Irvine: Northpark Overview
Median home price is $427,000. Based on a rental parity value of $615,000, this market is under valued.
Monthly payment affordability has been improving over the last 1 month(s). Momentum suggests unchanging affordability.
Resale prices on a $/SF basis declined from $291/SF to $290/SF.
Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.
Median rental rates increased $101 last month from $2,480 to $2,581.
Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months.
Market rating = 7
Proprietary Irvine Housing News home purchase analysis 
$350,000 …….. Asking Price
$392,000 ………. Purchase Price
4/29/2003 ………. Purchase Date
($42,000) ………. Gross Gain (Loss)
($31,360) ………… Commissions and Costs at 8%
============================================
($73,360) ………. Net Gain (Loss)
============================================
-10.7% ………. Gross Percent Change
-18.7% ………. Net Percent Change
-1.2% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$350,000 …….. Asking Price
$12,250 ………… 3.5% Down FHA Financing
3.80% …………. Mortgage Interest Rate
30 ……………… Number of Years
$337,750 …….. Mortgage
$99,346 ………. Income Requirement
$1,574 ………… Monthly Mortgage Payment
$303 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$88 ………… Homeowners Insurance at 0.3%
$352 ………… Private Mortgage Insurance
$250 ………… Homeowners Association Fees
============================================
$2,566 ………. Monthly Cash Outlays
($240) ………. Tax Savings
($504) ………. Equity Hidden in Payment
$16 ………….. Lost Income to Down Payment
$64 ………….. Maintenance and Replacement Reserves
============================================
$1,901 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$5,000 ………… Furnishing and Move In at 1% + $1,500
$5,000 ………… Closing Costs at 1% + $1,500
$3,378 ………… Interest Points
$12,250 ………… Down Payment
============================================
$25,628 ………. Total Cash Costs
$29,100 ………. Emergency Cash Reserves
============================================
$54,728 ………. 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 # S696837 from our database. Please check back soon.
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$588,800 43 MEADOW Vly |
0.09 miles 3 bd / 2.5 ba 1,650 Sq. Ft. |
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$648,800 77 MODESTO #94 |
0.09 miles 3 bd / 2.5 ba 1,650 Sq. Ft. |
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$562,500 53 MODESTO #108 |
0.09 miles 3 bd / 2.5 ba 1,600 Sq. Ft. |
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$475,000 76 BURLINGAME |
0.58 miles 2 bd / 2.5 ba 1,670 Sq. Ft. |
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$685,000 171 KINGSWOOD #86 |
0.58 miles 3 bd / 2.5 ba 1,800 Sq. Ft. |
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$685,000 154 KINGSWOOD #117 |
0.59 miles 3 bd / 2.5 ba 1,700 Sq. Ft. |
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$438,000 1302 TERRA BELLA #1 |
0.66 miles 3 bd / 2.5 ba 1,614 Sq. Ft. |
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$525,000 47 GRANADA |
0.68 miles 2 bd / 2 ba 1,640 Sq. Ft. |
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$629,000 2981 W BRADLEY Pl |
0.69 miles 3 bd / 2.25 ba 1,500 Sq. Ft. |
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$469,800 56 SAPPHIRE |
0.7 miles 3 bd / 2.5 ba 1,500 Sq. Ft. |
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For the last two quarters, the rate of foreclosure has been less than the rate of new delinquencies from strategic default. As a result, the delinquency rate rose. The first quarter of this year is the first quarter in the last three where the foreclosure rate nationally has exceeded the rate at which loans are going bad. As lenders slow their foreclosures in the West, the delinquency rate will remain high as more borrowers are allowed to squat. Perhaps lenders will make up the difference on the east coast where the judicial foreclosures are ramping up.
Delinquency rate finally dropped after two consecutive quarterly increases
After declining during the 2012 first quarter, the national mortgage delinquency rate is at its lowest level since the first quarter of 2009 and finally dropped after two consecutive quarterly increases. TransUnion reported Wednesday that the national delinquency rate, which includes borrowers 60 or more days past due, is 5.78 percent for the first quarter of 2012, a quarterly and yearly drop when the rates were 6.01 percent and 6.19 percent, respectively.
“To see that quarter over quarter, and year over year, more homeowners were able to make their mortgage payments is certainly welcome news,” said Tim Martin, group VP of U.S. Housing in TransUnion’s financial services business unit.
Martin also added that while we are still about three-times above the pre-recession norm, we should begin to see consistent improvements each quarter.
As for individual states, Florida (13.87 percent) took the lead for the highest delinquency rate, followed by hard-hit state Nevada (11.16 percent), then New Jersey (8.31 percent) and Maryland (7.11 percent).
States with the lowest delinquency rates were North Dakota (1.51 percent), South Dakota (2.11 percent), Nebraska (2.31 percent), and Wyoming (2.43 percent).
The three states that saw the greatest year-over-year increases in their rates were Vermont, which saw its rate go up by about 15 percent to 3.31 percent, followed by New Jersey and Arkansas, which saw smaller declines under 10 percent.
The three states that saw the greatest yearly declines in their mortgage delinquency rate were Arizona, which dropped its rate by about 25 percent to 6.86 percent, followed by Wyoming, which had a 23 percent reduction to 2.43 percent, and California, which fell to 6.66 percent after cutting its rate by 22 percent.
For metropolitan areas, 73 percent saw decreases in their mortgage rates in the first quarter of 2012 compared to the previous two quarters, when only 36 percent of metro areas saw a drop in their delinquency rate.
TransUnion predicts this will be a continuing trend and expects mortgage delinquency rates to fall further downward in 2012.
“We have seen increased traction of refinance activity related to HARP 2.0, a program that makes it easier for homeowners with negative equity in their home to refinance,” said Martin. “Going forward, as these homeowners take advantage of the historic low mortgage interest rates, and perhaps lower their monthly payment in the process, it may have some positive impact on the overall delinquency rate starting later this year.”
TransUnion’s forecast is based on various economic assumptions and is subject to change if there are unanticipated shocks to the economy.