Irvine: Northwood Overview
Median home price is $485,000. Based on a rental parity value of $548,000, this market is under valued.
Monthly payment affordability has been improving over the last 9 month(s). Momentum suggests improving affordability.
Resale prices on a $/SF basis increased to $292/SF to $298/SF.
Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.
Median rental rates declined $33 last month from $2,333 to $2,300.
Rents have been rising for 9 month(s). Price momentum suggests rising rents over the next three months.
Market rating = 6
Proprietary Irvine Housing News home purchase analysis 
$458,500 …….. Asking Price
$394,000 ………. Purchase Price
1/30/2004 ………. Purchase Date
$64,500 ………. Gross Gain (Loss)
($31,520) ………… Commissions and Costs at 8%
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$32,980 ………. Net Gain (Loss)
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16.4% ………. Gross Percent Change
8.4% ………. Net Percent Change
1.8% ………… Annual Appreciation
Cost of Home Ownership
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$458,500 …….. Asking Price
$16,048 ………… 3.5% Down FHA Financing
3.78% …………. Mortgage Interest Rate
30 ……………… Number of Years
$442,453 …….. Mortgage
$136,819 ………. Income Requirement
$2,057 ………… Monthly Mortgage Payment
$397 ………… Property Tax at 1.04%
$100 ………… Mello Roos & Special Taxes
$115 ………… Homeowners Insurance at 0.3%
$461 ………… Private Mortgage Insurance
$405 ………… Homeowners Association Fees
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$3,534 ………. Monthly Cash Outlays
($313) ………. Tax Savings
($663) ………. Equity Hidden in Payment
$20 ………….. Lost Income to Down Payment
$77 ………….. Maintenance and Replacement Reserves
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$2,656 ………. Monthly Cost of Ownership
Cash Acquisition Demands
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$6,085 ………… Furnishing and Move In at 1% + $1,500
$6,085 ………… Closing Costs at 1% + $1,500
$4,425 ………… Interest Points
$16,048 ………… Down Payment
============================================
$32,642 ………. Total Cash Costs
$40,700 ………. Emergency Cash Reserves
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$73,342 ………. Total Savings Needed
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This property is available for sale on the MLS.
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$879,000 42 COLONIAL |
0.45 miles 4 bd / 3 ba 2,427 Sq. Ft. |
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$828,800 29 DINUBA |
0.61 miles 3 bd / 3 ba 2,265 Sq. Ft. |
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$828,000 44 MONTICELLO |
0.63 miles 3 bd / 2.5 ba 2,405 Sq. Ft. |
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$825,000 15 HARRISBURG |
0.63 miles 4 bd / 2.75 ba 2,427 Sq. Ft. |
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$865,000 7 WINDSOR |
0.64 miles 4 bd / 2.5 ba 2,411 Sq. Ft. |
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$879,900 9 HARRISBURG |
0.65 miles 4 bd / 3 ba 2,450 Sq. Ft. |
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$695,000 38 POTOMAC |
0.91 miles 3 bd / 3 ba 2,400 Sq. Ft. |
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$998,800 28 LYNNFIELD |
1.04 miles 4 bd / 3 ba 2,400 Sq. Ft. |
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$660,000 4 LEWIS |
1.04 miles 4 bd / 2.5 ba 2,101 Sq. Ft. |
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$925,000 15 RIVEROAKS |
1.08 miles 3 bd / 2.5 ba 2,200 Sq. Ft. |
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Zillow: One-Third of Homeowners Underwater, 1 Out of 10 Delinquent
About 15.7 million U.S. homeowners were underwater in the first quarter of 2012, according to Zillow’s Negative Equity Report released Thursday. This translates to about one-third, or 31.4 percent, of homeowners with a mortgage, an increase from 31.1 percent in the previous quarter and a decrease from 32.4 percent a year ago.
Yet, most underwater homeowners are current on their mortgages, with nine in 10 continuing to make their payments on time. Also, just 10.1 percent of underwater homeowners are more than 90 days delinquent, Zillow reported.
“While it was disappointing to see negative equity numbers remain so high, it is important to note that negative equity remains only a paper loss for the vast majority of underwater homeowners,” said Zillow Chief Economist Stan Humphries. “As home values slowly increase and these homeowners continue to pay down their principal, they will surface again.”
While negative equity is never beneficial for homeowners, a large percentage of underwater borrowers are at least wading in shallow waters. Nearly 40 percent of underwater homeowners owe between 1 and 20 percent more than their home is worth, and another 21 percent owe between 21 and 40 percent more than their home’s value.
However, when looking at the total amount of negative equity that exists when combining all underwater homeowners, the number is $1.2 trillion. Through the $25 billion multistate settlement, $10 billion was allotted to reduce principal for underwater homeowners, an amount analysts have said is not enough to make a dramatic impact on recovery.
Additionally, 2.4 million homeowners with mortgages owe more than double what their home is worth. In Las Vegas, nearly 90,000 homeowners owe double their home’s value.
On a state level, Nevada has the highest percentage of negative equity, with 66.9 percent of all homeowners with mortgages underwater. Other states with high percentages include Arizona (52.3 percent), Georgia (46.8 percent), Florida (46.3 percent) and Michigan (41.7 percent).
The metro areas with the the highest percentage of homeowners with underwater mortgages were Las Vegas (79 percent), Phoenix (55.5 percent), Atlanta (55.2 percent), Orlando (53.9 percent), and Riverside, California (53.4 percent).
The metro areas with the lowest percentage of homeowners dealing with negative equity were Pittsburgh (16.7 percent), New York (21.3 percent), Boston (22 percent), San Jose (22.7 percent), and Philadelphia (25 percent).
Zillow also included an interactive map of the data organized by counties.
The Zillow Negative Equity Report looks at current outstanding loan amounts for individual owner-occupied homes and compares them to those homes’ current estimated values. Loan data are provided by TransUnion. According to Zillow, this is the only report that uses current outstanding loan balances on all mortgages when calculating negative equity, as opposed to basing outstanding loan balances on the most recent loan on a property, such as the original loan amount at the time of purchase or refinance.