Monarch Beach California Real Estate News & Listings Presented By Prudential California Realtyhttp://www.zensellshomes.comThu, 11 Mar 2010 18:02:51 GMTMortgage Rates Remain LowWill the low interest rates continue ? 

Will they help pick up home sales through 2010 ?

The typical rate that lenders were offering for 30-year home loans slipped below 5% again this week, the mortgage company Freddie Mac said in a survey released Thursday.

The survey asks lenders to report popular combinations of interest rates and points, the upfront fees borrowers pay to offset the cost of issuing the loan and sometimes to "buy down" the rate. The result is intended to reflect what people with good credit and a 20% down payment or home equity could expect to be offered.

For 30-year fixed-rate home loans, the combination this week was an average 4.97% in interest with an average of 0.7% of the loan balance in points, according to the survey, conducted Monday through Wednesday.

The low rates have been engineered by the federal government in response to the deep recession. Not since the 1950s have rates remained so low for so long, said Greg McBride, a senior financial analyst at Bankrate.com, citing data from the National Bureau of Economic Research.

The 30-year fixed loan has bumped around the 5% level since September, falling to a record low of 4.71% in a Freddie survey in December. So far this year, it's been above 5% in six of the weekly surveys and below seven times. It was at 5.05% a week ago.

The 15-year fixed-rate mortgage this week averaged 4.33% with an average of 0.7% in points, down from 4.40% a week ago.

The five-year Treasury-indexed hybrid adjustable-rate loan, which has a fixed rate for the initial five years, averaged 4.11% with 0.6% of the loan balance in points. It averaged 4.16% a week earlier.

Because the Freddie Mac survey assesses lenders' offering prices, mortgage professionals say well-qualified borrowers often negotiate slightly better deals. The rate research website FreeRateUpdate, for example, said rates have held steady this week at 4.75% for a 30-year fixed loan for borrowers paying points of 0.7% to 1.0%.

Despite the low rates and thousands of dollars in special tax credits for home buyers, a report Thursday from the National Assn. of Realtors suggested that demand for housing is lagging. The real-estate group said its index of sales agreements for existing homes fell in January to the lowest level since last April, a trend that "raises concern about the strength of a recovery."

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

 

]]>http://www.zensellshomes.com/Blog/Mortgage-Rates-Remain-Lowhttp://www.zensellshomes.com/Blog/Mortgage-Rates-Remain-LowTue, 09 Mar 2010 14:57:00 GMTShall We Call This....A House a PIRATE Would Love ?Have you ever walked through an OPEN HOUSE for a $1,250,000 home and heard an AGENT say these things ??

“It’ll be the funniest house you’ll see all day.”

“It’s kind of like Big Bear at the beach.”

The homeowner thought the workers were laying the bricks on the fireplace too perfectly and straight, ”so he proceeded to get them drunk.”

“It’s a combination of Knott’s Berry Farm and a mountain cabin in the harbor.”

“Did you see the rock bathroom?”

CLICK on photos for a better look:
.

That octagonal shape in the room with the cave walls and the chandelier covers a hot tub.  Those big chairs in the “River Rock Lounge” in the 4th photo are made of driftwood. The floozy behind the wheel is a sculpture. And check out that toilet.

The 3,000 square foot, 2-bedroom, 1,5 bath cottage, built in 1930, is on a canal in Huntington Harbour.

The owner was initially a horse trader, then later bought an escrow company, the Realtors said. He lived in Los Angeles, but spent weekends here with his children and grandchildren. The house was in the family for about 35 years.

It's kind of a shame to let a place like this go.....

Call me for a private showing:  (949) 922-2200

ZEN

]]>http://www.zensellshomes.com/Blog/Shall-We-Call-ThisA-House-a-PIRATE-Would-Lovehttp://www.zensellshomes.com/Blog/Shall-We-Call-ThisA-House-a-PIRATE-Would-LoveMon, 08 Mar 2010 12:44:00 GMTCA Economy Gains 32,500 Jobs !
 

 

California employers added 32,500 jobs in January, with the construction industry leading the way, the state Employment Development Department reported Friday. But the unemployment rate increased to 12.5 percent from a revised 12.3 percent in January.

Construction gained 16,200 jobs in January, as builders and developers kicked off new projects in the beginning of the year. The Irvine Company, for example, released hundreds of homes for sale in January. Still, California construction employment is down 18 percent since January 2009.

The construction gains may not last long. “It’s definitely encouraging at this point in the state’s recovery, but it’s probably not sustainable,” said Eduardo Martinez, California analyst and senior economist at Moody’s Economy.com. As stimulus funding dries up and the weak housing market continues, he said, the construction industry will likely struggle.

Other industries added jobs as well, including manufacturing, trade and transportation. One area, education and health services, gained jobs over the year — it added 12,400 positions. Health and education jobs are often seen as recession-resistant.

Gains in trade and transportation are great for Southern California, as traffic at the Ports of Long Beach and Los Angeles tends to benefit Orange County employers, said Martinez.

In the U.S., the construction industry lost 64,000 jobs in January, according to U.S. Department of Labor statistics released Friday. The U.S. unemployment rate was reported at 9.7 percent in January, unchanged from December.

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

 



]]>http://www.zensellshomes.com/Blog/CA-Economy-Gains-32500-Jobshttp://www.zensellshomes.com/Blog/CA-Economy-Gains-32500-JobsFri, 05 Mar 2010 00:00:00 GMTORANGE COUNTY....THE HOTTEST HOUSING MARKET ?As reported by the OC REGISTER

Orange County, the nation’s best housing market? But, yes, that’s what the Federal Housing Finance Agency’s freshest data shows.

Of course, nothing FHFA does — that’s the old “OFHEA” math for the serious home-stats fan — is ever simple. So hold on, but here’s what FHFA’s fourth-quarter report says:

  • Orange County home values — by one FHFA index that derives values from purchase records — rose 6.38% in 2009.
  • That’s tops among the 25 major U.S. markets tracked by this methodology. Yes, O.C. is No. 1! We’re followed by Denver (+5.48%); Houston (+3.71%); and Pittsburgh (+3.26%).
  • By the way, that 2009 gain for O.C. still left local prices off 10.15% for the past five years, according to this math.
  • FHFA also tracks home prices with an index that includes both purchase info as well as values from appraisals included mortgage refinancings. That index shows O.C. home prices down 2.18% in 2009. That ranked O.C. 111th out of 299 markets tracked nationwide.
  • Curiously — even with the 2009 variances — this purchase/appraisal index shows O.C. values off 10.07% in five years.

Critics question the FHFA math because their underlying data comes from the files of government-backed, mortgage giants Fannie Mae and Freddie Mac that FHFA regulates. Loans that Fannie and Freddie control are typically for smaller dollars, so the FHFA index may miss some of their activity in the higher-priced (and currently weakened) slice of the local market.

Still, it’s curious that either way you look at FHFA math … Orange County’s long-suffering housing market ended 2009 as an above-average performer — maybe even the top dog.

PS: How does FHFA index — it’s not a median — work? It’s “a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975. The HPI is updated each quarter as additional mortgages are purchased or securitized by Fannie Mae and Freddie Mac. The new mortgage acquisitions are used to identify repeat transactions for the most recent quarter and for each quarter since the first quarter of 1975.”

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

 

]]>http://www.zensellshomes.com/Blog/ORANGE-COUNTYTHE-HOTTEST-HOUSING-MARKEThttp://www.zensellshomes.com/Blog/ORANGE-COUNTYTHE-HOTTEST-HOUSING-MARKETWed, 03 Mar 2010 10:47:00 GMTIs South Orange County REAL ESTATE on the road to Recovery ?ARE ORANGE COUNTY HOME SALES AND PRICES ON THE RISE ?

Take a look at the statistics for the month of JANUARY 2010.

  • Sales counts in all Orange County beach towns ran +17% vs. a year ago.
  • Countywide, it was +8% vs. a year earlier.
  • The sales-weighted average of median price changes in South Coast ZIPs was  -15% vs. a year ago.
  • Price change in all Orange County beach towns ran +7% vs. a year ago.
  • Countywide, it was +15% vs. a year earlier.

    • It looks encouraging for South Orange County home owners:

    TownZIPMedian priceYear’s chg.SalesYear’s chg.
    Dana Point 92624 $552,500 +36.4% 6 +20.0%
    Dana Point 92629 $525,000 -19.5% 23 +27.8%
    San Clemente 92672 $642,500 +12.7% 31 +72.2%
    San Clemente 92673 $612,000 -2.4% 30 +7.1%
    San Juan Capo 92675 $254,000 -19.4% 31 +3.3%
    All beach towns   $682,500 +6.9% 324 +16.5%
    Total O.C.   $425,000 +14.9% 2,142 +7.7%

    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

     

    ]]>    http://www.zensellshomes.com/Blog/Is-South-Orange-County-REAL-ESTATE-on-the-road-to-Recoveryhttp://www.zensellshomes.com/Blog/Is-South-Orange-County-REAL-ESTATE-on-the-road-to-RecoveryMon, 01 Mar 2010 11:01:00 GMT    Laguna Beach Home Sales up 21% over 2009As Reported by Kelly Hart, OC Register

    Here are the sales trends that appear from DataQuick’s freshest homebuying stats showing Laguna Beach homebuying patterns for calendar month January…

    • Homebuying +21% vs. a year ago.
    • Sales counts in all Orange County beach towns ran +17% vs a year ago. Countywide, it was +3% vs. a year earlier.
    • Laguna Beach’s median selling price was $1,125,000 – that’s +165% vs. countywide pricing.
    • A year ago, that Laguna Beach home-price “premium” was 81% vs. the countywide median selling price.
    • For a detailed report on countywide price moves, CLICK HERE!

    Here’s a look at how Laguna Beach compares to all Orange County beach town trends and countywide totals for homebuying and median selling prices:

    TownMedian priceYear’s chg.SalesYear’s chg.
    Laguna Beach $1,125,000 +67.9% 17 +21.4%
    All beach towns $676,500 +7.3% 288 +16.6%
    Total O.C. $425,000 +14.9% 1,867 +3.4%

    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

     

    ]]>    http://www.zensellshomes.com/Blog/Laguna-Beach-Home-Sales-up-21-over-2009http://www.zensellshomes.com/Blog/Laguna-Beach-Home-Sales-up-21-over-2009Fri, 26 Feb 2010 15:32:00 GMT    Helpful Hints for SELLERS ! Getting Your Home Ready to Sell !Getting Ready To Sell

    When selling a house, owners do not necessarily need to make expensive upgrades and renovations on their home to improve their chances at a quick sell. The simple task of cleaning the outside and inside is one of the best ways to perk up the appearance of a house. Maybe a little paint here, a few minor repairs there and it has a completely new look.

    First Impressions

    When a potential buyer is introduced to your house, the exterior is the first thing seen. Is the front door scuffed and in need of a facelift? Outer doors, walls and shutters need a good cleaning, and sometimes a fresh coat of paint. If the front door is in really bad shape, consider replacing it.

    Use a pressure washer to clean away dirt, mildew and oil stains on walks, driveways and exterior walls. Also give porches, decks and fences a good scrubbing. Some hardware or home improvement stores offer rental equipment for the do-it-yourselfer, or hire a cleaning service. Check windows and screens for damage, and repair or replace these before showing the house. Cracked or broken sidewalks and driveways should also be repaired.

    Sprucing Up

    Take a good look at your landscaping. How does it compare to your neighbor or the rest of the neighborhood? Add a splash of color by planting flowers or small shrubs. Keep the lawn mowed and neatly trimmed. Rake up leaves and grass cuttings, and prune trees and hedges. These little touches do not have to be expensive, and can noticeably brighten the outside of your house.

    Sometimes houses are shown in the evenings. Do outside lights work? Is the house number clearly visible? Remember to keep garage doors shut and trash cans out of sight. Small details can make a big difference.

    Less is Better

    Once inside the house, the key is less is better. As the owner, you are trying to sell a house; potential buyers are looking for a home. That means you have to de-personalize your house by getting rid of clutter so buyers can better visualize how they would give the house their own personality.

    Remove personal photos, pack away that collection of state spoons, and take down all those sports trophies and school memorabilia. Not everyone is a fan of the same team. Put any valuables out of sight. Rent a storage unit and finally clean out the garage, attic and overflowing closets. Use this as an opportunity to begin packing or plan a yard sale to offset the cost of improvements.

    Clear off kitchen counters and empty cabinets. Clean the outside and inside of ovens, refrigerators and dishwashers, especially if these appliances stay with the house. Keep the dishwasher, clothes dryer and washer, and trash cans empty. Do not hide dirty dishes or clothes in the washers.

    Clean, Repair, Replace

    Check doors and doorknobs, windows, lighting fixtures and electrical outlets, and faucets to make sure they are all in good shape and functional. Repair any damaged bathroom or floor tiles, or cracks in walls and ceiling. Replace any worn or stained carpet, and torn or peeling wallpaper.

    Take the opportunity to do a complete floor to ceiling cleaning. Sweep out cobwebs from corners, get rid of "dust bunnies" under beds and other furniture, wash windows, walls and floors, and shampoo carpets. You could use the money earned from your "de-cluttering" yard sale to hire a professional cleaning service.

    Remember not everyone likes cranberry or royal blue walls. Consider painting interiors walls a more neutral color. Replace elaborate window treatments with plain drapes or curtains.

    The Little Things

    Remember the little things like making beds, putting out matching towels in the bathrooms, setting the thermostat on a comfortable setting, and keeping lights on and blinds or drapes open.

    Smokers, pet owners and parents with infants need to recognize that, while resulting odors may have become unnoticeable to you, they are not undetectable to potential buyers. Consider smoking outside while you are trying to sell your house. Clean litter boxes daily and keep dogs outside as much as possible. Throw away diapers in an outside container immediately. Use air freshener or light scented candles. Bake a batch of cookies or homemade bread on days of showing.

    Enlist the help of a friend to "inspect" your house as a prospective buyer might. Encourage honest feedback on what improvements you could make to help the sale of your house. Most upgrades do not need to be costly and, in many cases, expensive renovations do not give a good return on your investment. Potential buyers should be able to see how great your house is and not try to imagine what it would be like with "a little work."

    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

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    ]]>    http://www.zensellshomes.com/Blog/Helpful-Hints-for-SELLERS-Getting-Your-Home-Ready-to-Sellhttp://www.zensellshomes.com/Blog/Helpful-Hints-for-SELLERS-Getting-Your-Home-Ready-to-SellThu, 25 Feb 2010 13:05:00 GMT    Top 5 Most Affordable U.S. Housing MarketsHow affordable or unaffordable is it to buy a home?

    Well, it depends heavily on the part of the country where the buyer chooses to live.

    Earning the U.S. median income of $64,000 a year is enough to allow buyers to purchase 70.8 percent of all homes sold in the country during the last three months of 2009, according to a joint report from the National Association of Home Builders and Wells Fargo.

    But some parts of the country are a lot more affordable than others. Here are five major housing markets that housing analysts judge to be the most affordable major markets in the country.
    · Indianapolis
    · Detroit
    · Dayton, Ohio
    · Youngstown, Ohio
    · Akron, Ohio

    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

     

     

    ]]>    http://www.zensellshomes.com/Blog/Top-5-Most-Affordable-US-Housing-Marketshttp://www.zensellshomes.com/Blog/Top-5-Most-Affordable-US-Housing-MarketsTue, 23 Feb 2010 10:09:00 GMT    Loan Modifications: Are They Acquirable with Your Lender ?Foreclosure Prevention Has Aided 116,000 Nationwide

     
    The federal foreclosure prevention program has helped about 12 percent of borrowers who applied for help since the plans were announced a year ago, the Treasury Department says.

    About 1 million borrowers initiated the application process, and as of January, about 116,000 home owners--12 percent--had their loans modified. But administration officials say another 76,000 applications have been approved and are awaiting signatures.

    Another 830,500 home owners are currently in a trial modification review period during which banks make sure payments are feasible for the borrower and ensure the qualifications of the assistance program are met.

    For those who qualify, the Home Affordable Modification Program brings monthly loan payments down to 31 percent of home owners' pre-tax income.

    Nearly 60,500 people have been denied permanent modifications.

    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

     

    ]]>    http://www.zensellshomes.com/Blog/Loan-Modifications-Are-They-Acquirable-with-Your-Lenderhttp://www.zensellshomes.com/Blog/Loan-Modifications-Are-They-Acquirable-with-Your-LenderMon, 22 Feb 2010 10:29:00 GMT    SHORT SALE Assistance Coming to Sellers....According to the most recent REALTORS® Confidence Index, buyers continue to be discouraged with the extended short sale process, which frequently results in foreclosures that could have been prevented.

    New resources from the National Association of REALTORS® aim to help REALTORS® and consumers successfully navigate the short sale process to help more home owners avoid foreclosure.

    “Our members report that short sales are often riddled with delays and red tape,” said NAR President Vicki Cox Golder. “NAR has worked tirelessly to provide REALTORS® with the resources they need to navigate short sale transactions, as well as provide guidance on helpful government programs designed for home owners facing the process.”

    On April 5, 2010, the U.S. government will implement the Home Affordable Foreclosure Alternatives Program (HAFA). Part of the Home Affordable Modification Program, HAFA helps home owners who are unable to retain their home under HAMP by simplifying and streamlining the use of short sales and deeds-in-lieu of foreclosures. Home owners must meet certain requirements to participate, and incentive payments are provided to home owners and servicers.

    For more information, call me directly:  (949) 922-2200

    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

     

    ]]>    http://www.zensellshomes.com/Blog/SHORT-SALE-Assistance-Coming-to-Sellershttp://www.zensellshomes.com/Blog/SHORT-SALE-Assistance-Coming-to-SellersFri, 19 Feb 2010 14:03:00 GMT    FORECLOSURE Notices are DECLINING in Orange County

    With hundreds of thousands of California homeowners in foreclosure a

    stalemate continues as only a small percentage reach the end of the process through cancellation or sale and the time to foreclose increases. Once again the raw numbers fail to tell the story on foreclosure activity due to the difference in number of business days in January (19) vs. December (22). On a daily average basis foreclosure activity increased on all fronts.

    “With delinquent payments rising, foreclosures slowing, and foreclosure alternatives failing,” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com, “it appears the foreclosure crisis will be with us for many years to come”.

     

     

    After significant declines in December, Foreclosure Filings were slightly lower overall in January. With only 19 days that notices could be recorded in January, compared to 22 in December, foreclosure notice filings actually increased on a daily average basis with Notice of Default filings increasing by 9.5 percent from December, and Notice of Trustee Sale filings increasing by 10.3 percent.

     In ORANGE COUNTY alone the amount of Notice Of Defaults' filed from JANUARY 2009 compared to JANUARY 2010 dropped approximately 25%.

    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

     

    ]]>    http://www.zensellshomes.com/Blog/FORECLOSURE-Notices-are-DECLINING-in-Orange-Countyhttp://www.zensellshomes.com/Blog/FORECLOSURE-Notices-are-DECLINING-in-Orange-CountyThu, 18 Feb 2010 11:34:00 GMT    'ALL CASH' HOME PURCHASES ON THE RISE !Cash deals accounted for 28.9% of all Southern California home sales in January; the highest level in the 22 years !

    • All-cash transactions accounted for an average of 13.9% of all home purchases since 1988, DataQuick reported.
    • Such transactions trended upward in recent months, however, due to the continued impact of the credit crisis and competition among homebuyers for lower-priced homes.
    • In addition, home sellers tend to prefer all-cash deals to avoid the risk that a lender’s appraisal will kill the sale by coming in lower than the purchase price.
    • DataQuick tracks the number of buyers who appear to be paying cash for a home by counting the number of transactions in which there are no records of a purchase loan.
    • DataQuick reported also that home flipping trended higher in January, when 3.5% of the homes sold had been through a prior transaction within the previous six months.
    • Regionwide, median home prices were $271,500, up 8.6% last month from the year before but down 6.1% from December.
    • Southern California recorded 15,361 home sales , up 0.9% from the year before but down 31.2% from the previous month.
    ]]>    http://www.zensellshomes.com/Blog/ALL-CASH-HOME-PURCHASES-ON-THE-RISEhttp://www.zensellshomes.com/Blog/ALL-CASH-HOME-PURCHASES-ON-THE-RISETue, 16 Feb 2010 13:38:00 GMT    HAPPY VALENTINE'S DAY TO ALL !Wishing everyone a Happy and Blessed Valentine's Day this weekend !

    Spend the day with that SOMEONE SPECIAL and be thankful you have them to LOVE !

    Thank you to all my CLIENTS and FRIENDS for all your support ~

    ZEN

    www.zensellshomes.com

     

    ]]>    http://www.zensellshomes.com/Blog/HAPPY-VALENTINES-DAY-TO-ALLhttp://www.zensellshomes.com/Blog/HAPPY-VALENTINES-DAY-TO-ALLFri, 12 Feb 2010 14:59:00 GMT    Orange County JANUARY Bankruptcies Highest of the Decadereported by Jan Norman, small-business columnist, OC Register

    Bankruptcy filings by Orange County individuals and businesses hit a decade high for January, according to new data from the U.S. Bankruptcy Court Central District of California.

    Source: U.S. Bankruptcy Court

    Source: U.S. Bankruptcy Court

    The highest monthly number of filings ever in the Orange County court in Santa Ana was 4,214 in October 2005 just before federal bankruptcy laws changed making it more difficult to discharge all debts through the bankruptcy courts.

    But January’s filings are a continuation of the troubles Orange County residents and small businesses have had since the housing bubble burst and the long and deep recession that pushed the local unemployment rate as high as 9.8%. In December it was 9.1%.

    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

     

    ]]>    http://www.zensellshomes.com/Blog/Orange-County-JANUARY-Bankruptcies-Highest-of-the-Decadehttp://www.zensellshomes.com/Blog/Orange-County-JANUARY-Bankruptcies-Highest-of-the-DecadeThu, 11 Feb 2010 15:02:00 GMT    Orange County Coast Cities Seeing INCREASED Distressed SalesMost of our south Orange County Coast cities went against the grain and reflected the opposite of the countywide trend by seeing an increase in distressed properties for sale.

    Two weeks ago, Dana Point’s percentage of short sales and foreclosures was 24.7%, which has risen just slightly to 24.8%.

    Laguna Beach also saw a slight increase in distressed properties. The percentage of short sales and foreclosures rose from 9% two weeks ago to 9.3%.

    CityListedDistressed%
    Dana Point 234 58 24.8
    Laguna Beach 300 28 9.3
    San Clemente 343 107 31.2
    Talega 61 35 57.4

    San Clemente, however, saw a decrease in distressed properties for sale. The city’s stock of distressed properties for sale dropped from 32.8% to 31.2%.

    Talega’s distressed properties increased too - two weeks ago the percentage of distressed homes in this large community was 52.4%, which has risen substantially to 57.4%.

    Countywide, the percentage of short sales and foreclosures dropped from 34.8% to 33.7%.  That does not mean that there are fewer distressed homes coming on the market; rather, it means that the increased demand is eating up the active distressed inventories. Over the past month, the number of distressed and non-distressed homes to hit the market has been increasing, but many are going off the market as pending sales just as quickly as they are coming on.

    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

     

    ]]>    http://www.zensellshomes.com/Blog/Orange-County-Coast-Cities-Seeing-INCREASED-Distressed-Saleshttp://www.zensellshomes.com/Blog/Orange-County-Coast-Cities-Seeing-INCREASED-Distressed-SalesTue, 09 Feb 2010 00:00:00 GMT    WOULD YOU WALK AWAY FROM YOUR MORTGAGE ? Let's discuss it....As reported by Marilyn Kalfus with the OC Register, February 7, 2010

    When a home’s value falls below 75% of the amount owed, a homeowner starts to think seriously about just walking away, even if he or she has the money to keep up payments, according to a recent story in the New York Times.

    By the Fall of 2009, it states, about 4.5 million homeowners had reached that threshhold, with their home’s value dropping below 75% of the balance. By June, that number is expected to increase to 10% of all homeowners with mortgages.

    A mortgage broker from Scottsdale, Ariz., tells the Times that he’s already advised some 60 people to walk away. An economist argues that people should be held accountable for the contracts they sign. And the story spells out the perils, including botched credit scores and how that could affect the view of, say, prospective employers. 

    What do you think? Would you strategically default if you found yourself  underwater by that amount?

    Please feel free to comment and I'd like to open up a discussion regarding this situation.....

    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

     

    ]]>    http://www.zensellshomes.com/Blog/WOULD-YOU-WALK-AWAY-FROM-YOUR-MORTGAGE-Lets-discuss-ithttp://www.zensellshomes.com/Blog/WOULD-YOU-WALK-AWAY-FROM-YOUR-MORTGAGE-Lets-discuss-itMon, 08 Feb 2010 00:00:00 GMT    ATTN: RENTERS.....It's Time To Buy !Are you looking for the perfect Orange County home ?.....You may want to step up and BUY soon....

    According to the NAHB: (National Association of Home Builders)

    • Tight credit is hampering efforts to start new rental housing construction, which takes about two to three years to complete.
    • A large number of “Generation Y” professionals, or professionals born in the mid-1970s or later, are expected to enter the housing market soon, as are other types of newly formed households. Apartments and condos often are the most attractive form of housing for this group.
    • Industry experts expect the number of tenants to outstrip the supply of rental units by mid-2011, with increasing shortages through 2014.
    • This shortage likely will increase rents by as much as 8% to 10% per year in 2011 and 2012 and by 4% to 7% per year through 2015.

    Apartment developers warned recently that a shortage of rental units could hit the nation as soon as mid-2011, driving rents up by as much as 10 percent a 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

     

     

    ]]>    http://www.zensellshomes.com/Blog/ATTN-RENTERSIts-Time-To-Buyhttp://www.zensellshomes.com/Blog/ATTN-RENTERSIts-Time-To-BuyThu, 04 Feb 2010 15:00:00 GMT    If CALAMARI....Come to Dana Point HarborIf you like CALAMARI, grab a fishing rod and head down to Dana Point Harbor !

    Ninety anglers on two boats from Dana Wharf Sportfishing out of Dana Point harbor Monday night hauled in 530 Humboldt squid, including the largest one – a 55-pounder.

    "What was most shocking to me was the volume of squid," said Dana Wharf Capt. Jack VanDyke. "There is a tremendous amount of squid out there. I just had to go out to the canyon where the (water drops) from 100 to 600 feet. The squid are just hanging out there."

    Dana Wharf's telephone lines have been jammed with anglers angling to get on boats and the business says it will put as many boats as needed to get the fishermen out for the daily squid runs at 5:30 p.m., as long as the Humboldt squids are in local waters.

    The Register's Sciencedude Gary Robbins reported on his blog that the influx began Friday, which is also when the phones at local sportfishing outlets started ringing off the hook.

    Chris Cunningham, manager of Davey's Locker Sportfishing in Newport Beach told Robbins that the catch could be a one day thing. Humboldt squid — which are also called jumbos — are a here today, gone tomorrow creature. (Read Robbins' full post about the catch for anglers in Newport Beach.)

    Dana Wharf officials recommend taking only as many Humboldt squid that you can consume.

    There is no limit on the number of squid a person or boat can catch, said spokeswoman Roxann Pope.

    "Dana Wharf promotes taking only what you will eat which is generally 4-5 per person," she said. "Dana Wharf also only allows cleaned and prepared squid to be removed from the boat. We clean the squid on the boat so the carcass can be cast back into the ocean to feed the bottom dwellers. This helps to ensure people only take what they'll eat."

    Another trip on Sunday took 39 anglers in Dana Point harbor, who also caught a full boat of the Humboldts.

    And, 41 anglers, who went on a special squid run on Saturday with Dana Wharf, reeled in more than 200 Humboldt squid – all weighing 20 to 30 pounds each, according to a news release.

    "We had our limits within two hours – the giant squid were everywhere," Dana Wharf Capt. Corey Lieser said.

    The squid are fished for at night, when it's easier to lure them with lights, the news release said.

    "The light causes the plankton (consisting of drifting organisms) the squid feed on to shine, which causes the squid to rise to the surface to feed, making them easier to catch," said Lieser in a statement.

    The Humboldt squid have been showing up in our local waters since 1983, according to Dana Wharf Sportfishing.

    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

     

     

     

    ]]>    http://www.zensellshomes.com/Blog/If-CALAMARICome-to-Dana-Point-Harborhttp://www.zensellshomes.com/Blog/If-CALAMARICome-to-Dana-Point-HarborTue, 02 Feb 2010 13:28:00 GMT    SELLERS: Thinking of Offering "Seller Carryback Financing?"BEFORE YOU DO, you should know the definition:

    An owner carry-back is when a seller takes a portion of their equity in the form of a second trust deed, deferring payment of that equity until a later date and collecting interest payments from the buyer. 

    After speaking with various mortgage brokers in Orange County; it has been mentioned that there are INCREASING amounts of OWNER FINANCING/CARRYBACK loans on homes offered for sale.  Since the financial institutions have halted 2nd Trust Deeds for the most part; some SELLERS are stepping up to help sell their homes.

     

    The guidelines for owner carry-backs are pretty simple. 
     
    FHA    : First, they are not allowed on new FHA financing; however a seller with an existing FHA loan may sell to a buyer who assumes the existing FHA mortgage and the seller may carry back a portion of the remaining equity. 
     
    Conventional: Fannie Mae and Freddie Mac allow seller carry-back financing as part of a purchase transaction.  The maximum combined loan to value can be up to 95% depending on FICO score, but many lenders put on an overlay reducing the maximum to 90%.  The maximum first trust deed, or primary mortgage, from the lender cannot exceed 80% loan to value.  So the typical transaction is 10% down, 10% seller carry-back and an 80% new primary mortgage.
     
    The terms on the note to the seller must have a minimum monthly payment of interest only.  The interest rate must be “consistent with the market”, i.e. no zero interest notes.  The loan term must be for at least five years, if shorter the buyer must demonstrate ability to pay off the loan as part of the approval.  For example if a seller carries back a $50,000 for three years, the buyer must show they will have at least $50,000 in liquid assets after the close of escrow.  The note must be recorded through escrow as part of the transaction.
     
    Benefits: To the buyer the benefit of an owner carry-back is the opportunity to avoid mortgage insurance without putting 20% down.  Or if the buyer is anticipating a large amount of cash in the near future, perhaps the closing of another property, settlement of an estate, annual bonus, the buyer can pay off the note early and have a smaller remaining primary loan.
     
    To the seller the benefits are supplemental income from the interest payment and/or securing a buyer for their property in a difficult market. 
     
    Risks: The biggest risk to the buyer is the balloon payment that is typical with seller carry-backs.  Will you have the funds or ability to pay off the note when due in 5 years? 

    If you have any questions on this option, please call me: (949) 922-2200

    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

     

    ]]>    http://www.zensellshomes.com/Blog/SELLERS-Thinking-of-Offering-Seller-Carryback-Financinghttp://www.zensellshomes.com/Blog/SELLERS-Thinking-of-Offering-Seller-Carryback-FinancingMon, 01 Feb 2010 13:05:00 GMT    Choosing A REALTOR to Effectively Market and SELL your Home

    ]]>    http://www.zensellshomes.com/Blog/Choosing-A-REALTOR-to-Effectively-Market-and-SELL-your-Homehttp://www.zensellshomes.com/Blog/Choosing-A-REALTOR-to-Effectively-Market-and-SELL-your-HomeThu, 28 Jan 2010 09:45:00 GMT