Irvine: Northwood Overview
Median home price is $468,000. Based on a rental parity value of $576,000, this market is fairly valued.
Monthly payment affordability has been improving over the last 7 month(s). Momentum suggests improving affordability.
Resale prices on a $/SF basis declined from $302/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 $33 last month from $2,400 to $2,433.
Rents have been rising for 7 month(s). Price momentum suggests rising rents over the next three months.
Market rating = 5
Proprietary Irvine Housing News home purchase analysis 
54 NIGHT BLOOM Irvine, CA 92602
$535,900 …….. Asking Price
$370,000 ………. Purchase Price
4/27/2007 ………. Purchase Date
$165,900 ………. Gross Gain (Loss)
($29,600) ………… Commissions and Costs at 8%
============================================
$136,300 ………. Net Gain (Loss)
============================================
44.8% ………. Gross Percent Change
36.8% ………. Net Percent Change
7.4% ………… Annual Appreciation
Cost of Home Ownership 
——————————————————————————
$535,900 …….. Asking Price
$107,180 ………… 20% Down Conventional
3.97% …………. Mortgage Interest Rate
30 ……………… Number of Years
$428,720 …….. Mortgage
$115,811 ………. Income Requirement
$2,039 ………… Monthly Mortgage Payment
$464 ………… Property Tax at 1.04%
$200 ………… Mello Roos & Special Taxes
$134 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$154 ………… Homeowners Association Fees
============================================
$2,992 ………. Monthly Cash Outlays
($329) ………. Tax Savings
($621) ………. Equity Hidden in Payment
$147 ………….. Lost Income to Down Payment
$87 ………….. Maintenance and Replacement Reserves
============================================
$2,275 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$6,859 ………… Furnishing and Move In at 1% + $1,500
$6,859 ………… Closing Costs at 1% + $1,500
$4,287 ………… Interest Points
$107,180 ………… Down Payment
============================================
$125,185 ………. Total Cash Costs
$34,800 ………. Emergency Cash Reserves
============================================
$159,985 ………. 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 # P816956 from our database. Please check back soon.
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$400,000 5 CABAZON #19 |
0.21 miles 2 bd / 2 ba 1,663 Sq. Ft. |
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$589,000 20 JULIAN #1 |
0.33 miles 3 bd / 2.5 ba 1,650 Sq. Ft. |
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$349,000 8 PRESCOTT |
0.76 miles 2 bd / 2.5 ba 1,398 Sq. Ft. |
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$499,900 294 MONROE #107 |
0.84 miles 3 bd / 2.5 ba 1,360 Sq. Ft. |
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$349,900 - |
0.88 miles 2 bd / 2.5 ba 1,460 Sq. Ft. |
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$405,900 29 OLDE BERRY #55 |
0.98 miles 3 bd / 2.5 ba 1,364 Sq. Ft. |
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$382,800 63 SAPPHIRE |
1.04 miles 2 bd / 2.5 ba 1,459 Sq. Ft. |
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$383,900 404 TERRA BELLA |
1.07 miles 2 bd / 2.5 ba 1,343 Sq. Ft. |
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$415,000 73 BURLINGAME |
1.08 miles 2 bd / 2.5 ba 1,500 Sq. Ft. |
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$425,600 41 BURLINGAME |
1.08 miles 2 bd / 2.5 ba 1,475 Sq. Ft. |
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Anyone looking to strategically default needs to do so in 2012 or they will end up paying tax on the bad debt.
Still Time to Have Forgiven Mortgage Debt Excluded as Taxable Income
Homeowners who have had mortgage debt forgiven after a foreclosure, modification, or short sale may be able to exclude the canceled debt from their taxable income if they meet specific criteria.
According to Gil Charney, principal analyst at The Tax Institute at H&R Block, the specific criteria to have forgiven debt excluded are the debt must have been incurred to buy, build or substantially improve the residence, called “acquisition debt, and the property must be the taxpayer’s primary residence.
Also, the exclusion applies only to acquisition debt up to $2 million, or $1 million for married taxpayers filing separately, and cancelled mortgage debt not used to buy, build, or improve a principal residence is not eligible for the exclusion, but may be excludable under a different provision, such as bankruptcy or insolvency, Charney added.
Under the Mortgage Debt Relief Act of 2007, the provision is for debt forgiven between 2007 and 2012.
For those considering a short sale, Octavio Nuiry of Realty Trac warns that waiting to do a short sale after December 31, 2012 may lead to tax penalties that could have been avoided for the homeowner unless the bill gets extended.
According to data from RealtyTrac, since 2007, about 1.8 million U.S. homeowners have sold via pre-foreclosure sale, and most of those were short sales.
In addition, for the year 2011, there were 830,000 completed foreclosures, and from the start of the financial crises in September 2008, there have been about 3.3 million completed foreclosures, according to reports from CoreLogic. Also, 1.4 million homes with a mortgage were placed into foreclosure inventory for the year 2011.
Other types of deductions
Mortgage Interest Deduction – taxpayers are eligible to deduct qualified mortgage interest on their main home and a second home if they itemize deductions on Schedule A
* They must be legally liable for repayment of the loan to deduct the loan interest.
* For 2011 filings, taxpayers who could not pay at least 20 percent of their down payment may have had to pay for private mortgage insurance (PMI). If the taxpayer qualifies, the PMI may be deductible as mortgage interest.
Real Estate Taxes – homeowners are able to deduct real estate taxes separately from mortgage interest on Schedule A and from property taxes
Nonbusiness Energy Property Credit (expired at the end of 2011) – taxpayers may claim energy-efficiency credits for up to 10 percent of the cost of various home energy-efficiency improvements
Residential Energy Efficient Property Credit – a nonrefundable personal credit is available for property used to produce energy in a personal residence located in the U.S.
* The credit is also available for wind energy property and geothermal pumps.
* Real estate taxes must be based on the home’s value and assessed at least annually.