Real Estate Information

Consumers are worrying as banks report billion-dollar losses from bad loans and in the wake of the seizure of Indy Mac Ban, the third largest in the U.S. history. There is good news though! You can eliminate the risk of losing money in a bank failure - by making sure non of your accounts exceed the limits of federal deposit insurance. Many people have not been diligent about doing so.

In the event of failure , insured depositors usually see little interruption to their day to day banking services; regulatory agencies typically find another bank that acquire some or all of the failed bank's deposits.

Indy Mac bank had about $1 billion of potentially uninsured deposits held by approximately 10,000 depositors at the time of its seizure. At banks nationwide, the percentage of deposits that are uninsured had doubled since 1992, to about 37% at the end of the first quarter.

Seven banks have failed so far this year. Experts predict the suffering is not over yet, although far fewer banks are likely to fail than 834 that went under from 1990 to 1992.

The first quarter racked in 90 institutions on the FDIC's "problem list" up from 76 banks at the end of last year. That's just over 1% of approximately  8,500 banks in the U.S. Bank names are not released to avoid panic from the public, as regulators work behind the scenes at these banks to fix serious deficiencies in their finances and operations.

Remember, that when a bank fails, uninsured deposits can be partially reimbursed after some time and trouble, with the money coming from sales of the failed banks assets. In general depositors eventually get 70% to 80% of their funds returned, Mr. Gray of the FDIC says.

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

Soka University presents Jazz Monsters Concert Series. On August 29, 2008 masters of Jazz will be coming out to Soka University to play under the stars.

The music will begin at 7 p.m. on the Campus Green Stage. There will be lawn seating so make sure to bring blankets and low lawn chairs. Admission will be $15 for all adults and free for anyone under 18! Tickets will be sold at the door. Soka Bistro will be serving dinner for $10 all you can eat so make sure to get there early!

Directions: Take 1-5 to Oso/Pacific Park west. Continue to Wood Canyon Drive and turn left for one mile. Turn right on University Drive. Soka University, 1 University Dr. Aliso Viejo, CA 92656

For more information call (949)-480-4000.

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

 

The Ocean Institute is pleased to announce the return of its exciting 2008 Laguna Beach Million Dollar Home Raffle. Ticket buyers will have the opportunity to win a gorgeous Laguna Beach home worth an estimated $1.2 million or $1 million dollars in cash! The home has an amazing panoramic view and is just minutes from the beach.

Tickets are $150 each and a maximum of 20,000 will be sold. In addition to the grand prize, there will be over 100 cash and merchandise prizes plus a bonus drawing for multiple ticket purchasers. First prize for these ticket purchasers is a 2009 Lexus RX 400 or $20,000 in cash; 2nd prize is the winner's choice of a series of dream vacations or $10,000.

Participants who sign up by August 20th will qualify for two Early Bird drawings and an additional $67,000 in cash prizes. All tickets, including Early Bird winning tickets, are automatically re-entered for the Final Grand Prize Drawing. This will take place November 8, 2008 at the Ocean Institute in Dana Point.

To purchase a ticket or for more information on the raffle, please call (949) 496-2274 or visit www.lagunabeachhomeraffle.com . All proceeds benefit the non-profit Ocean Institute.

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

The House and Senate passed broad-based housing legislation, which was signed into law by President Bush this morning. Heralded as the most sweeping housing reform since the "New Deal", it includes the creation of a strong regulator for Fannie Mae and Freddie Mac, changes in conforming and FHA loan limits, a comprehensive modernization plan for FHA, and the Hope for Homeowners plan, which may help distressed homeowners by refinancing them into FHA loans.

 Given the tremendous impact this legislation will have on the industry, several cross-functional teams, including Product Development and Loan Servicing, are analyzing the detailed components of the new law, and working with the various agencies to ensure crisp, accurate implementation.

Once those agencies have defined certain changes required of them, we will be positioned to make decisions about our plan, and how quickly we can implement. Our goal is to roll the changes out as quickly as possible, recognizing that some may take more time to put into place. Therefore, the changes will not be immediately available to our borrowers or clients.

Further communications regarding implementation, timelines and specific changes will be delivered from the lines of business as details become available.  Until that time, team members should continue to follow existing policies and processes.

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

The City of Laguna Niguel has purchased property from the County of Orange for a permanent City Hall. The City has leased office space for City hall in a building on La Paz Road since incorporation in 1989. The City currently leases approximately 25,000 square feet of office space, costing the $500,000 a year.

The County decided to pursue the construction of a new South County Courthouse on the existing Laguna Niguel Regional Civic Center Site. That decision set the stage for City and County Staff to collaborate on a new Master Plan for the Regional Civic Center Site that would accommodate a new, expanded Courthouse facility, a permanent City Hall and an expanded Laguna Niguel Branch Library.

The City has taken various steps to determine its long-term office space needs and evaluated permanent City Hall alternatives since then. This took many steps starting with engaging a consultant to assist with an evaluation of City Hall alternatives, completing a Space Planning Study for a permanent City Hall, and conducting surveys to hear from the community.

The City has entered into agreement with the County of Orange to purchase the 4.1 acre site for 4 million. The property is located at the southwest corner of Crown Valley Parkway and Alicia Parkway. The City Council will hold a planning workshop in the near future to discuss the design of the permanent City Hall building and to seek input.

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

For the 22 buisness days ending July 9, Orange County home sales decreased 1.7 percent. The median sales prices fell 26.6 percent. The median is where half the homes sold for more and half for less. Types of homes selling, as well as home value changes cause the median to change.

In Aliso Viejo the median sales home price was $463,500, a 11.7% drop from last year!  The sales volume dropped 8.9%  from '07. In Dana Point the median sales home price was 600,000, a 46.9% drop from last year. The sales volume fropped 37.5 % from '07.

Orange County home prices have dropped 27.4 % in resale homes. New home prices have dropped 6.3 percent since '07.  A year ago the median sales price for a home was 650,000. This year it's at just 477,000.

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

Motagage Interest rates took a huge leap last week. There isn't a single explanation for the rise.

Mortgage rates are being pulled and push by various forces: increasing inflation, all around tighter lending guidelines, a loss of confidence in Fannie Mac and Freddie Mac, and an upcoming election that makes politicians want to take some kind of action.

In Orange County the average rate on a 30-year fixed loans up to the old conforming limit of $417,000 increased to 6.103 percent with a one-point fee fro 6.047 percent a week earlier. And the introductory rate on a similar size 30-year loan fixed for just one year increased to 5.527 percent with a two-point fee from 7.093 percent a week ago.

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 mid April of this year, Laguna Beach had 22 homes in escrow, 332 active listings, and 17 homes closing in escrow at the end of the month. San Clemente had 96 homes in escrow during April of this year, along with 558 active listings and 51 homes closing in escrow at the end of the month.

 

In May of this year Dana Point had 45 homes in escrow, 297 active listings, and 33 homes closing in escrow at the end of the month. Laguna Niguel was having a busier month with 123 homes closing in escrow, 447 active listings, and 63 homes closing escrow at the end of the month.

In June of this year San Juan Capistrano had 80 homes in escrow, 301 active listings, and34 homes closing in escrow at the end of the month. Aliso Viejo had 134 homes in escrow during June of this year, along with 269 active listings, and 62 homes closing in escrow at the end of the month.

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

 

This week Aliso Viejo has 147 homes in escrow, that is 17 more than it had last week and the highest in South Orange County. San Clemente follows in second with 111 homes in escrow, just 3 less than they had the previous week. San Clemente also takes the lead with the most active listings at 539. Laguna Niguel follows in second with 435 active listings this week, 14 more than it had last week. Laguna Beach trails in last with only 30 homes in escrow, but has 367 active listings. Dana Point has 47 homes in escrow and 299 active listings this week. At the end of June, Dana Point had 59 homes in escrow and 294 active listings. San Juan Capistrano follows in with 85 homes in escrow this week, 7 more than it had the previous week. San Juan has averaged around 308 active listings since April of this year. 

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

This Wednesday, the House approved a sweeping plan to ease the country's most serious housing crisis since the Great Depression. How do they plan to do so?  By providing aid to homeowners facing foreclosure and a federal backstop for struggling mortgage giants Fannie Mae and Freddie Mac.

Despite President Bush's opposition to a provision to provide $4 billion to communities to buy and fix up vacant properties, the White House dropped its veto threat and signaled that Bush would infact sign the bill. Hopefully Senate's approval will come by the end of the week.

The measure seeks to stave off foreclosure for 400,000 or more homeowners in part by allowing them to refinance into lower-cost government-insured mortgages, provided lenders agree to take a loss.

It also includes a plan by Treasury Secretary Henry M. Paulson to bolster confidence in Fannie and Freddie by allowing the government to temporarily increase its lending to the federally chartered companies and to buy their stock.

Another provision seeks to stimulate the housing market with about $15 billion in tax breaks, including a tax credit of as much as $7,500 for first-time home-buyers. Of interest to California and other areas with high housing costs, it would permanently raise the cap on mortgages that Fannie Mae and Freddie Mac can buy or guarantee to $625,500.

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