Real estate blog entries tagged with adam brett by Adam Brett, The Adam and Eric Group, Fullerton's Finest (The Adam and Eric Group)

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adam brett: Foreclosures Account For Only 4% Of Homes For Sale In O.C. - 11/08/09 03:45 PM

Based on the current sales pace it would take 21 days to sell all the bank-owned homes in Orange County
and competition is getting so rough that many homes are being sold for 3% over their asking price.
Less than 1 in 20 county’s 7,749 homes for sale were reposed homes taken by the banks through foreclosure. On the other hand, short sales – homes selling for less than their debts – made up 1 in 4 O.C. listings.
In all of Orange County there are currently only 314 foreclosed homes for sale – a decrease of 8 homes in … (1 comments)

adam brett: Borrowers Refi Lowers Many Mortgage Rates By 17% Or More - 11/08/09 03:42 PM

The first three quarters of this year marked the smallest total equity cashed out since 2000. The numbers
were adjusted based on inflation by the total equity cashed out so far in 2009 has been $60 billion.
Nationwide the share of refinance loans resulting in new mortgages that were 5% or more higher than the paid-off first mortgage balance fell to a six-year low of 36%.
The amount of interest-rate reduction in the U.S. since the beginning of the year adds up to about $3 billion in payment savings over the first 12 months of the new loan. Half of … (0 comments)

adam brett: Fullerton’s 22nd Annual Veterans’ Day Parade - 11/08/09 03:39 PM

Veterans Day is a week away and once again Fullerton American Legion Post 142, Veterans of Foreign
Wars Post 11390 and Fullerton Emblem Club 469 will host the 22nd Annual Fullerton Veterans’ Day Parade and Ceremony.
The Parade will be start at Fullerton’s Downtown Plaza at 10:30am and end at Hillcrest Park. Once the parade arrives at Hillcrest a ceremony will be held at the Veterans’ Memorial. The ceremony is scheduled to begin at 11am.
All veterans are welcome to join the parade and march along side JROTC units from Fullerton, Troy, Sonora, La Habra and Buena Park high schools … (0 comments)

adam brett: Homebuilding In O.C. Rising Slowly - 10/28/09 05:52 PM

Homebuilding in Orange County is beginning to rise again. 126 single-family residence permits were issued
in Orange County in September – which was a 63.6% increase from August and a 14.5% from September 2008.
Overall the number of building permits issued in Orange County so far are down 10.6% from 2008. In the last nine months builders have received 955 houses compared to 1,068 in the first nine months of 2008. The biggest drop in permits had to do with multi-family units. In September builders took out a mere 17 multi-family unit permits, a 90.2% drop from last year.
San Diego … (0 comments)

adam brett: Home Prices Are Rising In Spite Of The Economy - 10/28/09 05:48 PM

Home prices throughout Los Angeles and Orange County rose 1.6% in August marking the third month of
month-to-month gains. This month marks the longest of those streaks since September 2006.
Unfortunately local home prices are still falling at a rate of 12% per year, but that is the smallest annual rate of decline since November 2007.

… (1 comments)

adam brett: O.C. Finance Jobs At 2-year Low - 10/28/09 05:44 PM

The real estate and finance market in Orange County has lost 1 out of 7 employees. In the month of September t
here was 202,500 Orange County residents working in finance – although that is 15,400 less people than last year it is also the smallest year over year loss in two years.
The construction industry in Orange County has been hit the hardest – they have lost 10,500 jobs this year alone.

… (0 comments)

adam brett: Brokers Saw The Best September In 3 Years - 10/28/09 05:37 PM

Since the deadline for the homebuyer tax credit is right around the corner, revenue from broker-handled
deals increased last month to the highest level for a September in three years.
Broker transactions account for roughly 85% of all local home sales and generated $1.4 billion in Orange County in September. Broker transactions include home sellers, brokers and agents. Brokers handled 2,454 homes last month – the most homes for a September since 2005.
Overall revenue was up 12.3% from September 2008, when broker deals generated $1.2 billion. For the first time in 4 years revenue rose from August to September … (1 comments)

adam brett: O.C. Home Prices Increase For The 8th Month - 10/26/09 06:21 PM

The median home price of Orange County homes appears to be on track for this year’s eighth month of
increases. If October ends the way its expected to end it should also be the second month of year-over-year price increases after 24 months of price declines.
For the month of September the median price of an Orange County home was $432,000, up 2.9% from 2008. Overall home prices in Orange County are 33% below their peak.
In September O.C. shoppers purchased 2,980 residences , up 3.5% from last year’s buying activity. Nationwide home sales jumped a record 9.4% in September … (1 comments)

adam brett: First-Time Homebuyer Tax Credit A Magnet For Fraudsters - 10/26/09 06:16 PM

The $8,000 first-time homebuyer tax credit has been a target for fraudulent claims. There have
been more then 90,000 fraudulent claims made including those made by former homeowners and children.
Eligibility for the tax credit issued by the Obama Administration extended to those who has not owned a primary residence in the last three years and earned less than $75,000 as an individual or $150,000 as a married couple.
The IRS has discovered 167 criminal schemes, opened 115 criminal investigation and has temporarily frozen more than 1110,000 refunds. They found that 582 supposed first-time home buyers were under the age … (3 comments)

adam brett: Haunted Fullerton Walking Tour - 10/26/09 06:08 PM

If you are looking for something fun to do to get into the Halloween spirit why not go on the
Haunted Fullerton Walking Tour .
Fullerton is one of the oldest and most haunted cities in Orange County so why not take the tour and see where the ghosts are hiding. On the tour you will find out what businesses have pots and pans flying around when the lights shut off and which famous deceased Fullertonians like to make an appearance.
The tour lasts approximately 2 ½ hours and will cover 1.5 miles in the downtown Fullerton area. The tour … (1 comments)

adam brett: Brea Is The Only O.C. City With Rent Increases - 10/26/09 05:54 PM

If you are looking for an affordable apartment look no further than Westminster.

The city had the county’s highest percentage of empty units and the greatest rent cuts. Rents in large apartment complexes dropped 9%, averaging $1,312 per month. Almost 11% of units in Westminster’s large apartment complexes are empty.
Mission Viejo and Irvine had the second and third biggest rent reductions. Summer rentals in Mission Viejo averaged $1,400 a month which was a 7.2% drop.
Irvine had the county’s second-highest vacancy rate at 8.5%. Irvine apartment owners cut rents by 7.1% to an average of $1,779 a month.
… (0 comments)

adam brett: Hardest O.C. City To Buy A Home? - 10/25/09 10:48 AM

According to the latest O.C. home inventory report, Aliso Viejo is the hottest market in terms of “market time.”
Theoretically all homes for sale in Aliso Viejo could be sold in 1.2 months at the current buying pace. It is the hardest place in Orange County to find a home to buy.
The O.C. city with the slowest market time is Corona Del Mar where – at the current pace – it would take 16.3 months to sell all for sale homes. It is currently considered the hardest place to sell a home.

… (1 comments)

adam brett: Asking Prices Stay High, Demand Remains Low - 10/25/09 10:43 AM

The higher the asking price on houses in the current market conditions the longer it will stay on the
market. There has been some discrepancy between what sellers are asking for and where the market is currently at. This has caused an 85% ratio of the sale to original list price. The 15% price drop is what is needed in order to move the million-dollar homes.
Currently homes listed for more than $1 million dollars have a market time of 10.37 months. At the current pace it would take 2.48 for all homes for sale in Orange County to be purchased. … (1 comments)

adam brett: O.C. Hotel Rooms Continue To Stay Empty - 10/25/09 10:36 AM

Summer was the perfect time for visitors to travel to Southern California. Not only is the weather
perfect but this year hotel room rates fell 16%.
Despite those incentives 25% of local hotel rooms went empty – compared to 19% a year ago. The countywide “revpar” score (which measures hotel cash-flow in regards to rates and occupancy) was down 22% for August.

… (0 comments)

adam brett: Investors Are Purchasing More Foreclosed Homes - 10/25/09 10:31 AM

Last month in Orange County investors purchased 39% or 278 of 718 homes and condos sold at auctions.

Less properties are being returned to banks as lenders and loan servicers offer bigger discounts as high as 60% off debt owed on a first mortgage. Most homes seem to get a discount of 30% off debt owed.
Some investors are putting these homes on the market almost immediately, while others are choosing to rent them out temporarily while they wait for the market to rebound.

… (0 comments)

adam brett: Sales of New Homes Rebounding In O.C. - 10/25/09 10:20 AM

After dropping to a record low in the winter, new-home sales have rebounded in Orange County. This could be the beginning of the recovery.

Due to the fact that resale homes are in less supply and are being picked off the market quickly, it may be in many homebuyers best interest to purchase a new home. Homebuyers know what to expect when they purchase a new home, rather than a foreclosure and many feel that if they ever want to purchase a new home now is the time since the market is down. This trend is primarily happening west of … (2 comments)

adam brett: O.C. Rents Fell 5% Since 2008 - 10/23/09 05:40 PM

Rents at large Orange County Apartment complexes have fallen 5% in the last year averaging $1,523.
That is a decrease of $80 a month and marks the fourth consecutive quarterly year-over-year drop. Nationally the average price of rent dropped 3.7%.

Vacancies fell from the second quarter by 1 full percentage point – the biggest drop in 7 years. The average vacancy at the Orange County complexes was 6.6%, compared to 5.3% a year ago.

… (1 comments)

adam brett: HAMP Will Be Evaluated In November - 10/23/09 05:32 PM

In early November the Treasury Department is expected to report the results of the first batch of
loans modified under the Home Affordable Modification Program.
Currently it seems that one of the major criticisms of HAMP is the pull through rate. Many clients give up before they get to the end leaving lenders unsuccessful. Another problem is the fact that many borrowers who have submitted applications are missing paperwork delaying the process and potentially hurting their chances of getting a modification.
Some lenders are hoping that there will be more “cramdowns” done by bankruptcy judges that would give borrowers the ability … (0 comments)

adam brett: Employers Are Beginning To Hire Again - 10/23/09 05:17 PM

Employers appear to be beginning to hire once again. More employers announced plans to hire more people in
the first nine months of 2009 than in the first three quarters of 2008; an increase of 88%.
The retail industry led all sectors with their plans to hire. Retailers announced plans to hire 33,640 workers through September of this year compared to 4,000 in all of 2008. So far though retailers have only hired 95,000 people through September.
The second largest sector for hiring was government and non-profit organizations with plans to add 28.469 workers. Entertainment and leisure was the third industry … (3 comments)

adam brett: O.C. Home Sales up 5.1% in September - 10/23/09 05:07 PM

Last month Orange County was the only county to see an increase in median home prices.

That gain mixed with a decreasing number of foreclosures selling kept region wide prices to the smallest year over year decline in nearly two years.
The median price of a home in southern California fell 10.9% in September. The smallest drop since November 2007.
Home sales in O.C. were up 5.1 percent last month. Many accredit that to too many sales before September being slowed or delayed but none the less O.C. saw a rise in sales.

… (1 comments)

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