Real Estate Information

As reported in the OC Register, 11/6/10

Orange County home sales are dropping in every corner. For the 22 business days ending October 15 – freshest numbers from DataQuick — our region-by-region analysis of homebuying shows Orange County slices up geographically speaking this way …

• DataQuick identified 634 homes selling in Orange County’s north-inland ZIP codes in this most recent period, down 13% from a year ago. Median selling price? $500,000 in these 22 ZIPs. This most recent median price change was +2.9% vs. a year ago.
• Mid-county ZIPs — median selling price $342,750 – had 728 sales, down 24% from a year ago. In these 25 ZIPs, the median price change was flat vs. a year ago.
• Combined, total homes sales in ZIPs in the north and mid-section of Orange County were down 19% vs. a year ago as homebuying the rest of the county ran down 11.4% vs. 12 months earlier.
• North/mid-county homes accounted for 54% of residences sold in the most recent period vs. 56% a year ago.
• 459 homes sold in beach cities’ 17 ZIP codes in the most recent period, down 8% from a year ago. Median selling price? $687,500 in these 17 ZIPs. Newest median price change was off 6.3% vs. a year ago.
• South inland ZIPs — median selling price $488,750 – had 710 sales, down 13% from a year ago. In these 19 ZIPs, the latest median price change was off 4.2% vs. a year ago.
• All told, countywide sales were down 15% vs. a year ago. The median selling price was up just 1% in the past year.

Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

Listen to Zen's Laguna Niguel Real Estate Podcast available 24/7.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search

As reported in the OC Register, 11/4/10

Adjustable-rate mortgages again fell to record lows while fixed-rate mortgages held steady this past week, Freddie Mac reported today.

Click on charts to enlarge

This marks the sixth straight week in which one mortgage type or another hit a record low.

Mortgage rates have been falling steadily in tiny increments since April as investors flock to the security of U.S. Treasuries  that influence home loan rates.

Freddie Mac Chief Economist Frank Nothaft noted also that since inflation is low, there’s no impetus to raise interest rates on long-term Treasury bonds.

“With little sign of inflation to push up long-term interest rates, fixed mortgage rates held relatively steady this week, while ARM rates hit new all-time record lows,” he said.

Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

Listen to Zen's Laguna Niguel Real Estate Podcast available 24/7.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search

As reported in the OC Register, 11/2/10

After nearly two years on the market, the large San Clemente estate sitting on land that comprised Nixon’s Western White House grounds sold, according to the Southern California MLS.

The Spanish Colonial Revival estate was completed and listed in 2008 and first offered for $15 million. The home continued to see a series of steady price reductions as the market worsened, making the massive home more affordable for its value.

The home finally closed sale for $7.6 million – which “is the highest selling price in San Clemente for a single residence in the history of MLS reported sales,” says the listing agent.

Spanning 13,000 square feet of living space on a .87-acre lot with ocean views, 7 bedrooms and 9 bathrooms, this estate dominated the San Clemente market as one of the priciest if not the priciest home for sale over the past two years.

Many aspects of this home were executed to mirror those of Nixon’s Casa Pacifica (two doors down) – down to the measurements of and aesthetic of the greeting room and the courtyard fountain.

Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

Listen to Zen's Laguna Niguel Real Estate Podcast available 24/7.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search

Since my wife and I will be celebrating my son's first HALLOWEEN this Sunday, I wanted to share some FUN adventures and family outings that you might want to visit.......Have a SPOOKY & SAFE HALLOWEEN !!! 

ZEN

ALISO VIEJO

Halloween Fair 2010 and Haunted House
October 29 - 30, 2010
5 - 10 pm

Soka University will have booths for children, haunted house for young teens, games, activities and performances for all to enjoy! The money will go to campus club activities and charities we support.

Tickets for games, food and Haunted House: 7 tickets for $5, 20 tickets for $10. Haunted House admission: 7 tickets

LOCATION:
Soka University, Recreation Center
1 University Drive, Aliso Viejo

INFORMATION:
949.480.4000

DANA POINT

Doheny State Beach Haunted Campground
Saturday, October 23, 2010
6:30 p.m. - 8:30 p.m.

Interpretive Association will once again host Doheny's Halloween Haunt. A section of the campground will be transformed into a spooky area, with educational booths, arts and crafts, a Fun Zone, and other fun activities.

There is no charge for admission; however, a donation of one non-perishable food item per person is greatly appreciated. Dress those little ones for this event!

LOCATION:
Doheny State Beach

INFORMATION:
949-496-6172

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Halloween Kids Boo Cruise
Dana Point
Friday, October 29th, 2010
5:00pm - 7:00pm

Take a 20-minute Haunted Harbor Cruise! Wear your favorite costume! Trips will depart every 20 minutes. Tons of great prizes and a costumer contest on every cruise! $3 per person. No reservations required.

LOCATION:
Dana Wharf Sportfishing / Dana Point Harbor
34675 Golden Lantern
Dana Point

LAGUNA NIGUEL

Haunted Trails
October 28-30, 2010

What’s left of the world in the year 2050? Walk through “Niguel-O-Tropolis” where you will explore cities of the future! Small groups will be escorted by guides weaving through the back alleys of New York City, and experiencing the creatures in San Francisco’s China town, or walking through the subway maze that will take you into Central Park. Watch out for street people, gangs, and New Orleans zombies as you end your visit in the swamp graveyard.

The urban horror of “Niguel-O- Tropolis” is “Very Scary” and not recommended for children under 8 years of age. Wear comfortable shoes to walk along the trail.

Location at the entrance to the Community Park on the emergency road. Cost: $10 per person - Purchase tickets in Parks and Recreation office at the event

INFORMATION:
949-425-5100

SAN JUAN CAPISTRANO

Haunted House of Illusions
October 29-31, 2010

Not your ordinary Haunted House, this Magic Show with a Haunted Twist will leaves the hairs on your neck standing up as you try to figure out, "How did they do that?" Tickets are $8 each and will be sold at Sponsoring Businesses throughout the Capistrano Valley. The recommended age range is 8 years old and up.

Benefitting the Capistrano Unified School District Foundation.

LOCATION:
Zax Studios
33155 Camino Capistrano, Suite B
San Juan Capistrano

INFORMATION:
(949) 388-5802

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Spook-tacular
October 29, 2010
4 - 6 pm

The free fun-filled event is from 4:00 to 6:00 p.m. at that the Community Center, 25925 Camino del Avion, and the Boys & Girls Clubs of Capistrano Valley, located next door at 1 Via Positiva. The event will feature games, prizes, face painting and crafts for children ages 2 to 11. The Boys & Girls Clubs will sponsor a haunted house for a $1 donation and the Youth Advisory Board will sell hot dogs/chips for $2. Soft drinks will be available for purchase as well.

Proceeds will go to the both youth organizations’ philanthropic programs, such as Adopt-A-Family for the holidays.

LOCATION:
San Juan Capistrano Community Center
25925 Camino del Avion
San Juan Capistrano

INFORMATION:
(949) 493-5911

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Ghost Tours
2010 Date TBA

Get in the spirit of Halloween by joining the Historical Society Walking Tour Guides on a spooky walking tour of Los Rios Street, the oldest residential neighborhood in California. Be prepared for creepy tales of big black dogs, strange monks who have lost their heads, ghostly tales about a lady in white and other goings on.

Cost: Adults: $4.00 Children: $3.00. Reservations are required. Meet and pay at the O'Neill Museum.

LOCATION:
O'Neill Museum
31831 Los Rios Street

INFORMATION:
Reservations are required and can be made by calling
949-493-8444

As reported in the OC Register, 10/25/10

According to CoreLogic, California still ranks among the nation’s hottest housing markets, but its position continues to slip.

In the real estate data firm’s latest survey, California had the nation’s sixth-highest house appreciation rate among U.S. states for the year ending in August.

Home prices in California increased 2% from August 2009 through August 2010 (and was up 1.6% when distressed house sales are removed from the mix), CoreLogic reported. For the year ending in May, home prices in the state had increased 7.9%.

According to CoreLogic, the five best states for price appreciation in the year ending in August were:

1. Maine: Up 5.8%
2. New York: Up 3.7%
3. Connecticut: Up 2.5%
4. Virginia: Up 2.4%
5. South Dakota: Up 2.1%

The worst states? Idaho (-14%); Alabama (-10.4%); Utah (-7.3%); Oregon (-6.3%); and Florida (-6.2%).

Prices dropped nationally 1.5% in a year for all deals and were down 0.4% minus distressed deals. This was the first monthly report this year showing a decline in nationwide single-family home prices.

Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

Listen to Zen's Laguna Niguel Real Estate Podcast available 24/7.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search

As reported in the OC Register, 10/19/10

 Bank of America and GMAC have restarted seizing homes, ignoring allegations of fraud, after completing what they claim are legal foreclosure applications.

In a prepared statement, the two lenders said they reopened more than 100,000 foreclosure actions. They said they found no major problems in their procedures for seizing homes.

GMAC Mortgage, a lender and loan servicer, said it also is pushing ahead with an unspecified number of foreclosures that came under intense pressure from both the Congress and the public last week.

Bank of America prepared to restart 102,000 pending foreclosure actions where court approval is required, applying new signatures to documents in 23 states.

The Wall Street Journal reports Monday's moves are part of a growing counterattack by lenders scrambling to stem a financial and political threat over allegations that certain employees signed hundreds of documents a day without carefully reviewing their contents when foreclosing on homes.

John Gerspach

Bank of America, the nation's largest bank in assets, which imposed on Oct. 8 a nationwide moratorium on the sale of foreclosed homes, said it has begun preparing new affidavits for pending foreclosures in 23 states where a judge's approval is required.

The paperwork will be submitted to courts by next Monday, and foreclosure sales will resume in those states starting in November, according to the bank.

"This is an important first step in debunking speculation that the mortgage market is severely flawed," said Bank of America spokesman James Mahoney. More details will be disclosed when the company reports quarterly results today, Mahoney said.

Citigroup Inc. Chief Financial Officer John Gerspach said the bank has found no reason to halt foreclosures, calling its internal procedures "sound." "We have not identified any system issues," he said Monday.

Restarting the nation's foreclosure machine puts the lenders on a collision course with state attorneys general, who announced last week a nationwide investigation of foreclosure practices.

James Dimon

 

Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

Listen to Zen's Laguna Niguel Real Estate Podcast available 24/7.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search

To celebrate 10-10-10 this week, The OC Register asked some smart people around town for 10 ideas of what life would be like in 10 years. For the real estate field, we got these 10 notions on the future of real estate from Marji Knitter, president of real estate planners Moote Group in Santa Ana …

1. You’ll buy your next home at Costco, Lowe’s or Home Depot. Prefabricated homes make a comeback, shipped from warehouse constructed in days.

2. Goodbye to 5,000-square foot McMansions. Hello to cozy, two-story 2,000-square foot houses — affordable and energy efficient.

3. High-tech marijuana grow rooms – legal in California for anyone with a doctor’s recommendation for medicinal marijuana — will be offered as options in some new homes.

4. Cruise industry finds new niche market – assisted living facilities. Seniors will call a cruise cabin “home” with meals, specialty physicians and therapists.

5. Planting of grasses, mosses, vegetables and herbs on the roofs of homes to save on energy costs and reduce your carbon footprint.

6. In a state where 86% of adults do not smoke, expect smoking bans to extend to condo, townhome and even single-family home communities.

7. Solar panels will be offered by most homebuilders, including opaque solar glass that can generate enough electricity through your window.

8. Rather than renting, single women who expect to remain that way — whether by choice or default — will buy large houses together with a shared kitchen.

9. Backyard windmills – so Dutch! Residential wind generator will supplement your utility service.

10. Your home theater might be your only theater. Look for more people to stay home and make their own (better) popcorn.

 Again, I thought you might enjoy this bit of humor today!  Please remember to call me when you are thinking of buying or selling a home; today's real estate market is challenging, and I am very aware and qualified to assist you whatever your circumstances might be.

Call me today:  (949) 922-2200

As reported in the L.A. Times, 10/14/10

California is among 49 states teaming up to investigate how lenders have verified foreclosure documents, according to a coalition of state law enforcement officials.

The joint investigation, formally announced Wednesday morning, is being headed by Iowa Atty. Gen. Tom Miller. It comes in reaction to disclosures by several major lenders, including Bank of America Corp. and JPMorgan Chase & Co., that employees dubbed "robo-signers" had vouched for the accuracy of  foreclosure documents without even reading them.

The documents were filed to support summary judgment orders from judges allowing foreclosures to proceed with a trial.

More than half of all states, including California, normally process foreclosures outside of the court system and so are not directly affected by this issue.

However, when lenders begin the non-judicial foreclosure process in California, they must file a declaration that they are in compliance with a state law requiring them to first contact or diligently try to contact the homeowner to discuss options other than seizing the home.

California Atty. Gen. Jerry Brown has said he wants to determine whether lenders are complying with that California law.

JPMorgan said Wednesday morning that it has expanded its examination of its foreclosure procedures from the 23 judicial foreclosure states to 41 states. It was not immediately clear why it had done so or whether California is on the list.

JPMorgan has put foreclosures on hold in those states while it checks for problems -- something Bank of America has done in all 50 states and several other lenders have done in some states.

Many consumer groups and some politicians had called for a national moratorium on foreclosures while the matter is being sorted out. But the Obama administration has rejected that idea, saying it would further disrupt a housing market that in order to resume normal functioning needs to have a huge backlog of defaulted mortgages cleared out.

Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

Listen to Zen's Laguna Niguel Real Estate Podcast available 24/7.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search

As reported in the OC REGISTER, 10/11/10

CountyRecordsResearch.com and ForeclosureRadar.com help investor clients learn about and purchase properties in foreclosure. How much of a hit do these companies and the people they serve expect to take by the Bank of America temporarily suspending posting notices of trustee sales in California, as the lender sorts out the way it handles the foreclosure process?

Bob Baker, sales manager, CountyRecordsResearch.com:

“If you put a freeze on the foreclosure process, you’re telling lenders they have no recourse in the event of non-payment. Then they’re simply not going to lend. A freeze is the last thing our economy needs right now. Foreclosure sales are fueling our real estate market.”

“We’re going to still see more foreclosures. Even if they put a halt on some of them you’ve got foreclosures pending that are ongoing. You have hard money lenders, you have seller carry backs, there are a variety of smaller lenders, they’re not just all Bank of America or Countrywide [one of the companies taken over by BofA.]

“What we’ve been seeing anyway is a lesser number of default notices being filed, but a greater number of properties going to auction.’’

Mark Skilling, chief operating officer and general counsel for ForeClosureRadar.com:

“I can’t give you a quick answer to the percentage of NTSs [notices of trustee sales] on record in CA. that are by BofA; however, BofA has taken a relatively small percentage of foreclosures to trustee sale recently so we are not expecting a major short-term impact. Perhaps more importantly is that we expect even less of a long-term impact. The BofA announcement could be seen as largely a zero-cost, positive public relations campaign that is in its own best interest because it allows for further delay of foreclosure losses that it can’t easily afford to take.

“The reality of the BofA moratorium is that it may be just another temporary delay, the likes of which we have seen many times before in the form of State and Federal legislation (For example, California Senate Bill 1137 and the Federal HAMP program) and earlier voluntary lender moratoriums, such as the one that followed the Fannie Mae and Freddie Mac conservatorship.

“Here [in Calfornia], BofA should be able to quickly and efficiently conduct an internal audit to assure it’s customers that the foreclosure process that it uses in California is appropriate."

So, tell me what you think..Do you think this will help or hinder our real estate market now?

Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

Listen to Zen's Laguna Niguel Real Estate Podcast available 24/7.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search

 

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Southern California Multiple Listing Service figures show dollars generated from all the homes sold in Orange County by real estate brokers totaled $10.7 billion this year so far, up 23.3% from the same period in 2009.

The increase in sales revenue translates into increased earnings for real estate professionals as well as for home sellers.

Rising prices and increased sales combined to break a four-year slide in which revenue generated from housing transactions cascaded down 52%.

The SoCal MLS report reflects data on homes sold through the broker controlled multiple listing database. Highlights include:

• A total of 18,729 O.C. homes were sold through the SoCal MLS from  January through August, up 7.8% from the same period in 2009.
• The average price for a home sold through the MLS as of August 2010 was $570,353, up 14.4% from the same period in 2009.
• This year’s MLS sales generated $2 billion more in gross revenue than last year: $10.7 billion as of August vs. $8.7 billion in the same period of 2009.
• In August, local MLS sales generated nearly $1.3 billion, up 1.2% from the year before.
• August sales dipped by 6.3% to 2,230 units. The average price, however, increased by 7.9% to $575,115.
• Assuming that real estate brokers earned an average of 6% commission on each sale, this year’s sales would have generated $640.9 million in total commissions — for an average of $34,200 per home sold.
• August’s commission total, assuming a 6% rate, would be $77 million, or $34,500 per home sold.

Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

Listen to Zen's Laguna Niguel Real Estate Podcast available 24/7.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search