Friday, March 26, 2010

Aliso Viejo Market Update

This is a statistical report for Active for Sale and Sold homes and condos in Aliso Viejo . This report is brought to you by the professional realtors at Equinox Real Estate Group in Orange County, CA. Average price per square foot for Aliso Viejo CA was $270, a decrease of 0.4% compared to the same period last year. The median sales price for homes in Aliso Viejo CA for Dec 09 to Feb 10 was $365,000 based on 224 home sales. Compared to the same period one year ago, the median home sales price decreased 6.4%, or $25,000, and the number of home sales increased 34.1%.

There are currently 316 resale and new homes in Aliso Viejo on Trulia, including 4 open houses, as well as 233 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Aliso Viejo CA was $446,360 for the week ending Mar 17, which represents an increase of 2%, or $8,826, compared to the prior week.

Thursday, March 25, 2010

Fountain Valley Market Update

This is a statistical report for Active for Sale and Sold homes and condos in Fountain Valley . This report is brought to you by the professional realtors at Equinox Real Estate Group in Orange County, CA. Average price per square foot for Fountain Valley CA was $309, an increase of 5.1% compared to the same period last year. The median sales price for homes in Fountain Valley CA for Dec 09 to Feb 10 was $545,000 based on 103 home sales. Compared to the same period one year ago, the median home sales price increased 0.9%, or $5,000, and the number of home sales decreased 5.5%.

There are currently 142 resale and new homes in Fountain Valley on Trulia, including 122 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Fountain Valley CA was $514,460 for the week ending Mar 17, which represents an increase of 1.1%, or $5,839, compared to the prior week.

Wednesday, March 24, 2010

Santa Ana Market Update

This is a statistical report for Active for Sale and Sold homes and condos in Santa Ana . This report is brought to you by the professional realtors at Equinox Real Estate Group in Orange County, CA. Average price per square foot for Santa Ana CA was $245, an increase of 7.9% compared to the same period last year. The median sales price for homes in Santa Ana CA for Dec 09 to Feb 10 was $258,000 based on 752 home sales. Compared to the same period one year ago, the median home sales price increased 7.5%, or $18,000, and the number of home sales decreased 30.9%.

There are currently 787 resale and new homes in Santa Ana on Trulia, including 4 open houses, as well as 1,222 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Santa Ana CA was $323,532 for the week ending Mar 17, which represents an increase of 0.8%, or $2,543, compared to the prior week. Popular neighborhoods in Santa Ana include Riverview West and Eastside, with average listing prices of $272,810 and $245,937.

Tuesday, March 23, 2010

Tustin Market Update

This is a statistical report for Active for Sale and Sold homes and condos in Tustin . This report is brought to you by the professional realtors at Equinox Real Estate Group in Orange County, CA. Average price per square foot for Tustin CA was $264, an increase of 26.9% compared to the same period last year. The median sales price for homes in Tustin CA for Dec 09 to Feb 10 was $430,000 based on 206 home sales. Compared to the same period one year ago, the median home sales price increased 22.1%, or $77,701, and the number of home sales decreased 3.7%.

There are currently 271 resale and new homes in Tustin on Trulia, including 6 open houses, as well as 221 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Tustin CA was $548,207 for the week ending Mar 17, which represents an increase of 0.4%, or $1,999, compared to the prior week.

Monday, March 22, 2010

Irvine Market Update

This is a statistical report for Active for Sale and Sold homes and condos in Irvine . This report is brought to you by the professional realtors at Equinox Real Estate Group in Orange County, CA. Average price per square foot for Irvine CA was $345, an increase of 3.3% compared to the same period last year. The median sales price for homes in Irvine CA for Dec 09 to Feb 10 was $545,582 based on 472 home sales. Compared to the same period one year ago, the median home sales price increased 1.9%, or $10,332, and the number of home sales increased 27.6%.

There are currently 1,034 resale and new homes in Irvine on Trulia, including 16 open houses, as well as 421 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Irvine CA was $844,640 for the week ending Mar 17, which represents a decrease of 0.4%, or $3,460, compared to the prior week. Popular neighborhoods in Irvine include Woodbridge and Northwood, with average listing prices of $591,885 and $488,094.

Sunday, March 21, 2010

Updated List of Irvine Homes Going to Auction

Nineteen more Irvine homes are now in default on loans and scheduled to go to auction, according to legal notices printed March 11th. Among them is a million dollar home in Turtle Ridge. Below are some highlights of the houses up for auction.

58 Cezanne, sold in 2004 for $1.2 million, is up for auction. Photo courtesy of Redfin

58 Cezanne,Turtle Ridge

  • Amount owed: $2,186,850.20
  • Last sale: April 2004, $1,262,500
  • Auction date & time: April 15 at 3 p.m.
  • Location: Front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana
  • Trustee sale #:08-0046599
  • Information: 714-908-4114

44 Tangelo #298, Oak Creek

  • Amount owed: $318,914.45
  • Last sale: Dec. 2005, $380,500
  • Auction date & time: April 7 at3 p.m.
  • Location: On the front steps to the entrance of the Orange Civic Center, 300 East Chapman, Orange CA
  • Trustee sale #: 20099070824175
  • Information:714-908-4114

320 Dewdrop, Quail Hill

  • Amount owed: $480,532.53
  • Last sale: Feb. 2006, $570,000
  • Auction date & time: April 7 at 3 p.m.
  • Location: On the front steps to the entrance of the Orange Civic Center, 300 East Chapman, Orange CA
  • Trustee sale #: 4330375
  • Information: 714-908-4114

28 Yorktown, Northwood

  • Amount owed: $149,713.95
  • Last sale: Sept. 1993, $255,000
  • Auction date & time: April 8 at 10 a.m.
  • Location: In front of the flagpoles at Placentia Civic Center, 401-411 E. Chapman Ave.
  • Trustee sale #: 08-74368
  • Information: 714-908-4114

7 Fox Chase, Oak Creek

  • Amount owed: $955,095.96
  • Last sale: March 1999, $487,000
  • Auction date & time: April 7 at10 a.m.
  • Location: In front of the flagpoles at Placentia Civic Center, 401-411 E. Chapman Ave.
  • Trustee sale #: 20090187413905
  • Information: 714-908-4114

12 Santa Rida, Westpark

  • Amount owed: $892,066.72
  • Last sale: June 2004, $978,000
  • Auction date and time: April 15 at 3 p.m.
  • Location: Front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana.
  • Trustee sale #: 09-0085704
  • Information: 714-908-4114

114 Weathervane, Quail Hill

  • Amount owed: $642,383.36
  • Last sale: June 2004, $856,000
  • Auction date & time: April 8 at noon
  • Location: Front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana.
  • Trustee sale #: CA-08-166383
  • Information: 714-908-4114

149 Streamwood, Northwood

  • Amount owed: $198,699.23
  • Last sale: Sept. 2001, $103,000
  • Auction date & time: April 7 at noon.
  • Location: Front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana.
  • Trustee sale #: CA-09-331879
  • Information: 714-908-4114

12 Huckleberry, Oak Creek

  • Amount owed: $548,941.29
  • Last sale: Aug. 2006, $589,000
  • Auction date & time: April 8 at noon
  • Location: Front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana.
  • Trustee sale #: CA-08-177594
  • Information: 714-908-4114

604 Solvay Aisle, Westpark

  • Amount owed: $201,370.26
  • Last sale: Nov. 1996, $120,000
  • Auction date & time: April 15 at noon.
  • Location: Front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana.
  • Trustee sale #: 09-0176980
  • Information: 714-908-4114

5 Southhampton, Northwood

  • Amount owed: $438,952.59
  • Last sale: Aug. 2007, $535,000
  • Auction date & time: April 7 at noon.
  • Location: Front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana.
  • Trustee sale #: 805-057809
  • Information: 714-908-4114

20 Asbury, West Irvine

  • Amount owed: $714,581.31
  • Last sale: Dec. 2005, $855,000
  • Auction date & time: April 7 at10 a.m.
  • Location: In front of the flagpoles at Placentia Civic Center, 401-411 E. Chapman Ave.
  • Trustee sale #: 1255649-14
  • Information: 714-908-4114

Saturday, March 20, 2010

6,000 new units planned for Irvine urban core

IRVINE – The latest proposal for the Irvine Business Complex would bring 6,000 new housing units, $72 million in infrastructure improvements and new park space to the community's urban core.

City officials have released the latest version of the at-times controversial Irvine Business Complex "Vision Plan," which they hope will provide a roadmap for turning a more than 2,000-square-foot swath of industrial and business space near John Wayne Airport into a cutting-edge mixed used environment.

If approved, the latest iteration of the vision plan would increase the number of housing units allowed in the Irvine Business Complex from a little more than 9,000 to 15,000 units, with a state bonus for providing affordable housing potentially adding another 2,000 units. The increase in housing would be offset by decreases in the amount of planned office space, according to staff reports.

To lessen the impact of new developments, the vision plan calls for a new community park somewhere south of the 405 Freeway, along with at lease six smaller neighborhood parks, new trails and bikeways. For additional green space, officials are hoping to introduce a new "urban park" category to the city code, covering amenities such as courtyards and roof gardens.

The vision plan also calls for $72 million in infrastructure improvements, including pedestrian bridges over several busy roadways, a creek walk along San Diego Creek, shuttle service and a potential library and parking structure.

Environmental studies of the Irvine Business Complex plan determined that it would have a "significant and unavoidable" impact on nearby roads, necessitating improvements at more than 20 Irvine, Costa Mesa, Newport Beach and Santa Ana intersections.

The Irvine Community Services Commission on Wednesday became the first city commission to look over the updated vision plan. The four commissioners present at the meeting were deadlocked on whether to support the plan, leading to a 2 to 2 vote.

Community Services Commissioner Carol Liittschwager, who voted against the plan, said she wanted staffers to look into creating more open space on the north side of the 405 Freeway.

"You need a little visual relief," Liittschwager said.

The Irvine Planning Commission will next to weigh-in on the vision plan before it ultimately reaches the City Council.

Irvine's nearly two decade-long effort to transform the Irvine Business Complex into neighborhoods where residents can both live and work drew legal challenges from neighboring cities and local businesses, who worried that the influx of new residents would overwhelm the area.

Irvine in recent months has largely settled the legal challenges, paying Newport Beach $3.6 million to fund road improvements, and agreeing to look into creating a buffer around Allergan Inc.'s Irvine Business Complex facilities. Settlement talks between the cities of Irvine and Tustin are reportedly still underway.

Even as city leaders lay the groundwork for Irvine Business Complex growth, developers are taking a wait and see attitude toward new projects. Irvine officials say they haven't received any new development applications for the area during the past year,

There are signs of life for Irvine Business Projects, however, with Lennar Corp. recently announcing plans to resume sales for its long-mothballed Central Park West development near the intersection of Jamboree Road and the 405 Freeway.

By SEAN EMERY
THE ORANGE COUNTY REGISTER

Thursday, March 18, 2010

Irvine Home Sales up in February

For the 22 business days ending February 25 – DataQuick’s freshest homebuying stats — these sales trends appear in Irvine ZIPs …

• Citywide sales totaled 175 – that’s +47% vs. a year ago. Countywide, sales were +6% vs. a year ago.

• Of the Irvine’s 8 ZIP codes, 8 had sales gains vs. a year ago while 6 had a gain in their median selling price vs. a year ago.

• 4 of these 8 ZIP codes beat the 12.3% overall performance of the countywide median for the past year.

Wednesday, March 17, 2010

Update:Irvine Homes going into Auction

18 Mirror Lake #30, El Camino Real

  • Amount owed: $440,689.56
  • Last sale: March 2005, $445,000
  • Auction date & time: April 1 at noon
  • Location: Front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana
  • Trustee sale #:09-35148-FF-CA
  • Information: 714-908-4114

60 Burlingame, Lower Peters Canyon

  • Amount owed: $498,835.41
  • Last sale: Aug. 2004, $550,000
  • Auction date & time: April 1 at10 a.m.
  • Location: In front of the flagpoles at Placentia Civic Center, 401-411 E. Chapman Ave.
  • Trustee sale #: 4329407
  • Information: 714-908-4114

173 Tarocco, Oak Creek

  • Amount owed: $333,981.78
  • Last sale: April 2001, $176,500
  • Auction date & time: April 1 at noon.
  • Location: Front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana
  • Trustee sale #: CA-09-330919
  • Information: 714-908-4114

56 Bridgeport, Northwood

  • Amount owed: $577,656.52
  • Last sale: June 2002, $385,000
  • Auction date & time: April 1 at 3 p.m.
  • Location: On the front steps to the entrance of the Orange Civic Center, 300 East Chapman, Orange CA
  • Trustee sale #: C505843-CA
  • Information: 714-908-4114

40 Declaration Place, Lower Peters Canyon

  • Amount owed: $1,006,960.09 (estimated)
  • Last sale: Aug. 2005, $929,000
  • Auction date & time: April 2 at10 a.m.
  • Location: In front of the flagpoles at Placentia Civic Center, 401-411 E. Chapman Ave.
  • Trustee sale #: 09-35980
  • Information: 714-908-4114

16 Sage #26, Woodbridge

  • Amount owed: $494,016.54
  • Last sale: April 2004, $425,000
  • Auction date and time: April 1 at 10 a.m.
  • Location: Front entrance to 8180 East Kaiser Blvd, Anaheim Hills
  • Trustee sale #: 5801604
  • Information: 714-908-4114

77 Canyoncrest, Turtle Ridge

  • Amount owed: $642,383.36
  • Last sale: May 2005, $759,000
  • Auction date & time: April 1 at 10 a.m.
  • Location: In front of the flagpoles at Placentia Civic Center, 401-411 E. Chapman Ave.
  • Trustee sale #: 4152689
  • Information: 714-573-1965

95 Remington #218, Northwood

  • Amount owed: $339,407.52
  • Last sale: Dec. 2005, $415,000
  • Auction date & time: April 8 at noon.
  • Location: Front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana.
  • Trustee sale #: 09-0112756
  • Information: 714-908-4114

218 Lantern Lane, Oak Creek

  • Amount owed: $542,158.57
  • Last sale: Oct. 2006, $590,000
  • Auction date & time: April 1 at 10 a.m.
  • Location: In front of the flagpoles at Placentia Civic Center, 401-411 E. Chapman Ave.
  • Trustee sale #: 20090033501612
  • Information: 714-908-4114

14 Fairside, Woodbridge

  • Amount owed: $21,303.00
  • Last sale: Oct. 03, $370,000
  • Auction date & time: April 1 at noon.
  • Location: Front entrance to the County Courthouse, 700 Civic Center Drive West, Santa Ana.
  • Trustee sale #: WC-230790
  • Information: 714-908-4114

Tuesday, March 16, 2010

Irvine Market Update

This is a statistical report for Active for Sale and Sold homes and condos in Irvine . This report is brought to you by the professional realtors at Equinox Real Estate Group in Orange County, CA. Average price per square foot for Irvine CA was $344, an increase of 3% compared to the same period last year. The median sales price for homes in Irvine CA for Dec 09 to Feb 10 was $545,582 based on 430 home sales. Compared to the same period one year ago, the median home sales price increased 1.9%, or $10,332, and the number of home sales increased 16.2%.

There are currently 1,036 resale and new homes in Irvine, including 9 open houses, as well as 460 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Irvine CA was $848,100 for the week ending Mar 10, which represents an increase of 0.3%, or $2,895, compared to the prior week. Popular neighborhoods in Irvine include Northwood and Woodbridge, with average listing prices of $502,061 and $596,851.

Friday, March 12, 2010

Mission Viejo Market Report

This is a statistical report for Active for Sale and Sold homes and condos in Mission Viejo . This report is brought to you by the professional realtors at Equinox Real Estate Group in Orange County, CA. Average price per square foot for Mission Viejo CA was $278, an increase of 3.3% compared to the same period last year. The median sales price for homes in Mission Viejo CA for Dec 09 to Feb 10 was $459,750 based on 368 home sales. Compared to the same period one year ago, the median home sales price increased 8.2%, or $34,750, and the number of home sales increased 8.6%.

There are currently 570 resale and new homes in Mission Viejo, including 4 open houses, as well as 467 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Mission Viejo CA was $539,424 for the week ending Mar 03, which represents a decrease of 1.7%, or $9,563, compared to the prior week.

Thursday, March 11, 2010

Aliso Viejo Market Report

This is a statistical report for Active for Sale and Sold homes and condos in Aliso Viejo . This report is brought to you by the professional realtors at Equinox Real Estate Group in Orange County, CA. Average price per square foot for Aliso Viejo CA was $268, a decrease of 1.1% compared to the same period last year. The median sales price for homes in Aliso Viejo CA for Dec 09 to Feb 10 was $362,500 based on 181 home sales. Compared to the same period one year ago, the median home sales price decreased 7.1%, or $27,500, and the number of home sales increased 8.4%.

There are currently 310 resale and new homes in Aliso Viejo, including 11 open houses, as well as 266 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Aliso Viejo CA was $451,951 for the week ending Mar 03, which represents an increase of 0.4%, or $1,943, compared to the prior week.

Wednesday, March 10, 2010

Irvine Median Sales Price

Lake Forest Market Report

This is a statistical report for Active for Sale and Sold homes and condos in Lake Forest . This report is brought to you by the professional realtors at Equinox Real Estate Group in Orange County, CA. Average price per square foot for Lake Forest CA was $252, an increase of 7.2% compared to the same period last year. The median sales price for homes in Lake Forest CA for Dec 09 to Feb 10 was $357,500 based on 141 home sales. Compared to the same period one year ago, the median home sales price increased 15%, or $46,500, and the number of home sales decreased 27.3%.

There are currently 317 resale and new homes in Lake Forest, including 2 open houses, as well as 301 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Lake Forest CA was $331,286 for the week ending Mar 03, which represents an increase of 3.1%, or $9,810, compared to the prior week.

Tuesday, March 9, 2010

New Obama Administration Program Will Pay Homeowners to Sell at a Loss


In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.

This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions.

More than five million households are behind on their mortgages and risk foreclosure. The government’s $75 billion mortgage modification plan has helped only a small slice of them. Consumer advocates, economists and even some banking industry representatives say much more needs to be done.

For the administration, there is also the concern that millions of foreclosures could delay or even reverse the economy’s tentative recovery — the last thing it wants in an election year.
Taking effect on April 5, the program could encourage hundreds of thousands of delinquent borrowers who have not been rescued by the loan modification program to shed their houses through a process known as a short sale, in which property is sold for less than the balance of the mortgage. Lenders will be compelled to accept that arrangement, forgiving the difference between the market price of the property and what they are owed.

“We want to streamline and standardize the short sale process to make it much easier on the borrower and much easier on the lender,” said Seth Wheeler, a Treasury senior adviser.

The problem is highlighted by a routine case in Phoenix. Chris Paul, a real estate agent, has a house he is trying to sell on behalf of its owner, who owes $150,000. Mr. Paul has an offer for $48,000, but the bank holding the mortgage says it wants at least $90,000. The frustrated owner is now contemplating foreclosure.

To bring the various parties to the table — the homeowner, the lender that services the loan, the investor that owns the loan, the bank that owns the second mortgage on the property — the government intends to spread its cash around.

Under the new program, the servicing bank, as with all modifications, will get $1,000. Another $1,000 can go toward a second loan, if there is one. And for the first time the government would give money to the distressed homeowners themselves. They will get $1,500 in “relocation assistance.”

Should the incentives prove successful, the short sales program could have multiple benefits. For the investment pools that own many home loans, there is the prospect of getting more money with a sale than with a foreclosure.

For the borrowers, there is the likelihood of suffering less damage to credit ratings. And as part of the transaction, they will get the lender’s assurance that they will not later be sued for an unpaid mortgage balance.

For communities, the plan will mean fewer empty foreclosed houses waiting to be sold by banks. By some estimates, as many as half of all foreclosed properties are ransacked by either the former owners or vandals, which depresses the value of the property further and pulls down the value of neighboring homes.

If short sales are about to have their moment, it has been a long time coming. At the beginning of the foreclosure crisis, lenders shunned short sales. They were not equipped to deal with the labor-intensive process and were suspicious of it.

The lenders’ thinking, said the economist Thomas Lawler, went like this: “I lend someone $200,000 to buy a house. Then he says, ‘Look, I have someone willing to pay $150,000 for it; otherwise I think I’m going to default.’ Do I really believe the borrower can’t pay it back? And is $150,000 a reasonable offer for the property?”

Short sales are “tailor-made for fraud,” said Mr. Lawler, a former executive at the mortgage finance company Fannie Mae.

Last year, short sales started to increase, although they remain relatively uncommon. Fannie Mae said preforeclosure deals on loans in its portfolio more than tripled in 2009, to 36,968. But real estate agents say many lenders still seem to disapprove of short sales.

Under the new federal program, a lender will use real estate agents to determine the value of a home and thus the minimum to accept. This figure will not be shared with the owner, but if an offer comes in that is equal to or higher than this amount, the lender must take it.

Mr. Paul, the Phoenix agent, was skeptical. “In a perfect world, this would work,” he said. “But because estimates of value are inherently subjective, it won’t. The banks don’t want to sell at a discount.”

There are myriad other potential conflicts over short sales that may not be solved by the program, which was announced on Nov. 30 but whose details are still being fine-tuned. Many would-be short sellers have second and even third mortgages on their houses. Banks that own these loans are in a position to block any sale unless they get a piece of the deal.

“You have one loan, it’s no sweat to get a short sale,” said Howard Chase, a Miami Beach agent who says he does around 20 short sales a month. “But the second mortgage often is the obstacle.”

Major lenders seem to be taking a cautious approach to the new initiative. In many cases, big banks do not actually own the mortgages; they simply administer them and collect payments. J. K. Huey, a Wells Fargo vice president, said a short sale, like a loan modification, would have to meet the requirements of the investor who owns the loan.

“This is not an opportunity for the customer to just walk away,” Ms. Huey said. “If someone doesn’t come to us saying, ‘I’ve done everything I can, I used all my savings, I borrowed money and, by the way, I’m losing my job and moving to another city, and have all the documentation,’ we’re not going to do a short sale.”

But even if lenders want to treat short sales as a last resort for desperate borrowers, in reality the standards seem to be looser.

Sree Reddy, a lawyer and commercial real estate investor who lives in Miami Beach, bought a one-bedroom condominium in 2005, spent about $30,000 on improvements and ended up owing $540,000. Three years later, the value had fallen by 40 percent.

Mr. Reddy wanted to get out from under his crushing monthly payments. He lost a lot of money in the crash but was not in default. Nevertheless, his bank let him sell the place for $360,000 last summer.

“A short sale provides peace of mind,” said Mr. Reddy, 32. “If you’re in foreclosure, you don’t know when they’re ultimately going to take the place away from you.”

Mr. Reddy still lives in the apartment complex where he bought that condo, but is now a renter paying about half of his old mortgage payment. Another benefit, he said: “The place I’m in now is nicer and a little bigger.”

Huntington Beach Market Report

This is a statistical report for Active for Sale and Sold homes and condos in Huntington Beach . This report is brought to you by the professional realtors at Equinox Real Estate Group in Orange County, CA. Average price per square foot for Huntington Beach CA was $385, an increase of 3.8% compared to the same period last year. The median sales price for homes in Huntington Beach CA for Dec 09 to Feb 10 was $560,000 based on 327 home sales. Compared to the same period one year ago, the median home sales price increased 0.9%, or $5,000, and the number of home sales increased 1.9%.

There are currently 854 resale and new homes in Huntington Beach, including 20 open houses, as well as 542 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Huntington Beach CA was $731,028 for the week ending Mar 03, which represents a decrease of 2.1%, or $15,329, compared to the prior week. Popular neighborhoods in Huntington Beach include Adams and Yorktown, with average listing prices of $289,451 and $690,550.

Monday, March 8, 2010

New 2010 FHA Home Financing Guidelines Changes- Hurt or Help?

Some great, simply explained, FHA changes to it's lending policy.

New Lending Policies Announced by FHA

If you've been listening to the housing news, you've probably heard about some lending changes that were announced by the Federal Housing Administration (FHA). While many of the news reports were confusing, the truth is pretty clear...and isn't as bad as some people may have heard. Overall the measures announced by the FHA are intended to help the organization better manage its risks and strengthen its capital reserves, while still providing home loans to the nation.

The good news, as FHA Commissioner David Stevens stated recently, is that "by continuing to provide affordable, responsible mortgage products, FHA will support the housing market's recovery" and "remain the largest source of home purchase financing for under served communities."

What's Changing?

If you or someone you know is considering an FHA loan, some of these changes may affect you. Here's a clear, concise rundown of the major changes and what they mean:

1. Increased mortgage insurance. The mortgage insurance premium (referred to as private mortgage insurance by many people) will be increased from 1.75% to 2.25%. This change will add some cost to purchasing a home, but will not overburden consumers since the mortgage insurance is paid over the life of the loan, rather than upfront at closing. This change will become effective on April 5, 2010.

2. New down payment and credit score requirements. According to the new policy, homebuyers who have a credit score of at least 580 may still be able to purchase a home with 3.5% down, but those with credit scores of less than 580 will be required to put down at least 10%. This change is designed to help the FHA balance its risk, while still providing affordable down payments for consumers with a history of good credit and responsibility.

3. Reduced seller concession. Basically, this change means that the person selling the home will now only be able to offer the homebuyer 3% to help defray closing costs, as opposed to 6% under the previous policy.

In addition to these changes, the new policies contain a series of new measures aimed at increasing lender enforcement.

The bottom line is that the changes will impact some home buyers more than others. But in the end, the FHA is still committed to providing affordable home loans.

To get more information on the new FHA Guidelines, call my loan company to ask more questions at 888-LEND-453 and ask for Dave or John.

Santa Ana Market Report

This is a statistical report for Active for Sale and Sold homes and condos in Fountain Valley . This report is brought to you by the professional realtors at Equinox Real Estate Group in Orange County, CA. Average price per square foot for Santa Ana CA was $247, an increase of 8.8% compared to the same period last year. The median sales price for homes in Santa Ana CA for Dec 09 to Feb 10 was $255,000 based on 627 home sales. Compared to the same period one year ago, the median home sales price increased 6.3%, or $15,000, and the number of home sales decreased 42.4%.

There are currently 789 resale and new homes in Santa Ana, including 1 open house, as well as 1,401 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Santa Ana CA was $322,924 for the week ending Mar 03, which represents an increase of 0.7%, or $2,353, compared to the prior week. Popular neighborhoods in Santa Ana include Riverview West and Riverview, with average listing prices of $269,755 and $331,110.

Sunday, March 7, 2010

Irvine Homes that Are going to Auction

59 Grandview, Turtle Ridge

  • Amount owed: $3,542,938.77
  • Last sale: July 2006, $3,474,500
  • Auction date & time: March 25 at 10 a.m.
  • Location: In the front of the flagpoles at the main entry area to the Placentia Civic Center 401-411 E. Chapman Ave. Placentia, CA
  • Trustee sale #: 739070CA
  • Information: (714) 259-7850

103 Ambiance Irvine, Quail Hill

  • Amount owed: $1,443,844.14
  • Last sale: June 2004, $1,205,500
  • Auction date & time: March 25 at 9 a.m.
  • Location: At the entrance to the Orange City Hall, 300 East Chapman Avenue, Orange
  • Trustee sale #: 02812026532
  • Information: (925) 603-7342

46 Vintage, Woodbury

  • Amount owed: $412,664.94
  • Last sale: March 2007, $512,500
  • Auction date & time: March 24 at 10 a.m.
  • Location: The Placentia Civic Center, 401-411 E. Chapman Avenue Placentia
  • Trustee sale #: 1253699-10
  • Information: (619) 590-1221

56 Oakdale, Deerfield

  • Amount owed: $667,397.09
  • Last sale: July 1991, $350,000
  • Auction date & time: March 25 at 10:00 a.m.
  • Location: Placentia Civic Center 401-411 E. Chapman Ave. Placentia, CA
  • Trustee Sale #: 738254
  • Information: (714) 259-7850

63 Cartier Aisle, Northwood

  • Amount owed: $438,144.06
  • Last sale: May 2006, $565,000
  • Auction date & time: March 24, 2010, at 10:00 a.m.
  • Location: The Placentia Civic Center, 401-411 E. Chapman Avenue Placentia
  • Trustee Sale #: 1253107-10
  • Information: (619) 590-1221

73 Briar Lane, West Irvine

  • Amount owed: $588,604.92
  • Last sale: September 1999, $442,000
  • Auction date & time: March 24 at 10:00 a.m.
  • Location : In the front of the flagpoles at the main entry area to the Placentia Civic Center 401-411 E. Chapman Ave. Placentia, CA
  • Trustee sale #: CA-09-327481-AB
  • Information: (714) 573-1965

16 Woodspring #16, Woodbridge

  • Amount owed: $602,178.24
  • Last sale: Jan 2002, $360,000
  • Auction date & time: On March 29 at 10 a.m.
  • Location: In the front of the flagpoles at the main entry area to the Placentia Civic Center 401-411 E. Chapman Ave. Placentia, CA
  • Trustee sale #: CA0851985
  • Information: (714)573-1965

7 Roanne Circle Irvine, The Ranch

  • Amount owed: $507,141.19
  • Last sale: August 1988, $287,000
  • Auction date & time: March 25 at 10 a.m.
  • Location: In the front of the flagpoles at the main entry area to the Placentia Civic Center 401-411 E. Chapman Ave. Placentia,
  • Trustee sale #: T09-56532-CA
  • Information: (714) 573-1965

14 Laconia, Westpark

  • Amount owed: $502,364.83
  • Last sale: February 2002, $408,500
  • Auction date & time April 1 at 3 p.m.
  • Location: At the North front entrance to the county courthouse, 700 Civic Center Drive West, Santa Ana
  • Trustee sale #: 08-0067983
  • Information: (800) 281 8219

Saturday, March 6, 2010

Fountain Valley Market Report

This is a statistical report for Active for Sale and Sold homes and condos in Fountain Valley . This report is brought to you by the professional realtors at Equinox Real Estate Group in Orange County, CA.Average price per square foot for Fountain Valley CA was $299, an increase of 1.4% compared to the same period last year. The median sales price for homes in Fountain Valley CA for Nov 09 to Jan 10 was $535,000 based on 114 home sales. Compared to the same period one year ago, the median home sales price decreased 0.9%, or $5,000, and the number of home sales increased 22.6%.

There are currently 139 resale and new homes in Fountain Valley, including 3 open houses, as well as 146 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Fountain Valley CA was $515,490 for the week ending Feb 24, which was unchanged compared to the prior week.

For more info please call 714-908-4114 or email john@callequinox.com

Friday, March 5, 2010

Tustin Market Report

This is a statistical report for Active for Sale and Sold homes and condos in Tustin,CA. This report is brought to you by the professional realtors at Equinox Real Estate Group in Orange County, CA. Average price per square foot for Tustin CA was $274, an increase of 25.1% compared to the same period last year. The median sales price for homes in Tustin CA for Nov 09 to Jan 10 was $437,000 based on 222 home sales. Compared to the same period one year ago, the median home sales price increased 9.3%, or $37,000, and the number of home sales decreased 8.6%.

There are currently 271 resale and new homes in Tustin, including 2 open houses, as well as 268 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Tustin CA was $528,345 for the week ending Feb 24, which represents a decrease of 0.7%, or $3,951, compared to the prior week.

For more info, please call 714-908-4114 or email at john@callequinox.com

Thursday, March 4, 2010

Irvine Market Report Update

This is a statistical report for Active for Sale and Sold homes and condos in Irvine,CA. This report is brought to you by the professional Realtors at Equinox Real Estate Group in Orange County, CA. Average price per square foot for Irvine CA was $341, a decrease of 0.6% compared to the same period last year. The median sales price for homes in Irvine CA for Nov 09 to Jan 10 was $550,000 based on 513 home sales. Compared to the same period one year ago, the median home sales price decreased 0.9%, or $5,000, and the number of home sales increased 37.5%.

There are currently 973 resale and new homes in Irvine , including 15 open houses, as well as 473 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Irvine CA was $874,429 for the week ending Feb 24, which represents a decrease of 1%, or $8,640, compared to the prior week. Popular neighborhoods in Irvine include Northwood and Woodbridge, with average listing prices of $584,026 and $583,222.