Irvine: El Camino Real Overview
Median home price is $420,000. Based on a rental parity value of $517,000, this market is under valued.
Monthly payment affordability has been improving over the last 10 month(s). Momentum suggests improving affordability.
Resale prices on a $/SF basis increased to $284/SF from $287/SF.
Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.
Median rental rates declined $33 last month from $2,215 to $2,181.
Rents have been rising for 7 month(s). Price momentum suggests rising rents over the next three months.
Market rating = 6
Proprietary Irvine Housing News home purchase analysis 
8 STAR THISTLE Irvine, CA 92604
$590,400 …….. Asking Price
$222,500 ………. Purchase Price
11/10/1997 ………. Purchase Date
$367,900 ………. Gross Gain (Loss)
($17,800) ………… Commissions and Costs at 8%
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$350,100 ………. Net Gain (Loss)
============================================
165.3% ………. Gross Percent Change
157.3% ………. Net Percent Change
6.8% ………… Annual Appreciation
Cost of Home Ownership
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$590,400 …….. Asking Price
$118,080 ………… 20% Down Conventional
3.97% …………. Mortgage Interest Rate
30 ……………… Number of Years
$472,320 …….. Mortgage
$114,505 ………. Income Requirement
$2,247 ………… Monthly Mortgage Payment
$512 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$148 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$52 ………… Homeowners Association Fees
============================================
$2,958 ………. Monthly Cash Outlays
($363) ………. Tax Savings
($684) ………. Equity Hidden in Payment
$162 ………….. Lost Income to Down Payment
$94 ………….. Maintenance and Replacement Reserves
============================================
$2,167 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$7,404 ………… Furnishing and Move In at 1% + $1,500
$7,404 ………… Closing Costs at 1% + $1,500
$4,723 ………… Interest Points
$118,080 ………… Down Payment
============================================
$137,611 ………. Total Cash Costs
$33,200 ………. Emergency Cash Reserves
============================================
$170,811 ………. Total Savings Needed
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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 # C12026171 from our database. Please check back soon.
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$542,000 6 FERN Cyn |
0.1 miles 3 bd / 2.25 ba 1,899 Sq. Ft. |
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$679,000 35 MORNING DOVE |
0.43 miles 3 bd / 2.5 ba 1,943 Sq. Ft. |
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$619,500 3932 BANYAN St |
0.46 miles 4 bd / 2.25 ba 1,897 Sq. Ft. |
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$759,000 24 MEADOWGRASS |
0.49 miles 4 bd / 2.25 ba 1,950 Sq. Ft. |
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$595,000 33 SPARROWHAWK |
0.62 miles 3 bd / 1.75 ba 1,545 Sq. Ft. |
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$593,300 4651 South LOCKHAVEN Cir |
0.65 miles 4 bd / 3 ba 2,000 Sq. Ft. |
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$635,000 14561 MANGO Ave |
0.78 miles 4 bd / 2.5 ba 1,897 Sq. Ft. |
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$499,000 30 East YALE Loop #21 |
0.81 miles 3 bd / 2.5 ba 1,886 Sq. Ft. |
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$610,000 5141 YEARLING Ave |
0.85 miles 3 bd / 2.75 ba 1,480 Sq. Ft. |
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$580,000 3912 CAPRI Ave |
0.89 miles 4 bd / 2 ba 1,780 Sq. Ft. |
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I find studies like this asinine. You can’t exclude distressed sales from a market when distressed sales represent 1/3 of the market, particularly since distressed sales will continue to be 1/3 of the market for the next several years as lenders manage the liquidation of their inventories. It’s like saying prices are going up if you exclude those sales where prices went down. More bullish spin.
When Excluding Distressed Sales, Home Prices Continue to Rise
When excluding distressed sales, such as short sales and REO transactions, prices actually increased on a month-over-month basis in February, according to the February 2012 Home Price Index released by CoreLogic Wednesday. Though, when including distressed sales, prices decreased compared to the month before.
Month-over-month home prices increased by 0.7 percent in February when not factoring in distressed sales and decreased 0.8 percent compared to the year before.
When including distressed sales, prices dropped 0.8 percent compared to the prior month in January, which is the seventh consecutive monthly decline, while year-over-year prices fell 2 percent, according to the report.
In response to this data, Capital Economics noted in its report the 2 percent yearly drop is the smallest annual decline in 18 month.
Although prices continue to decline, Mark Fleming, chief economist with Corelogic, said it is at at a decreasing rate, and when excluding distressed sales, modest price appreciation has been seen month-over-month in January and February.
“The continued strength of sales activity and tightening inventories in many markets are early and hopeful signs that prices will continue to stabilize and improve in the coming months,” said Anand Nallathambi, president and CEO of CoreLogic.
Nallathambi also added that non-distressed home sale prices represent two-thirds of all sales and have appreciated by just over 1 percent since the beginning of the year.
The 0.7 percent increase is from the end of January to end of February.
In the Capital Economics report, authored by economist Paul Diggle, the 35 percent rise in homes sales and the 20 percent fall in visible inventory over the past year-and-a-half are attributed for the stop in the dropping of home prices. The research firm forecasts another 10 percent rise in home sales this year.
“That said, widespread negative equity and still-tight credit conditions mean that significant and sustained gains in house prices are still some way off,” Capital Economics stated. “However, a few years of stability is hardly unusual following steep adjustments. And once the various constraints on demand ease, the sheer extent of undervaluation in the housing market should eventually lead to a period of stronger growth.”
For the largest core based statistical areas (CBSAs), Chicago-Joliet-Naperville, Illinois depreciated the most at 7.3 percent, while Phoenix-Mesa-Glendale, Arizona appreciated the most at 7 percent when including distressed sales. Both CBSAs had the same ranking when excluding distressed sales, but fell 3.8 percent and increased 3.9 percent, respectively.
Five states with highest appreciation
(Including distressed sales)
West Virginia (+8.6 percent)
Michigan (+5.8 percent)
Florida (+4.7 percent)
Arizona (+4.5 percent)
South Dakota (+4.1 percent)
Five states with the greatest depreciation
(Including distressed sales)
Delaware (-11.2 percent)
Connecticut (-7.9 percent)
Rhode Island (-7.8 percent)
Illinois (-7.1 percent)
Georgia (-6.6 percent)
Five states with the highest appreciation
(excluding distressed sales)
South Dakota (+5.9 percent)
West Virginia (+5.6 percent)
Maine (+4.5 percent)
Utah (+3.7 percent)
Montana (+3.6 percent)
Five states with the greatest depreciation
(excluding distressed sales)
Delaware (-8.7 percent)
Connecticut (-4.9 percent)
Nevada (-4.6 percent)
Vermont (-4.0 percent)
Minnesota (-3.3 percent)
(Source: CoreLogic)