments)
peralta hills: How dangerous are option ARMs now?
- 05/28/09 02:01 AM
How dangerous are option ARMs now? May 23rd, 2009, 3:00 am · 59 Comments · posted by Mathew Padilla, Reporter On a previous post reader Dealtracker argued that negative amortization has halted on some option adjustable-rate mortgages amid low interest rates. If true, that would mitigate or postpone default threat from the end of minimum payments on those loans. The discussion was sparked by the updated reset/recast chart from Credit Suisse shown here (click on it for larger image). This chart shows option ARM recasts hitting from now to mid 2012. Recasts, when a payment becomes fully amortizing, occur either after … (0 comments)
peralta hills: Foreclosure percentages of market drop.......
- 05/28/09 01:50 AM
Foreclosure resales smaller share of market May 19th, 2009, 6:48 pm · 4 Comments · posted by Mathew Padilla, Reporter Foreclosures accounted for 37.8% of 2,292 house and condo resales in Orange County last month, down from 39.8% of resales in March but up from 27.3% a year earlier, reports DataQuick As a ratio, the peak for foreclosures was 46% of resales in January. The chart - click on it for larger image - shows resales generally rising from August 2007, the start of the credit crunch. (For actual foreclosures CLICK HERE, and for prices and sales figures HERE.) Here's what … (0 comments)
peralta hills: 36% value drop forecast?
- 05/20/09 02:11 AM
http://mortgage.freedomblogging.com/2009/05/20/loan-reset-threat-looms-through-2012/10791/ http://lansner.freedomblogging.com/2009/05/20/fitch-sees-36-percent-loss/22701/ The Mike Kelly Team is moving at "Warp Speed". On Saturday May 9th, the Mike Kelly Team honored their client's with a special exclusive intergalactic movie presentation of "Star Trek" in its opening weekend. The near capacity crowd filled the largest 315 seat auditorium at Cinema City in Anaheim Hills. "Everyone was treated to the complimentary screening, provided free popcorn and drinks...along with fabulous door prizes which included gift certificates to local restaurants and one lucky attendee won an IPOD NANO. Every client was treated to a coupon worth up to $3,000.00 in savings with our appreciation. I'd … (0 comments)
peralta hills: Pace of buying slowing.....
- 05/15/09 08:35 AM
http://lansner.freedomblogging.com/2009/05/15/oc-homebuying-surge-near-10-month-low/22459/ The pace of home buying vs. is slowing. Not only that; we are in the midst of a cycle where the total units sold remains about 56.7% of the 10 year average from (1997-2006)....2443 units vs. 4304....demonstrating that "value" remains key in the buying decision....back out the ‘bank owned' and other distressed sales and you can see the number of ‘traditional sales' is relatively low. As we bring ‘bank owned' 905 W. Autumn in Anaheim 92805 onto the market; keep in mind this property is not only sold "As is"....but must be written up "all cash"...as there is no lending … (0 comments)
peralta hills: Zippy's and a memorial announcement for the community......
- 05/14/09 04:14 AM
http://lansner.freedomblogging.com/2009/05/13/foothill-ranch-is-ocs-weakest-home-market/21951/ First quarter "Zippy" reporting is in.....check out the blog for your interested zip codes to see how Jonathan Lansner ranked each one based on market activity. All property action reported is in Anaheim Hills......8371 Quiet Canyon is "sold" having received multiple offers. We are opening escrow today with confidence Sharon will have ‘short-sale' approval in the near future. Yesterday the final details holding up the loan approval on Rim Crest were addressed....so that should be clear sailing to closing. Michele is about to sell 8770 E. Heatherwood......the lease on Vista Del Rio was accepted with the MK Team representing both … (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
Scott Smith joins the Mike Kelly Team;)
;)
