orange county: LA & Orange County home prices dropped 11.9%
- 02/01/08 01:49 AM
More statistics showing that housing prices have taken a tumble. Los Angeles/Orange County home prices dropped 11.9 percent in the year ended in November, according to S&P/Case-Shiller indexes. That depreciation rate is the worst in the database, which dates to 1987. The only good news may be that of the 20 major U.S. markets the indexes track, five have suffered deeper one-year losses than L.A./O.C. A 20-city composite index is off 7.7 percent in the same year. S&P/Case-Shiller uses a "paired sales" index that tracks individual losses or gains on homes sold vs. tracking movements in overall medians or averages of all … (0 comments)
orange county: January Home sales up 18% in Orange County over previous 4 weeks in December
- 01/28/08 09:55 AM
For the first 4 weeks of January 2008 Home sales are up 18% in Orange County compared to the previous 4 weeks in December. Unfortunately they are down 37% compared to the first 4 weeks of January in 2007. As a professional working this market last January, it was extremely busy January of 2007. It was one our busiest months here in Orange County. Buyers were writing a lot of offers and the year started out with a bang. Then the Sub Prime meltdown began in February of 2007 and by the end of March our market really turned down from there in Orange County. Irvine, … (1 comments)
orange county: New Home Sales Hit 12 Year Low ... December Sales down 4.7%
- 01/28/08 01:33 AM
New home sales hit a 12 year low in December and sales were down 4.7%. This is the 8th straight quarter of declines in new home sales. New home prices were down 10.4% year over year from 2006 to 2007. This just shows that we are still in the housing correction and prices are still headed lower. This is why it is important that you hire a strong realtor to negotiate a great price for you as a buyer. If you are a homeowner needing to sell you must hire a realtor with an agressive marketing plan and strategy to position your … (0 comments)
orange county: Emergency Rate Cut .75 Basis Points By FED to help slowing economy
- 01/22/08 01:45 AM
While the world stock markets were getting murdered across the globe in fear of a possible US led recession the FED stepped in this morning and made an unexpected .75 basis rate cute this morning. This was the first inter-meeting rate cut since 9/11 and the first .75 basis cut since 1984. The US stock market/DOW opened almost 500 points lower this morning and rallied back to only 150 points down within one hour after the open. The FED cut helped save the stock market today but will it save housing? My opinion, is this will definitely help all of us and the housing … (1 comments)
orange county: 45.4 percent jump in the notices of default (NOD) in December 2007
- 01/21/08 02:48 AM
I wanted to share and discuss some of the latest foreclosure statistics according to ForeclosureRadar and their latest California Foreclosure Report report issued on 1/15/2008. The report noted a substantial month-to-month 45.4 percent jump in the notices of default (NOD), the initial notice that a homeowner receives once they fail to pay their mortgage. The number of NOD in December was 32,948 compared to 22,665 in November. December auction sales increased by 4.1 percent from November, to a total of 12,783 properties with a loan value of $5.18 Billion dollars. Additionally, a total of 9,001 properties have been sold at auction in just the … (1 comments)
orange county: Unpaid Property Taxes up 48% in Orange County!
- 01/14/08 04:58 PM
According to the OC register more than $147 million in due taxes were not paid by the December 10th, 2007 due date. That is 6.44% of the total $2.28 Billion due versus a year ago the delinquent amount was 4.72% for a total of $99 Million past due. Tax Collector Chriss Street says this is an obvious sign "how stressed the real estate market is." Other signs of homeowners in trouble: mortgage default notices sent out by lenders to tardy mortgage borrowers and actual foreclosures are also on the rise in Orange County. DataQuick has reported that defaults were up 128% in 2007's first … (3 comments)
orange county: Help for Homeowners and Buyers! Interest Rates at lowest levels in one year.
- 01/11/08 05:36 AM
According to the Orange County Register interest rates are at the lowest levels since last January. This will definitely help home owners in several ways. The chance to refinance at a lower rate and a chance to motivate some of the buyers on the sidelines to take advantage of the lower home prices and interest rates. According to Bankrate.com fixed rates are the best option for buyers. This is a win win for all! The Newspaper Chart Services reported today that the average this week for a 30-year, fixed-rate mortgage with a 1 point fee was 5.867%, down from 6.015% last week. That's the … (0 comments)
orange county: Zen's 5 Orange County Real Estate Predicitions for 2008
- 01/04/08 06:14 AM
Here are my predictions for the Orange County Real Estate Market in 2008 ... Before you read my predictions, I want you to know that I am an optimistic person and optimistic about the New Year. I believe that there will be great opportunity for buyers and investors in 2008. We had the 5th best year ever on record in 2007 for U.S. home sales but Seller's will need to be much more realistic when it comes to selling their homes in 2008. Sellers are going to have to realize that prices are not going back to peak levels of 2005 … (0 comments)
orange county: Halloween Fed Rate Cut ... Trick or Treat?
- 11/01/07 01:46 PM
The Federal Reserve gave us a .25 basis point cut as a treat on Halloween but their comments were more like a sour apple. The stock market and the bond market had already factored in a .25 basis cut but what everyone didn't factor in was the statement that followed. The Fed comments gave hint that they may be done lowering rates for now unless the housing market and economy worsened more so then the threat of inflation due to higher oil/gas prices (over $90 a barrel) and higher food costs via the demand for corn and ethanol. The stock market realized this on Thursday … (2 comments)
More statistics showing that housing prices have taken a tumble. Los Angeles/Orange County home prices dropped 11.9 percent in the year ended in November, according to S&P/Case-Shiller indexes. That depreciation rate is the worst in the database, which dates to 1987. The only good news may be that of the 20 major U.S. markets the indexes track, five have suffered deeper one-year losses than L.A./O.C. A 20-city composite index is off 7.7 percent in the same year. S&P/Case-Shiller uses a "paired sales" index that tracks individual losses or gains on homes sold vs. tracking movements in overall medians or averages of all … (0 comments)
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