Irvine: Oak Creek Overview
Median home price is $471,000. Based on a rental parity value of $478,000, this market is under valued.
Monthly payment affordability has been improving over the last 5 month(s). Momentum suggests improving affordability.
Resale prices on a $/SF basis declined from $316/SF to $311/SF.
Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.
Median rental rates declined $183 last month from $2,200 to $2,016.
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 
63 WELLINGTON Irvine, CA 92618
$749,900 …….. Asking Price
$399,500 ………. Purchase Price
4/26/2001 ………. Purchase Date
$350,400 ………. Gross Gain (Loss)
($31,960) ………… Commissions and Costs at 8%
============================================
$318,440 ………. Net Gain (Loss)
============================================
87.7% ………. Gross Percent Change
79.7% ………. Net Percent Change
5.8% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$749,900 …….. Asking Price
$149,980 ………… 20% Down Conventional
3.97% …………. Mortgage Interest Rate
30 ……………… Number of Years
$599,920 …….. Mortgage
$157,579 ………. Income Requirement
$2,854 ………… Monthly Mortgage Payment
$650 ………… Property Tax at 1.04%
$242 ………… Mello Roos & Special Taxes
$187 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$138 ………… Homeowners Association Fees
============================================
$4,071 ………. Monthly Cash Outlays
($659) ………. Tax Savings
($869) ………. Equity Hidden in Payment
$206 ………….. Lost Income to Down Payment
$114 ………….. Maintenance and Replacement Reserves
============================================
$2,863 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$8,999 ………… Furnishing and Move In at 1% + $1,500
$8,999 ………… Closing Costs at 1% + $1,500
$5,999 ………… Interest Points
$149,980 ………… Down Payment
============================================
$173,977 ………. Total Cash Costs
$43,800 ………. Emergency Cash Reserves
============================================
$217,777 ………. 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 # S693075 from our database. Please check back soon.
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$750,000 19 GLENOAKS |
0.35 miles 4 bd / 2.5 ba 2,300 Sq. Ft. |
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$839,000 9 BIRCHWOOD |
0.45 miles 4 bd / 2.5 ba 2,273 Sq. Ft. |
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$699,999 205 FALLINGSTAR |
1.16 miles 4 bd / 3 ba 1,900 Sq. Ft. |
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$739,000 16 FALLBROOK |
1.2 miles 4 bd / 2.5 ba 2,044 Sq. Ft. |
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$1,088,000 111 LATTICE |
1.22 miles 4 bd / 3 ba 2,310 Sq. Ft. |
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$1,029,000 30 FOXBORO |
1.37 miles 4 bd / 3 ba 2,458 Sq. Ft. |
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$999,500 63 EMERALD |
1.38 miles 4 bd / 3 ba 2,334 Sq. Ft. |
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$669,900 15 WOODGROVE |
1.62 miles 3 bd / 2.5 ba 2,088 Sq. Ft. |
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$499,000 30 East YALE Loop #21 |
1.65 miles 3 bd / 2.5 ba 1,886 Sq. Ft. |
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$999,000 59 LAKEVIEW #22 |
1.81 miles 3 bd / 2.25 ba 2,044 Sq. Ft. |
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49% of borrowers say paying the mortgage is not a priority.
Strategic Default Here to Stay Despite Improvements, Risk Managers Say
With reports that around 20 percent of mortgages are underwater, about 46 percent of bank risk professionals surveyed by FICO expect to see the volume of strategic defaults in 2012 exceed 2011 levels.
“After five years of a brutal housing market, many people now view their homes more objectively and with less sentimentality,” said Dr. Andrew Jennings, chief analytics officer at FICO and head of FICO Labs. “Regardless of legal or ethical issues around strategic defaults, lenders must account for this risk when they evaluate mortgage applications in declining markets. Many homeowners who find themselves upside down on mortgages in the future are likely to consider strategic default as an acceptable exit strategy.”
Combined with concerns over strategic default are disconcerting results about consumer priorities. Only 29 percent of bankers said the current generation of homeowners considers their mortgage to be their most important credit obligation, while 49 percent said its not a priority.
Even with this discouraging data, 53 percent of survey respondents expect to see the housing market improve by the end of 2012, compared to 24 percent who said the market would deteriorate.
Also, 64.8 percent of respondents think mortgage delinquencies will decrease or stay the same, an 11.3 percent increase from the previous quarter.
“If job creation continues, banks will be more likely to embrace mortgage lending once again. A healthy job market is essential for improving the quality of mortgage applications and reducing default risk,” said Jennings.
Most respondents, 56 percent, expect demand for residential mortgage credit to exceed supply over the next six months. A similar majority, 53 percent, project demand for the supply of credit for mortgage refinancing surpass supply.
The survey included responses from 263 risk managers at banks throughout the U.S. in February 2012 and was a joint effort between FICO, provider of analytics and decision management technology, and the Professional Risk Managers’ International Association, a nonprofit that works to define and implement the best practices of risk management through education.