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Portola Hills eNews Week Ending 8/3/07

By Kelly Turbeville

Real Estate Agent with Keller Williams CA.BRE# 01395219

August 03, 2007 10:42 AM

Portola Hills eNews

New On the Market	Property Details	Price	Comments
18996 Canyon Tree	2 bed/1.25 bath/954 sq.ft	$373,000
19511 Dorado Dr.	3 bed/2.5 bath/1891 sq.ft.	$609,000- $679,000
28391 Millwood Rd.	5 bed/3 bath/3200 sq.ft.	$919,900	Pool!
28311 Harvest View	5 bed/3 bath/2900 sq.ft.	$929,000
Sold Properties
28338 Pueblo Dr.	2 bed/2 bath/1015 sq.ft	$375,000
19211 Highland View	4 bed/2.5 bath/1862 sq.ft	$714,000

Should you like any information on the above properties or to schedule a showing please do not hesitate to click here.

Open House: 19151 Red Bluff, Portola Hills - Sunday 8/5 - 1-4pm. This home has been completely remodeled and if you are considering remodeling or looking to stay in the area but would like an updated home then you'll want to check this home out.

Deciphering the difference between Delinquencies vs. Notice of Defaults vs. Foreclosures:

Delinquencies cover any missed payment - even if it is just one month, it gets reported as a delinquency.

Fact:

The delinquency rate on sub-prime loans is running 13.77%, which is up 13.44% from the previous year.
The delinquency rate on prime loans is only 2.57%
Combining the two rates with the loan volume gives you a delinquency rate for all loans 4.84%. The record low is 4%
California's delinquency rate is 3.25%

Notices of Defaults (NODs) are filed when lenders' loans have been delinquent for a specific period of time. These loans begin the foreclosure process.

Fact:

Only 3.23% of all sub-prime loans entered the foreclosure process, with most of the defaults occurring on loans from Jan.2005 to Feb.2006.
1.28% of all prime loans have entered the foreclosure process.
In Calif., the 1^st qtr. of 2007 saw 47,000 NOD's filed by lenders. Calif. has 8.2 million homes and condo's w/5.6 million mortgages. Therefore, in the 1^st qtr. of this year, only 0.008% of all mortgages entered the foreclosure process for the quarter.

Foreclosures occur when the buyer has been unsuccessful in curing the debt and either a lender or an investor has acquired the property.

Fact:

For sub-prime loans, 68% of the buyers are able to prevent the foreclosure by either refinancing the property or successfully selling it.
For prime loans, the foreclosure rate is 0.86%. Last year, the U.S. saw a combined foreclosure rate of only 1.09%
During 2006, Calif. Saw a foreclosure rate of only 1.17%

Last year in the OC, 5680 defaults resulted in 697 foreclosures. This means only 12.2% of the defaulting homeowners actually went to foreclosure. Wouldn't it be nice to hear 87.8% were successful in resolving this debt?

The reason behind foreclosures:

#1 reason the occurred was due to fraud.
#2 reason was unethical lending
#3 loss of job
#4 medical reasons

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Trabuco Canyon, Mission Viejo and Rancho Santa Margarita. Whether she's helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you're considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, It's Possible!