Another Northwood condo rolling back a decade. This property was purchased on 11/19/2002 for $263,000. The lender took it back for the same price on 11/28/2011. They have marked it up a few dollars, but by the time is closes escrow, it will be a 2002 rollback.
That puts every condo purchased in the last decade in Northwood below its purchase price and probably underwater as well.
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Proprietary Irvine Housing News home purchase analysis 
241 HUNTINGTON Irvine, CA 92620
$274,900 …….. Asking Price
$263,000 ………. Purchase Price
11/19/2002 ………. Purchase Date
$11,900 ………. Gross Gain (Loss)
($21,040) ………… Commissions and Costs at 8%
============================================
($9,140) ………. Net Gain (Loss)
============================================
4.5% ………. Gross Percent Change
-3.5% ………. Net Percent Change
0.5% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$274,900 …….. Asking Price
$9,622 ………… 3.5% Down FHA Financing
3.87% …………. Mortgage Interest Rate
30 ……………… Number of Years
$265,279 …….. Mortgage
$81,628 ………. Income Requirement
$1,247 ………… Monthly Mortgage Payment
$238 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$69 ………… Homeowners Insurance at 0.3%
$305 ………… Private Mortgage Insurance
$250 ………… Homeowners Association Fees
============================================
$2,109 ………. Monthly Cash Outlays
($191) ………. Tax Savings
($391) ………. Equity Hidden in Payment
$13 ………….. Lost Income to Down Payment
$54 ………….. Maintenance and Replacement Reserves
============================================
$1,593 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$4,249 ………… Furnishing and Move In at 1% + $1,500
$4,249 ………… Closing Costs at 1% + $1,500
$2,653 ………… Interest Points
$9,622 ………… Down Payment
============================================
$20,772 ………. Total Cash Costs
$24,400 ………. Emergency Cash Reserves
============================================
$45,172 ………. Total Savings Needed
——————————————————————————————————————————————-
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 # S687406 from our database. Please check back soon.
Competing Listings
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$335,000 6 BOISE #8 |
0.34 miles 2 bd / 2.5 ba 1,105 Sq. Ft. |
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$379,900 2 PIERRE #21 |
0.34 miles 3 bd / 2 ba 1,223 Sq. Ft. |
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$329,900 51 GOLDEN GLEN St #1 |
0.44 miles 2 bd / 2 ba 1,044 Sq. Ft. |
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$379,000 444 MONROE #95 |
0.44 miles 2 bd / 2.5 ba 1,142 Sq. Ft. |
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$330,000 39 REGAL |
0.85 miles 2 bd / 2 ba 1,205 Sq. Ft. |
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$385,000 1 GREENWOOD |
0.99 miles 3 bd / 2 ba 1,178 Sq. Ft. |
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$429,000 4 BUTTERFIELD #2 |
1.21 miles 3 bd / 2 ba 1,250 Sq. Ft. |
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$339,888 24 GOLDENBUSH |
1.21 miles 2 bd / 2.25 ba 1,150 Sq. Ft. |
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$380,000 63 CANAL |
1.22 miles 2 bd / 2.5 ba 1,145 Sq. Ft. |
|
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$179,000 5200 IRVINE Blvd #89 |
1.23 miles 2 bd / 1.75 ba 1,248 Sq. Ft. |
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Obama’s Budget Calls for $61B from Banks
President Obama’s budget proposal continues to receive a barrage of criticism, especially from Republican lawmakers.
Obama specifically targets banks through a Financial Crisis Responsibility Fee, through which he intends to raise $61 billion from the nation’s largest banks.
The money is intended to “compensate the American people for the extraordinary assistance they provided to Wall Street, as well as to discourage excessive risk-taking,” according to the budget proposal.
A portion of the fees collected from the big-bank tax would be used to fund the mass refinance program outlined in the president’s State of the Union address. The fee would be assessed against firms with assets of more than $50 billion and would be paid over a 10-year period, starting next year.
“The Administration continues to actively implement ongoing Troubled Asset Relief Program (TARP) activities targeted to assist homeowners threatened by foreclosure, including unemployed homeowners and those with negative home equity,” Obama goes on to declare in the budget proposal.
He specifically mentions the $10 billion in savings brought to American homeowners through HAMP, although after
three years this program still falls short of its original goal of reaching 3 million to 4 million homeowners in its first two years.
As of December, about 910,000 loans had been permanently modified through HAMP.
The Financial Executives International, an industry organization for senior-level financial executives, released a statement this week expressing concerns about the budget’s increased taxes on American businesses and “American job creators.”
“Unfortunately, aspects of the President’s proposals to increase revenue would harm American job creators as well,” states the group’s president and CEO, Marie Hollein.
“FEI observes with concern that the budget proposes roughly $450 billion in tax increases on American businesses over the next 10 years,” states a press release from Financial Executives International.
House Budget Committee Chairman Rep. Paul Ryan (R-Wisconsin) has also been outspoken about Obama’s tax increases and calls attention to the budget’s net increase in spending.
“So we’re going to tax our most successful job creators, where most – more than half our jobs come from in America – at about 45 percent next year?” he asked on CNBC’s Kudlow Report.
Ryan says that while the budget may call for deficit reduction in some areas, overall it requires a net increase in spending.
Furthermore, he says the budget’s $1.9 trillion tax increases “will make it harder for businesses to create jobs and for workers to spur economic growth.”
Like other Republican congressmen, Ryan commented on the show, “This is really more of a campaign document than a credible fiscal solution to our big budget problems.”
This is good news:
More Than 95 Percent of Refinancing Borrowers Choose Fixed-Rate Mortgages
Trend Toward Shorter Loan Terms At Highest Share Since 2003
MCLEAN, Va., Feb. 14, 2012 /PRNewswire/ — In the fourth quarter of 2011, fixed-rate loans accounted for more than 95 percent of refinance loans, based on the Freddie Mac (OTC: FMCC) Quarterly Product Transition Report released today. Refinancing borrowers clearly preferred fixed-rate loans, regardless of whether their original loan was an adjustable-rate mortgage (ARM) or a fixed-rate.
News Facts
An increasing share of refinancing borrowers chose to shorten their loan terms during the fourth quarter. Of borrowers who paid off a 30-year fixed-rate loan, 43 percent chose a 15- or 20-year loan, the highest such share since the first quarter of 2003.
Fifty-eight percent of borrowers who had a hybrid ARM transitioned to a fixed-rate loan during the fourth quarter, while the remaining 42 percent chose to refinance into the same type of product.
Quotes
Attributed to Frank Nothaft, Freddie Mac vice president and chief economist
“Fixed mortgage rates averaged 4.00 percent for 30-year loans and 3.30 percent for 15-year product during the fourth quarter in Freddie Mac’s Primary Mortgage Market Survey®, well below long-term averages. The Bureau of Economic Analysis has estimated the average coupon on single-family loans was about 5.2 percent during the fourth quarter of 2011. It’s no wonder we continue to see strong refinance activity into fixed-rate loans.
“For borrowers motivated to refinance by low fixed-rates, they could obtain even lower rates by shortening their term. Compared to a 30-year fixed-rate mortgage, the interest rate on 15-year fixed was about 0.7 percentage points lower during the fourth quarter. And for borrowers who plan to remain in their current home for only a few years, the hybrid ARM allows for even a greater interest-rate savings. The initial interest rate on a 5/1 hybrid ARM was about 1.1 percentage points lower than on a 30-year fixed-rate loan.”
Quarterly Product Transition Information
These estimates come from a sample of properties on which Freddie Mac has funded at least two successive loans and the latest loan is for refinance rather than for home purchase. Some loan products, such as 1-year ARMs and balloons, are based on a small number of transactions. During the fourth quarter of 2011, the refinance share of applications averaged 81 percent in Freddie Mac’s monthly refi survey, and the ARM share of applications was 7 percent in Freddie Mac’s monthly ARM survey, which includes purchase-money as well as refinance applications.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.