Irvine: El Camino Real Overview
Median home price is $390,000. Based on a rental parity value of $501,000, this market is under valued.
Monthly payment affordability has been improving over the last 7 month(s). Momentum suggests improving affordability.
Resale prices on a $/SF basis increased to $284/SF from $303/SF.
Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.
Median rental rates declined $98 last month from $2,215 to $2,116.
Rents have been rising for 8 month(s). Price momentum suggests rising rents over the next three months.
Market rating = 7
Proprietary Irvine Housing News home purchase analysis 
$279,900 …….. Asking Price
$138,500 ………. Purchase Price
11/9/1990 ………. Purchase Date
$141,400 ………. Gross Gain (Loss)
($11,080) ………… Commissions and Costs at 8%
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$130,320 ………. Net Gain (Loss)
============================================
102.1% ………. Gross Percent Change
94.1% ………. Net Percent Change
3.2% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$279,900 …….. Asking Price
$9,797 ………… 3.5% Down FHA Financing
3.88% …………. Mortgage Interest Rate
30 ……………… Number of Years
$270,104 …….. Mortgage
$83,025 ………. Income Requirement
$1,271 ………… Monthly Mortgage Payment
$243 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$70 ………… Homeowners Insurance at 0.3%
$281 ………… Private Mortgage Insurance
$280 ………… Homeowners Association Fees
============================================
$2,145 ………. Monthly Cash Outlays
($195) ………. Tax Savings
($398) ………. Equity Hidden in Payment
$13 ………….. Lost Income to Down Payment
$55 ………….. Maintenance and Replacement Reserves
============================================
$1,620 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$4,299 ………… Furnishing and Move In at 1% + $1,500
$4,299 ………… Closing Costs at 1% + $1,500
$2,701 ………… Interest Points
$9,797 ………… Down Payment
============================================
$21,096 ………. Total Cash Costs
$24,800 ………. Emergency Cash Reserves
============================================
$45,896 ………. 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 # S694995 from our database. Please check back soon.
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$300,000 70 KAZAN St #33 |
0.14 miles 2 bd / 2 ba 1,044 Sq. Ft. |
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$300,000 51 GOLDEN GLEN St #1 |
0.26 miles 2 bd / 2 ba 1,044 Sq. Ft. |
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$335,000 81 GOLDEN GLEN St #1 |
0.26 miles 2 bd / 2 ba 1,044 Sq. Ft. |
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$379,000 444 MONROE #95 |
0.5 miles 2 bd / 2.5 ba 1,142 Sq. Ft. |
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$305,000 260 MONROE #52 |
0.64 miles 2 bd / 2 ba 1,142 Sq. Ft. |
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$399,000 4 BUTTERFIELD #2 |
1 miles 3 bd / 2 ba 1,250 Sq. Ft. |
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$350,000 45 EASTMONT |
1.13 miles 3 bd / 2 ba 1,104 Sq. Ft. |
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$389,000 12 EASTMONT |
1.15 miles 3 bd / 2 ba 1,135 Sq. Ft. |
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$285,000 50 EAGLE Pt |
1.21 miles 3 bd / 1.75 ba 1,135 Sq. Ft. |
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$295,000 165 BRIARWOOD |
1.35 miles 3 bd / 1 ba 1,150 Sq. Ft. |
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See the enormous foreclosure pipeline for yourself below. Enter location and press search. Scroll through list by pressing "next."
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Survey: High Share of Distressed Properties Keeps Prices Down
Inventory is shrinking and traffic for homebuyers seems to be increasing, but according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, home prices were down in March. One reason for this, according to the survey, which includes about 2,500 real estate agents, is the high number of distressed properties on the market.
Home prices for non-distressed properties in March dropped 5.7 percent from a year ago in March 2011. Prices for damaged REO properties also saw a 5.7 percent decline in prices, while move-in ready REO prices fell 2.5 percent during the same period. Short sales declined significantly, with prices falling 14.3 percent during the one-year period.
According to a recent RealtyTrac report, the average price of a home sold via short sale in January 2012 was $174,120, down 10 percent from January 2011. This, RealtyTrac stated, shows that lenders are more willing to approve more aggressively priced short sales.
Driven by an increase in short sales, the total share of distressed properties in the housing market in March was 47.7 percent when using a three-month moving average, according to the HousingPulse Distressed Property Index (DPI). This marks the 25th consecutive month the index has hovered over the 40 percent mark.
“With nearly half of the market being distressed, we’re a long way from a return to a normal market,” said Thomas Popik, research director at Campbell Surveys. “Agents responding to our survey say that homeowners with well-maintained properties in good locations are very reluctant to list at today’s prices. That’s why inventory is low-and also why forced REO and short sales are such a big proportion of the remaining market.”
Over the past six months, the proportion of short sale transactions in the housing market increased from 17.8 percent to 19.9 percent.
The survey also found that traffic indexes for first-time homebuyers, current homeowners, and investors all showed substantial increases in March compared to the year before, with indexes showing current homeowners and investors were higher than those recorded when the federal homebuyer’s tax credit was offered in 2009 and 2010.
Meanwhile, HousingPulse found that real estate agents reported housing inventories well below levels seen a year ago, especially for attractive properties in desirable locations.
What Agents Said in the Survey
“[Purchase] Activity has increased while prices continue to fall. There is a significant increase in the number of short sales and foreclosures on the market in our area.” – Agent in Delaware.
“Sales are up 29 percent year-to-date through the end [of] March. Pendings are up 55 percent. Prices just are beginning to rise.” – Agent from California.
“Volume is increasing, but prices are not. Only very nice homes are selling faster.” – Agent in Pennsylvania.
Apparently banks are trying to avoid REO by increasing short sales.
Short sales expected to surge this year
NEW YORK (CNNMoney) — Short sales are rising sharply, offering many struggling homeowners a better alternative to foreclosure in many of the nation’s hardest hit states.
In short sale deals, the sale price of the home is less than what the seller owes. Often, the bank that holds the mortgage takes so long to approve the sale that the deal falls through. But in recent months, the pace of short sales has increased, a trend that should gain momentum, according to RealtyTrac.
In January, short sales rose 33% compared with 12 months earlier, the company reported.
During the month, 32 states saw year-over-year percentage increases in short sales. Even more encouraging, short sale deals outnumbered foreclosures in 12 states, including some of the hardest hit like California, Arizona and Florida.
January’s numbers look to be just the beginning. “[W]e believe 2012 could be a record year for short sales,” said Daren Blomquist, vice president at RealtyTrac.
Banks are showing signs of being more open and willing to approve the deals — even if it means accepting less money. The average sales price for a short sale was $174,120 in January, down 4% from December and 10% year-over-year.
Typically, banks get about 20% less for a foreclosed home. Foreclosure can also take years to unload, during which expenses, like property taxes, insurance and other expenses, mount up.
Short sale process to speed up. One of the biggest roadblocks for short sales has been the time it takes to get deals approved. That time shrunk slightly during the first quarter — to 306 days from 308 days the previous quarter — but many deals still fall through because the buyer eventually walks away.
However, that could all change come June 1 when a set of new rules are put in place that will require lenders to make a decision about short sale requests within 60 days.
We’ve heard this before. In 2009, lenders withheld REO and attempted to switch to short sales, but they were unwilling to write off their second mortgage debt. I question whether or not it will be any different this time around.