Irvine: Airport Condos Overview
Median home price is $269,000. Based on a rental parity value of $466,000, this market is under valued.
Monthly payment affordability has been improving over the last 5 month(s). Momentum suggests improving affordability.
Resale prices on a $/SF basis declined from $351/SF to $344/SF.
Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.
Median rental rates increased $16 last month from $1,950 to $1,966.
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 
1142 SCHOLARSHIP Irvine, CA 92612
$224,900 …….. Asking Price
$370,000 ………. Purchase Price
4/27/2007 ………. Purchase Date
($145,100) ………. Gross Gain (Loss)
($29,600) ………… Commissions and Costs at 8%
============================================
($174,700) ………. Net Gain (Loss)
============================================
-39.2% ………. Gross Percent Change
-47.2% ………. Net Percent Change
-9.9% ………… Annual Appreciation
Cost of Home Ownership 
——————————————————————————
$224,900 …….. Asking Price
$7,872 ………… 3.5% Down FHA Financing
3.97% …………. Mortgage Interest Rate
30 ……………… Number of Years
$217,029 …….. Mortgage
$70,010 ………. Income Requirement
$1,032 ………… Monthly Mortgage Payment
$195 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$56 ………… Homeowners Insurance at 0.3%
$226 ………… Private Mortgage Insurance
$299 ………… Homeowners Association Fees
============================================
$1,809 ………. Monthly Cash Outlays
($160) ………. Tax Savings
($314) ………. Equity Hidden in Payment
$11 ………….. Lost Income to Down Payment
$48 ………….. Maintenance and Replacement Reserves
============================================
$1,393 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$3,749 ………… Furnishing and Move In at 1% + $1,500
$3,749 ………… Closing Costs at 1% + $1,500
$2,170 ………… Interest Points
$7,872 ………… Down Payment
============================================
$17,540 ………. Total Cash Costs
$21,300 ………. Emergency Cash Reserves
============================================
$38,840 ………. Total Savings Needed
——————————————————————————————————————————————-
This property is available for sale via the MLS.
Please contact Shevy Akason, #01836707
949.769.1599……
sales@ochousingnews.com…..
We're sorry, but it seems that we're having some problems loading MLS # S692643 from our database. Please check back soon.
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$320,000 1424 SCHOLARSHIP |
0 miles 1 bd / 1 ba 868 Sq. Ft. |
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$429,000 2349 WATERMARKE Pl |
0.1 miles 1 bd / 1 ba 818 Sq. Ft. |
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$222,000 2109 WATERMARKE Pl |
0.21 miles 1 bd / 1 ba 635 Sq. Ft. |
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$318,888 2253 MARTIN #115 |
0.51 miles 1 bd / 1 ba 934 Sq. Ft. |
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$328,000 2253 MARTIN #408 |
0.51 miles 1 bd / 1 ba 934 Sq. Ft. |
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$249,000 2243 MARTIN #108 |
0.57 miles 1 bd / 1 ba 934 Sq. Ft. |
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$329,000 2243 MARTIN #411 |
0.57 miles 1 bd / 1 ba 934 Sq. Ft. |
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$339,500 205 STANFORD Ct #5 |
1.05 miles 2 bd / 1.25 ba 896 Sq. Ft. |
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$299,900 29 GIOVANNI AISLE #363 |
1.56 miles 1 bd / 1 ba 899 Sq. Ft. |
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$332,900 22 MARBELLA AISLE #12 |
1.67 miles 2 bd / 2 ba 890 Sq. Ft. |
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More realtors whining about tight lending standards.
Mortgage Lending Volume Continues to Fall
Amid reports of lower unemployment rates, falling home prices, and less than 4 percent interest rates, owning a home seems to be more attractive than ever.
In fact, earlier this month, the National Association of Realtors reported that housing affordability conditions reached the highest level since 1970, which is when this data was first recorded.
Though, tight lending standards have become an obstacle in getting these lower-priced homes off the market even if it could help the housing market recover by clearing out foreclosures.
Recently, a Wall Street Journal blog discussed today’s lending climate and reported that loans closed by banks and mortgage lenders in February had borrowers with a credit score of 750, up from 740 six months earlier, and the average denied loan had a credit score of 699.
While having access to credit to finance a home remains a challenge, Capital Economics reported that signs do exist that show banks might be just a bit more willing to lend.
However, these “signs” aren’t necessarily surfacing from data on the volume of mortgage lending, which continues to fall.
The research firm said the value of mortgage lending has recently started to rise, and explained that this is happening specifically with commercial banks, which have started to lend more per borrower.
The average size of mortgage applications has increased by $20,000 since December to $235,000 in March, which suggests the appetite of would-be borrowers’ for credit is increasing, according to Capital Economics, all the while banks appear to be lending more to seemingly less risky borrowers.
The research firm said Fed data shows a rise in the value of commercial banks’ mortgage assets, which holds implications that lenders are approving these larger applications.
In addition, banks are financing more of the home purchase price at 80 percent or more in recent months, whereas in 2010, they financed less than 75 percent, Capital Economics stated.
As long as economic conditions continue to improve, the research firm said banks may eventually boost lending to borrowers with lower credit scores, too.
Many buyers believe the supply of REO is drying up because banks are withholding their REO. The truth is banks have so many of them, they don’t know what to do with them all. If REO inventories were not a huge problem, why would the federal reserve be issuing guidance on allowing banks to rent them out?
Federal Reserve Issues Policy Statement on Foreclosures as Rentals
The general policy of the Federal Reserve is that banking organizations should make every effort to dispose of foreclosed properties and get them off their books as quickly as feasibly possible.
However, holding onto these properties and renting them out to tenants may be the way to go “in light of the extraordinary market conditions that currently prevail,” according to a statement issued by the Fed Thursday.
Statutes and Federal Reserve regulations permit rental of residential properties acquired in foreclosure as part of an orderly disposition strategy, the central bank noted. The Fed acknowledged that some lenders might find it beneficial to make greater use of rental activities than they have in the past given the large volume of distressed residential properties and higher demand for rental housing in many markets.
Lenders overseen by the Fed may rent real estate owned (REO), also known as other real estate owned (OREO), properties within legal holding-period limits without actively marketing the property for sale, provided suitable policies and procedures are followed, according to the Fed’s statement.
To the extent that REO rental properties meet the definition of community development under the Community Reinvestment Act (CRA) regulations, lenders would receive favorable CRA consideration. In all respects, banking organizations that rent out their REOs are expected to comply with all applicable federal, state, and local statutes and regulations, the Fed stressed.
The Federal Reserve says it expects lenders to evaluate the overall costs, benefits, and risks of renting out REOs and weigh their decision in the context of the local market environment, the condition of individual properties, and the lender’s ability to engage in rental activity in a safe and sound manner.
The Fed’s policy statement, in providing guidance to banking organizations and examiners, also describes specific supervisory expectations for lenders with a large number of REO rental properties, generally more than 50 properties available for rent or rented.
The Federal Reserve’s policy statement applies to banking organizations for which the U.S. central bank is the primary federal supervisor, including state member banks, bank holding companies and their non-bank subsidiaries, savings and loan holding companies and their non-thrift subsidiaries, and U.S. branches of foreign banks.