Irvine: Northpark Overview
Median home price is $481,000. Based on a rental parity value of $644,000, this market is under valued.
Monthly payment affordability has been improving over the last 3 month(s). Momentum suggests improving affordability.
Resale prices on a $/SF basis declined from $294/SF to $293/SF.
Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.
Median rental rates increased $41 last month from $2,590 to $2,631.
Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months.
Market rating = 6
Proprietary Irvine Housing News home purchase analysis 
12 BELLA ROSA Irvine, CA 92602
$899,000 …….. Asking Price
$622,500 ………. Purchase Price
4/30/2002 ………. Purchase Date
$276,500 ………. Gross Gain (Loss)
($49,800) ………… Commissions and Costs at 8%
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$226,700 ………. Net Gain (Loss)
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44.4% ………. Gross Percent Change
36.4% ………. Net Percent Change
3.6% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$899,000 …….. Asking Price
$179,800 ………… 20% Down Conventional
3.65% …………. Mortgage Interest Rate
30 ……………… Number of Years
$719,200 …….. Mortgage
$185,584 ………. Income Requirement
$3,290 ………… Monthly Mortgage Payment
$779 ………… Property Tax at 1.04%
$283 ………… Mello Roos & Special Taxes
$225 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$217 ………… Homeowners Association Fees
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$4,794 ………. Monthly Cash Outlays
($742) ………. Tax Savings
($1,102) ………. Equity Hidden in Payment
$215 ………….. Lost Income to Down Payment
$132 ………….. Maintenance and Replacement Reserves
============================================
$3,297 ………. Monthly Cost of Ownership
Cash Acquisition Demands
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$10,490 ………… Furnishing and Move In at 1% + $1,500
$10,490 ………… Closing Costs at 1% + $1,500
$7,192 ………… Interest Points
$179,800 ………… Down Payment
============================================
$207,972 ………. Total Cash Costs
$50,500 ………. Emergency Cash Reserves
============================================
$258,472 ………. Total Savings Needed
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This property is available for sale on the MLS.
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$935,000 35 BELLA ROSA |
0.15 miles 4 bd / 2.5 ba 2,600 Sq. Ft. |
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$1,188,000 19 WHITFORD |
0.23 miles 3 bd / 3 ba 2,800 Sq. Ft. |
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$1,229,000 10 DOS RIOS |
0.29 miles 4 bd / 3 ba 3,250 Sq. Ft. |
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$988,000 1 TICONDEROGA |
0.57 miles 4 bd / 2.75 ba 3,112 Sq. Ft. |
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$849,000 54 CLIFFWOOD |
0.69 miles 4 bd / 3 ba 2,603 Sq. Ft. |
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$828,800 29 DINUBA |
0.71 miles 3 bd / 3 ba 2,265 Sq. Ft. |
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$825,000 6 GRASS Vly |
0.72 miles 4 bd / 2.75 ba 2,450 Sq. Ft. |
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$808,888 5 BELLEZZA |
0.73 miles 4 bd / 2.5 ba 2,392 Sq. Ft. |
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$699,000 21 GEORGIA |
0.76 miles 5 bd / 3 ba 2,280 Sq. Ft. |
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$949,900 8 BRENA |
0.77 miles 6 bd / 4 ba 2,955 Sq. Ft. |
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Since lenders control short sales due to their required approval, lenders can restrict that supply as well to make prices go up and make future buyers pay more.
How Negative Equity Improves Home Values: Reports
Home prices are increasing, but one of the main drivers behind the boost in home values is also weighing on supply and demand.
According to a report from CoreLogic, negative equity is helping to drive up home prices because it also keeps homeowners from listing their property, which keeps inventory low.
Of the largest 100 markets, the five markets where prices are accelerating the fastest also have the highest share of negative equity and high demand for distressed properties.
Examples CoreLogic provided were Phoenix and Miami, where prices in May over a 12-month period appreciated by 14.7 percent and 9.7 percent, respectively.
In a recent report, Capital Economics also addressed the impact of negative equity on home values, and said that in a handful of hard-hit states, homeowner vacancy rates are well below the average, an indication of low supply.
“Presumably that’s because investment demand for cheaper homes – which are more likely to be afflicted by negative equity, and therefore in relatively short supply – is particularly
strong in States where housing valuations are especially low,” wrote Paul Diggle, property economist for Capital Economics.
CoreLogic also noted that homes in the lower-price segment are appreciating more rapidly. Over a one-year period, homes priced 125 percent or more above the national median improved by 1.8 percent compared to a 5.7 percent increase for homes priced below 75 percent of the national median.
This improvement in lower-priced homes, CoreLogic explained, is also helping to reduce the share of negative equity since underwater homes tend to be concentrated in lower-priced segments. Thus, as lower-priced underwater homes start to show price gains, they move out of negative equity. CoreLogic’s most recent report on negative equity revealed that 700,000 homes found their way out of being underwater in the first quarter of this year due to price improvements.
While negative equity does harm the housing market, Diggle said the net effect of negative equity on the homes prices is “fairly muted.”
“The bottom line is that negative equity will continue to weigh heavily on housing market activity, both on the supply side and the demand side. Nevertheless, it isn’t preventing a modest housing market recovery from taking shape,” Capital Economics concluded.