TURTLE RIDGE

Can banks successfully manage their disposition of shadow inventory?

Sep 042012

The arguments about whether there is or is not a shadow inventory have gotten silly. There is a shadow inventory, and there are certain facts we can establish about it. First, there are millions of delinquent mortgage squatters who will not be given free homes. The exact number is impossible to ascertain because no accurate records are kept outside the banks who aren’t accurately sharing this information. Since the banks aren’t disseminating accurate information (why would they?), CoreLogic, who relies on voluntary information, consistently under reports the problem. Second, the disposition of these properties will require a sale on the MLS. This may be as an REO after a foreclosure, or it may be as a short sale in lieu [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...]

Turtle Ridge prices are volatile

Jun 282012

Irvine: Turtle Ridge Overview Median home price is $701,000. Based on a rental parity value of $653,000, this market is fairly valued. Monthly payment affordability has been improving over the last 4 month(s). Momentum suggests improving affordability. Resale prices on a $/SF basis increased from $437/SF to $437/SF. Resale prices have been falling for 3 month(s). Price momentum suggests unchanging prices over the next three months. Median rental rates declined $300 last month from $3,008 to $2,708. Rents have been falling for 6 month(s). Price momentum suggests falling rents over the next three months. Market rating = 3 Proprietary Irvine Housing News home purchase analysis 29 VILLAGE Way Irvine, CA 92603 $2,450,000 …….. Asking Price $2,066,500 ………. Purchase Price 10/29/2004 [Read More...]

What’s really going on in the Irvine housing market? 3-31-2012

Mar 312012

The Irvine Housing News profiles properties for sale each day and presents current market data on each village and neighborhood. If you really want to know what’s happening in the Irvine Housing market, you need to read the Irvine Housing news and subscribe to the our monthly newsletter. Redfin is the most popular real estate search site in Southern California. They track the most popular listings based on the number of views each receives. Below are some of the most viewed property listings in Irvine. Check them out. See what everyone else finds so interesting. 37 ROCKY Knl Irvine, CA 92612 — $749,000 $1,030,000 14 MONTEREY #1 0.92 miles 3 bd / 2.5 ba 2,328 Sq. Ft. $824,900 12 MONTEREY [Read More...]

What’s really going on in the Irvine housing market? 3-24-2012

Mar 242012

The Irvine Housing News profiles properties for sale each day and presents current market data on each village and neighborhood. If you really want to know what’s happening in the Irvine Housing market, you need to read the Irvine Housing news and subscribe to the our monthly newsletter. Redfin is the most popular real estate search site in Southern California. They track the most popular listings based on the number of views each receives. Below are some of the most viewed property listings in Irvine. Check them out. See what everyone else finds so interesting. 12 INGLESIDE Irvine, CA 92620 — $994,000 $999,000 241 VINTAGE 0.02 miles 4 bd / 3.5 ba 2,742 Sq. Ft. $979,000 23 CHIMNEY ROCK 0.17 [Read More...]

Turtle Ridge prices are down 5.8% and rents are up 5.2%

Feb 272012

Turtle Ridge prices are down 5.8% and rents are up 5.2%. Median home price is $515,000. Based on a rental parity value of $802,097, this market is under valued. Monthly payment affordability has been improving over the last 2 month(s). Momentum suggests improving affordability. Resale prices have been rising for 4 month(s). Price momentum suggests rising prices over the next three months. Resale prices that are rising generally causes payment affordability to decrease. Rents have been falling for 7 month(s). Price momentum suggests falling rents over the next three months. Rents that are falling generally causes payment affordability to decrease. Today’s featured property is a rare 2004 rollback in Turtle Ridge. Proprietary Irvine Housing News home purchase analysis 127 DANBROOK [Read More...]

Four years of squatting finally comes to an end

Feb 082012

Today’s featured property was for sale during most of the housing bust. The peak buyer from 2005 listed the house for sale four years ago in February of 2008. I profiled this property twice at the Irvine Housing Blog in Mistake 2008 and Shadow Inventory Signals Three Years of Falling Prices. This property was purchased on 3/25/2005 for $445,000. The owner used a $400,500 Option ARM first mortgage and a $44,500 downpayment. Not to worry, on 4/5/2006 he opened a HELOC for $60,000 and likely withdrew his downpayment plus $14,500. He likely quit paying sometime in late 2007. When the bank finally took the property back, the outstanding debt on the first mortgage had ballooned from $400,500 to $541,017. If [Read More...]

Chasing the market down in Turtle Ridge for two years

Jan 122012

Like many owners in Turtle Ridge, the owner’s of today’s featured property still believe the bubble didn’t impact them. Many properties have actually been selling for their peak purchase price. Until recently, prices in Turtle Ridge were falling, but they appear to be firming up again… for now. Property History for 41 CRIMSON ROSE Date Event Price May 16, 2011 Price Changed $1,695,000 Feb 14, 2011 Price Changed $1,595,000 Aug 24, 2010 Price Changed $1,550,000 Aug 04, 2010 Price Changed $1,599,000 Jul 12, 2010 Price Changed $1,699,000 Jul 09, 2010 Price Changed $1,799,000 Jun 09, 2010 Price Changed $1,899,000 May 13, 2010 Price Changed $2,100,000 Feb 26, 2010 Listed (Active) $2,200,000 Dec 22, 2005 Sold (Public Records) $1,784,500 The delusions [Read More...]

OC Housing News: Irvine Renter’s new blog

Dec 112011

Welcome to the OC Housing News! After nearly five years of writing for the Irvine Housing Blog, I feel it is time to expand my gaze beyond Irvine to the rest of Orange County. The Irvine housing market does not exist in a vacuum. Properties in nearby communities compete with Irvine for the attention of buyers. To really understand any housing market, we need to review properties and market conditions in surrounding communities. Therefore, this new blog will examine interesting properties in all of Orange County, California. Add to your bookmarks If you like my writing, and if this is your first visit I suggest you take a moment to add ochousingnews.com to your bookmarks. The entertaining and insightful market [Read More...]

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