July 2012 Archives » Irvine Housing News

People with second mortgages and HELOC are facing tough times

Jul 312012

HELOC abusers and lenders face day of recast reckoning Home equity lines of credit (HELOCs) were the favored tools of Ponzis during the housing bubble. These were used like a credit card with an ever-expanding credit balance that didn’t need to be paid back because the house was paying for it. Most borrowers viewed this as truly free money, and they behaved accordingly. This influx of spending drove the economy during the first half of the 00s, and the elimination of this stimulus and the subsequent need to repay this debt is what’s causing our economic doldrums today. HELOCs are similar to other revolving lines of credit with a few key differences. HELOCs are secured by real estate whereas a [Read More...]

Existing home sales take an unexpected dive

Jul 302012

a significant decline in sales volume is because lenders have withdrawn the only affordable properties from the market. Potential homebuyers cannot simply raise their bids because the product gets scarce, so it isn’t a foregone conclusion that prices must go up. Most people stretch to get the most house they can for the money, and if prices go up, they must either substitute to a lesser quality home or chose not to buy. Right now, many are wisely choosing not to buy, so sales volumes are plummeting. Plus, I don’t see any end in sight. Nothing is changing that will bring more supply to the market. Little or no inventory and super low sales volume is the new normal. Prime [Read More...]

Is it a good time to buy in the Irvine housing market? 7-28-2012

Jul 282012

The Irvine Housing News profiles properties for sale each day and presents current market data on each city in Irvine and Orange County. If you really want to know what’s happening in the OC Housing market, you need to read the OC Housing news and subscribe to the our monthly newsletter. 33 MONROVIA Irvine, CA 92602 $889,900 6 VILLORIA 0.08 miles 4 bd / 2.25 ba 2,558 Sq. Ft. $949,000 10 UPLAND 0.13 miles 4 bd / 2.5 ba 2,810 Sq. Ft. $1,499,000 39 VACAVILLE 0.17 miles 6 bd / 3 ba 3,500 Sq. Ft. $1,389,800 36 MALIBU 0.17 miles 4 bd / 4 ba 3,500 Sq. Ft. $1,230,000 36 VACAVILLE 0.17 miles 5 bd / 4 ba 3,200 Sq. Ft. [Read More...]

Lending standards will keep tightening

Jul 272012

Repurchase agreements are driving the tightening of credit standards. Until the economy strengthens and house prices start moving up on a sustained basis, delinquencies will remain high, and the threat of buybacks will tighten standards further. realtors will complain, but since their money isn’t at risk, their complaints will be ignored. Despite realtor pleas, mortgage lending standards will continue to tighten realtors never want to see a deal die because the buyer can’t get financing. Lawrence Yun, chief economist for the NAr, recently lamented about “unnecessarily tight credit standards” and “frictions related to obtaining mortgages.” In a realtor’s world view, there are no unqualified buyers. Back during the height of the housing bubble, the lending community agreed with them, and [Read More...]

Turtle Ridge still grossly overvalued

Jul 262012

Irvine: Turtle Ridge Overview Median home price is $803,000. Based on a rental parity value of $669,000, this market is fairly valued. Monthly payment affordability has been improving over the last 5 month(s). Momentum suggests improving affordability. Resale prices on a $/SF basis increased from $437/SF to $444/SF. Resale prices have been weak for 1 month(s). Price momentum suggests weak prices over the next three months. Median rental rates increased $25 last month from $2,708 to $2,733. Rents have been falling for 7 month(s). Price momentum suggests falling rents over the next three months. Market rating = 2 Proprietary Irvine Housing News home purchase analysis 28 MILROSE Irvine, CA 92603 $1,650,000 …….. Asking Price $932,500 ………. Purchase Price 2/11/2004 ………. [Read More...]

Orangetree condos a tremendous value

Jul 252012

Irvine: Orangetree Overview Median home price is $173,000. Based on a rental parity value of $359,000, this market is under valued. Monthly payment affordability has been improving over the last 2 month(s). Momentum suggests improving affordability. Resale prices on a $/SF basis declined from $242/SF to $239/SF. Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months. Median rental rates increased $12 last month from $1,454 to $1,466. Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months. Market rating = 10 Proprietary Irvine Housing News home purchase analysis 342 ORANGE BLOSSOM #148 Irvine, CA 92618 $155,000 …….. Asking Price $325,000 ………. Purchase Price 10/4/2005 [Read More...]

Oak Creek prices still drifting lower

Jul 242012

Irvine: Oak Creek Overview Median home price is $433,000. Based on a rental parity value of $551,000, this market is under valued. Monthly payment affordability has been improving over the last 2 month(s). Momentum suggests improving affordability. Resale prices on a $/SF basis increased from $310/SF to $312/SF. Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months. Median rental rates increased $25 last month from $2,224 to $2,249. Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months. Market rating = 5 Proprietary Irvine Housing News home purchase analysis 7 KELSEY Irvine, CA 92618 $749,000 …….. Asking Price $339,500 ………. Purchase Price 12/10/1999 ………. [Read More...]

Airport Area Condo prices moving up

Jul 232012

Irvine: Airport Condos Overview Median home price is $391,000. Based on a rental parity value of $504,000, this market is under valued. Monthly payment affordability has been worsening over the last 2 month(s). Momentum suggests worsening affordability. Resale prices on a $/SF basis declined from $357/SF to $347/SF. Resale prices have been weak for 2 month(s). Price momentum suggests unchanging prices over the next three months. Median rental rates increased $83 last month from $1,975 to $2,058. Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months. Market rating = 8 Proprietary Irvine Housing News home purchase analysis 2243 MARTIN #320 Irvine, CA 92612 $375,000 …….. Asking Price $174,000 ………. Purchase Price 12/28/1993 [Read More...]

Is it a good time to buy in the Irvine housing market? 7-21-2012

Jul 212012

The Irvine Housing News profiles properties for sale each day and presents current market data on each city in Irvine and Orange County. If you really want to know what’s happening in the OC Housing market, you need to read the OC Housing news and subscribe to the our monthly newsletter. 37 WOODS Trl Irvine, CA 92603 — $2,340,000 $2,449,000 27 CANYON Ter 0.14 miles 5 bd / 4.5 ba 3,800 Sq. Ft. $2,289,000 30 SYLVAN 0.15 miles 5 bd / 3.5 ba 4,024 Sq. Ft. $2,199,000 32 SYLVAN 0.16 miles 6 bd / 4.5 ba 4,520 Sq. Ft. $2,375,000 34 CANYON Ter 0.17 miles 5 bd / 5.5 ba 3,796 Sq. Ft. $2,229,000 58 CEZANNE 0.19 miles 4 bd / [Read More...]

El Camino Real bottoming nearly 20% below rental parity

Jul 202012

Irvine: El Camino Real Overview Median home price is $408,000. Based on a rental parity value of $539,000, this market is under valued. Monthly payment affordability has been improving over the last 11 month(s). Momentum suggests improving affordability. Resale prices on a $/SF basis increased from $289/SF to $291/SF. Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months. Median rental rates increased $17 last month from $2,182 to $2,200. Rents have been rising for 11 month(s). Price momentum suggests rising rents over the next three months. Market rating = 7 Proprietary Irvine Housing News home purchase analysis 1 SKIPPER Irvine, CA 92604 $470,000 …….. Asking Price $610,000 ………. Purchase Price 9/30/2005 [Read More...]

Older Entries

Name	*
Email	*
Phone	*

Name	*
Email	*
Phone	*

Name	*
Email	*
Phone	*

Name	*
Email	*
Phone	*