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 
5096 SCHOLARSHIP Irvine, CA 92612
$1,350,000 …….. Asking Price
$2,024,500 ………. Purchase Price
6/20/2007 ………. Purchase Date
($674,500) ………. Gross Gain (Loss)
($161,960) ………… Commissions and Costs at 8%
============================================
($836,460) ………. Net Gain (Loss)
============================================
-33.3% ………. Gross Percent Change
-41.3% ………. Net Percent Change
-8.4% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$1,350,000 …….. Asking Price
$270,000 ………… 20% Down Conventional
4.05% …………. Mortgage Interest Rate
30 ……………… Number of Years
$1,080,000 …….. Mortgage
$308,236 ………. Income Requirement
$5,187 ………… Monthly Mortgage Payment
$1,170 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$338 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$1,268 ………… Homeowners Association Fees
============================================
$7,963 ………. Monthly Cash Outlays
($1,273) ………. Tax Savings
($1,542) ………. Equity Hidden in Payment
$383 ………….. Lost Income to Down Payment
$189 ………….. Maintenance and Replacement Reserves
============================================
$5,719 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$15,000 ………… Furnishing and Move In at 1% + $1,500
$15,000 ………… Closing Costs at 1% + $1,500
$10,800 ………… Interest Points
$270,000 ………… Down Payment
============================================
$310,800 ………. Total Cash Costs
$87,600 ………. Emergency Cash Reserves
============================================
$398,400 ………. 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 # S691934 from our database. Please check back soon.
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$1,775,000 5106 SCHOLARSHIP |
0 miles 3 bd / 3.25 ba 2,685 Sq. Ft. |
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$1,698,000 5140 SCHOLARSHIP |
0 miles 3 bd / 3.25 ba 2,685 Sq. Ft. |
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$2,688,000 3156 SCHOLARSHIP #1209 |
0.09 miles 3 bd / 3.5 ba 3,025 Sq. Ft. |
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$1,300,000 3102 SCHOLARSHIP |
0.09 miles 3 bd / 3.5 ba 2,390 Sq. Ft. |
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$1,299,000 3107 SCHOLARSHIP |
0.1 miles 3 bd / 4 ba 2,390 Sq. Ft. |
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$649,000 31 VASSAR AISLE #18 |
1.24 miles 3 bd / 3 ba 2,300 Sq. Ft. |
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15.8% of Government-Backed Loans Non-Performing
Overall, little change was reported in the performance of first-lien mortgages serviced by national and federal savings banks during the 2011 fourth quarter, but the percentage of initiated foreclosures did see a steep drop, according to the Office of Comptroller of the Currency (OCC) Mortgage Metrics report.
The percentage of current and performing loans decreased to 87.9 percent, a mere 0.1 percentage point drop from the previous quarter, but a 0.4 percent increase compared to the same period a year ago.
The number of newly initiated foreclosures dropped 16 percent from the previous quarter and 17.9 percent a year ago. According to the report, the decrease in new foreclosures reflects the continued emphasis on home retention actions, a decrease in the number of seriously delinquent loans over the past few quarters, and the effects of foreclosure settlements.
The inventory of foreclosures in process decreased to 1,272,287, down 4.1 percent from the previous quarter and 3.1 percent from a year ago.
The number of completed foreclosures increased by 2.5 percent from the previous quarter and 22.1 percent a year earlier.
Seriously delinquent mortgages, loans past due 60 days or more and bankruptcies 30 or more days past due, went up a smidge, going from 4.9 percent to 5 percent during the fourth quarter, but down from the 5.3 percent a year ago.
The number of mortgages that were 30 to 59 days delinquent decreased by 2.1 percent from the previous quarter, and the number early-stage delinquencies decreased by 6.7 percent from a year ago.
Fannie Mae and Freddie Mac mortgages made up 59 percent of the overall portfolio, down from 61 percent last year. The percentage of GSE mortgages that were current and performing at the fourth quarter’s end was 93.1 percent, unchanged from the previous quarter and up from prior year’s 92.6 percent.
The performance of government-guaranteed mortgages fell, with 84.2 percent of these loans current and performing, compared to 85.2 percent at the end of the third quarter and 85 percent a year ago. More than 79 percent of these loans were comprised of FHA loans and 15 percent were VA loans.
The portfolio performance of reporting banks and thrifts remained almost unchanged from the previous quarter at 87.9 percent, which is only a 0.1 percent drop, but a 0.4 percent increase compared to last year.
Home retention actions
Servicers implemented 460,213 new home retention actions-loan modifications, trial-period plans, and payment plans-during the fourth quarter of 2011, which is a 0.3 percent increase compared to the previous quarter, but 3.1 percent drop from last year.
Servicers implemented 116,153 modifications during the quarter, a 15.5 percent drop from the previous quarter. New HAMP modifications decreased 21.6 percent to 42,275 during the fourth quarter, and other modifications decreased 11.6 percent to 73,878. Almost 47 percent of all HAMP modifications during the fourth quarter were GSE loans.
Servicers have modified 2,395,565 mortgages since the beginning of 2008 to the end of the third quarter of 2011. At the end of the 2011 fourth quarter, 48.3 percent of those modifications remained current or had been paid off, 8.5 percent were 30 to 59 days delinquent, and 17.4 percent were seriously delinquent. In addition, 10.6 percent were in the process of foreclosure and 6.1 percent completed the foreclosure process.
On average, non-HAMP mods reduced monthly payments by 26.5 percent during the fourth quarter or $430, and HAMP mods reduced payments by 36 percent, or $593.
Modifications that reduced payments by 10 percent or more performed better than those with a lesser reduction. At the end of the 2011 fourth quarter, 55.4 percent of modifications made since the beginning of 2008 with payments reduced by 10 percent or more were current and performing, compared to 34.5 percent of modifications made during that time that reduced payments by less than 10 percent.