Real Estate Information

According to Dataquick, the latest home-selling stats show the median home price is now at $445,000 from the 22 business days that end Aug 20. That's $200,000, or 31% below the peak of $645,000 that hit in June 2007.

Single-family homes are now $234,000 below their peak from the $734,000 that hit in June 2007. Condos are now $140,000, or 30% below the $430,000 peak it reached in March 2006. Newly built homes are down $387,999, or 45% below peak of the $864,000 high they reached in February of 2005.

The heavy discounting is moving product. O.C. home buying runs 18% above the year-ago pace. July marked the first time since September 2005 that home sales exceeded the year-ago pace.

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According to the National Association of Realtors, exsisting-home sales rose in July to the highest level it's reached in five months, but continue to be well below the numbers from last year at this time.

Existing-home sales - including single-family, townhomes, condominiums and co-ops - increased 3.1 percent in July to a seasonally adjusted annual rate of 5 million units from a downwardly revised level of 4.85 million in June. Sales were 13.2 percent lower than the 5.76 million-unit pace in July 2007. 

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the up-and-down pattern may break soon.

"We hope the new tools in the hands of home buyers from the recently enacted housing stimulus package will spark a sustained sales uptrend in the months ahead," he said. "Buyers who've been on the sidelines should take a closer look at what's available to them now in terms of financing and incentives. Given some of the inventory on the market, we also strongly encourage buyers to get a professional home inspection."

 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.  

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Dataquick shows the latest home-selling stats for the 22 buisness days ending August 13, shows a median selling price for a single family houses at $499,500 - $234,500 or 32% below the peak of $734,000 hit in June 2007.

This is the first time it's reached under a half-million bucks since December 2003. Overall, the mid-August countywide median for all residences is down 29.1% in a year - that's $195,000 (30%) below the peak of $645,000 hit in June 2007.

Shoppers are noticing the low prices. O.C. homebuying is running 12.7% ahead of last year for this period. July marked the first time since September 2005 that home sales exceeded the year-ago pace. In mid-August, 45 of O.C.'s 83 ZIPs were gernerating sales gains vs. a year ago.

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.

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On July 25, 2008 industry data reported incidents of mortgage fraud had jumped 42% nationwide, with Florida reporting the highest number of cases. According to the Mortgage Asset Research Institute, Properties in the Sunshine State accounted for nearly a quarter of all mortgage fraud incidents. California was ranked second, followed by a three-way tie for third place among Illinois, Maryland, and Michigan.

 

The report is based on data submitted by MARI subscribers about loans that were originated in the first quarter of this year and have since been classified as fraudulent. Misrepresenting income, employment history, and debt/assets have been the most common mortgage-fraud cases. Maryland had an unusually high percentage at 69%.

Mortgage fraud has represented about $1 billion in losses over the past decade, the Mortgage Bankers Association has said. The increase in reported incidents comes as lenders raise credit standards to curb rising foreclosures. Many banks have been criticized for their offering up of mortgages without asking for thorough documentation. Critics charge the industry with being too lax in qualifying risky borrowers during the boom, which fueled an overheated housing market.

 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.  

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Motivated by falling home prices, buyers got moving  and pushed sales up 17 percent over last year, ending a 33-month homebuying slump in July. DataQuick reported that last month's sales jumped to 2,799 houses, condos and new residences, topping the July 2007 number by 408 units. The last time O.C. home sales exceeded the year-ago pace was September 2005.

At $461,000 , the median price dropped down 28% in just a year, the lowest median since President Bush was inaugurated for his second term. Orange County's median has fallen $184,000 from the all-time high of $645,000 reached in June 2007. That's equivalent to a price drop of $431 per day for the past 13 months.

Tom Moon of Pacific Moon Real Estate in Huntington Beach said, "Houses are becoming a little more affordable (because prices) have dropped 20 to 25 percent,". "There has been a pent-up demand. Buyers have been waiting to buy a house." After nearly three years of consecutive drops, sales almost had almost nowhere to go but up.

In January, sales fell to 1,286 units, the lowest in DataQuick records dating back to 1988. That was down 72 percent from September 2005, the last month before the slump began. "We've been on a winning streak since January," said Mike Hickman, president of Seven Gables Real Estate. "Pricing is finally reaching a level where there's a perceived value by the consumer."

Kerry Vandell, director of the UC Irvine Center for Real Estate, noted that in addition to first-time homebuyers, investors have been moving into the market, buying foreclosed properties at a discount, renting them out and waiting for prices to come back. Vandell adds that President Bush's signature on housing legislation that provides government backing to mortgage giants Fannie Mae and Freddie Mac may have a bit of an impact, helping to increase the flow of cash to home buyers.

"It's gradually going to come back if we can get through the inventory," Vandell said. "This is good news, but you have to drill down to see what's drawing it."

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nformed 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.  

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Your thoughts and feedback on this topic is 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

 

In July, Orange County's unemployment rate rose to 5.7 percent from a revised 5.3 percent in June. As local employers shed 10,000 jobs in July, the state's Employment Development Department said Friday.

This is the highest unemployment rate since July 1995 for Orange County. The number of residents describing themselves as unemployed rose to 95,500 in July from 87,100 in June. Just a year ago, the number of unemployed was 70,200 and the unemployment rate was 4.3 percent.

Unemployment in the summer rises as schools close, graduates swell the work force, and workers are laid off. But according the Esmael Adibi, director of A. Gary Anderson Center for Economic Research, "It's the bad economy."

The total number of jobs in Orange County declined by 29,900, or 2 percent, from July 2007 to last month. Financial services, construction and government reported the biggest job losses in the 12 month period.

The jump in unemployment comes as consumers are feeling the pinch of higher prices. The so-called misery index, combining unemployment rate with the inflation rate, topped 12 percent in California in July, the highest in 15 years.

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

According to RealtyTrac, an Irvine-based company that tracks foreclosures nationwide, bank repossessions of homes in Orange County has jumped to 1,503 in July from 1,093 in June, a 37 percent increase.

Such repossessions, also known as REOs (real-estate owned) in the trade, are running way ahead of last year's pace. In July 2007, Orange County had just 59 REOs.

As ForeclosureRadar did on Tuesday, RealtyTrac reported that notices of default (NODs), the first step in the foreclosure process, declined in O.C. last month. RealtyTrac said NODs fell to 1,983 in July from 2,431 in June, a drop of 18 percent. A year ago, in July 2007, there were 1,209 NODs.

Nationally, foreclosure filings (NODs, auction sale notices or REOs) were reported on 272,171 properties in July, an 8 percent increase from June and a 55 percent increase from July 2007, RealtyTrac said. In O.C., total filings rose to 4,325 in July, up 7 percent from June and up 177 percent from July 2007.

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

 

California gets $105 Million for Housing (edit/delete)

Housing and Urban Development Secretary Steve Preston and Gov. Arnold Schwarzenegger today said the Golden State will get more than $105 million to produce more affordable housing and support community development in the state.

The money also goes to "down payment assistance to first time home buyers; to assist individuals and families who might otherwise be living on the streets; and offer real housing solutions for individuals with HIV/AIDS," according to a release.

"This funding will help the state of California to rebuild its neighborhoods and affordable housing stock. By helping communities to improve their infrastructure or assisting families to purchase their first home, HUD is helping improve neighborhoods from the ground up," said Steve Preston in a release.

Schwarzenegger said the funds will be used in conjunction with money from a California voter-approved bond measure to improve the state's housing infrastructure.

Here is the breakdown:

•·     $39,262,869 in Community Development Block Grant (CDBG) funds

•·     $55,776,502 in HOME Investment Partnerships (HOME) funding

•·     $ 371,363 in American Dream Downpayment initiative

•·     $ 6,757,419 in Emergency Shelter Grant (ESG)

•·     $ 3,069,000 for Housing Opportunities for Persons with AIDS (HOPWA)

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.

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The number of homes listed for sale continues to drop in many metropolitan areas, though supplies remain ample. In July, the supply of homes available for sale in 29 major metropolitan areas was down 0.5% from a month earlier, according to figures compiled by ZipRealty Inc., a real-estate brokerage firm based in Emeryville, California. Some would-be sellers have given up and withdrawn their homes from the market for now which is partly due to supply eroding.The ZipRealty data cover all listings of single-family homes, condominiums and town houses on local multiple-listing services in areas where the firm operates

Over the past 20 years, the number of listed homes typically has decresed slightly in July as the peak spring/summer selling season settles down.Nationwide, about 4.5 million previously occupied homes were listed for sale at the end of June.  At the current sales rate, that total is enough to last about 11 months, the trade group says. The market is considered roughly in balance between supply and demand when the inventory is enough to last around six months.

 The largest declines in July from a month earlier were in the metro areas of Boston, down 4.2%  while Tucson, Ariz. dropped 3.5%. The biggest increases were in the metro areas of Sacramento, Calif. with a 6.9% increase and Phoenix with a 6.1% increase. The July inventory was down 3.8% from a year earlier in 18 metro markets for which comparable year-earlier data are available.

In a report issued last week, Julia Coronado, an economist at Barclays Capital in New York, said the housing market may start to bottom out by year end. Home sales in 2009 are likely to flatten out near current low levels, she said. "We expect some further downward pressure on prices through 2009 as inventories continue to be worked off," Ms. Coronado wrote.Housing construction "appears to have fallen below the pace consistent with population growth," she said, and price declines have made housing more affordable in many areas

Keeping you informed about the Oange 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.  

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