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 
5182 ROYALE Ave Irvine, CA 92604
$688,000 …….. Asking Price
$257,000 ………. Purchase Price
6/13/1995 ………. Purchase Date
$431,000 ………. Gross Gain (Loss)
($20,560) ………… Commissions and Costs at 8%
============================================
$410,440 ………. Net Gain (Loss)
============================================
167.7% ………. Gross Percent Change
159.7% ………. Net Percent Change
6.0% ………… Annual Appreciation
Cost of Home Ownership 
——————————————————————————
$688,000 …….. Asking Price
$137,600 ………… 20% Down Conventional
4.03% …………. Mortgage Interest Rate
30 ……………… Number of Years
$550,400 …….. Mortgage
$131,825 ………. Income Requirement
$2,637 ………… Monthly Mortgage Payment
$596 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$172 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
============================================
$3,405 ………. Monthly Cash Outlays
($428) ………. Tax Savings
($789) ………. Equity Hidden in Payment
$193 ………….. Lost Income to Down Payment
$192 ………….. Maintenance and Replacement Reserves
============================================
$2,574 ………. Monthly Cost of Ownership
Cash Acquisition Demands 
——————————————————————————
$8,380 ………… Furnishing and Move In at 1% + $1,500
$8,380 ………… Closing Costs at 1% + $1,500
$5,504 ………… Interest Points
$137,600 ………… Down Payment
============================================
$159,864 ………. Total Cash Costs
$39,400 ………. Emergency Cash Reserves
============================================
$199,264 ………. 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 # S692030 from our database. Please check back soon.
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$675,000 10 BLUE Riv |
1.08 miles 4 bd / 3 ba 2,550 Sq. Ft. |
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$927,000 27 BLUEJAY |
1.18 miles 5 bd / 4 ba 2,600 Sq. Ft. |
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$1,029,900 6 MEDLAR |
1.38 miles 4 bd / 2.75 ba 3,150 Sq. Ft. |
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$845,950 3 GLENOAKS |
1.39 miles 4 bd / 2.5 ba 2,750 Sq. Ft. |
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$988,800 23 ARBUSTO |
1.41 miles 5 bd / 2.75 ba 2,750 Sq. Ft. |
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$799,000 17 GLENOAKS |
1.42 miles 4 bd / 2.5 ba 2,700 Sq. Ft. |
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$960,000 7 PIENZA |
1.5 miles 5 bd / 2.75 ba 2,750 Sq. Ft. |
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$979,000 61 SECRET Gdn |
1.56 miles 5 bd / 4 ba 3,200 Sq. Ft. |
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$890,000 8 RAINSTAR |
1.66 miles 4 bd / 2.5 ba 2,500 Sq. Ft. |
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$799,000 4 CARSON |
1.75 miles 4 bd / 2.5 ba 2,600 Sq. Ft. |
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Big losses ahead for Chase from amend-extend-pretend dance
Moody’s: Foreclosure Timelines on the Rise; More Losses to RMBS
Foreclosure timelines are on the rise, and the increase is resulting in greater losses to residential mortgage backed securities (RMBS), according to Moody’s Investor Service’s Servicer Dashboard for the fourth quarter 2011, released Thursday.
The average loan in foreclosure has been in the process for 571 days, but judicial states are weighing heavily on that average.
Foreclosures in judicial states have aged an average 654 days, while foreclosures in non-judicial states have aged an average 297 days, according to Moody’s.
The two-year timelines in judicial states are leading to a higher average age of loans in foreclosure. Ultimately, this translates to increased losses for RMBS.
“Because loans that have yet to complete foreclosure are already much older than those that have already completed the process, they will incur greater costs, which will lead to higher loss severities to the RMBS trusts upon liquidation,” Moody’s stated in its report.
Of the six banks Moody’s observes, Citi is experiencing the lowest rate of aging in both judicial and non-judicial states, 561 days and 230 days, respectively.
GMAC loans are aging the most in judicial states 691 days, while Chase records the highest average aging in non-judicial states, 409 days.
However, Chase has experienced the greatest discrepancy between timelines of completed foreclosures and current foreclosure inventory with completed foreclosures averaging 264 days and current foreclosure inventory averaging 604 days.
As a result, Moody’s predicts Chase “may see the greatest impact to loss severities relative to the loans it has already liquidates.”
Additionally, as aged foreclosures are processed, Moody’s expects the timeline of foreclosure referral to foreclosure sale to increase.
GMAC holds the longest foreclosure timelines for Alt-A and subprime loans, and Bank of America holds the longest timeline for jumbo loans.
Total cure and cash flowing rates declined at GMAC, Citi, and Wells Fargo over the fourth quarter for all loan types.
Ocwen also experienced a decline from a 44.1 percent total cure and cash flowing rate for its subprime loans to a 33 percent rate in the fourth quarter.
However, Ocwen attributes this to its acquisition of Litton Loan Servicing.
Foreclosure okay without a ‘note,’ per California court ruling
By Kerri Panchuk March 21, 2012 • 4:17pm
A California appellate court ruled it was OK for the party initiating a foreclosure to do so without being in possession of the mortgage note.
The decision shows attorneys how foreclosure contests can play out in nonjudicial foreclosure states when specific foreclosure processing provisions are already in place.
The Sixth District Court of Appeals of California held that state statutes “do not require that the mortgage note be in the possession of the party initiating the foreclosure.”
Ultimately, the court rejected a plaintiff’s petition for a quiet title to property and declaratory judgment on the grounds that the foreclosing parties did not have physical possession or ownership rights to the promissory note.
The appellate court disagreed with this claim, holding that Section 2924 of the California Civil Code does not require a party initiating foreclosure to actually be in possession of a note.
The decision is tied to a lawsuit originally filed by Stephen George Debrunner against Deutsche Bank National Trust Co., the foreclosure trustee Old Republic Default Management and the servicer Saxon.
The case and its outcome highlight the differences that surface when working in nonjudicial foreclosure states as opposed to judicial foreclosure systems.
Judicial foreclosure states require foreclosures to pass through the court system, while nonjudicial foreclosure states, such as California, move proceedings through the foreclosure process using state-specific real estate laws. These differences state-by-state are likely to create varying outcomes as in the Debrunner case where the plaintiff’s claims are derailed by state law.