Irvine: Oak Creek Overview
Median home price is $466,000. Based on a rental parity value of $536,000, this market is under valued.
Monthly payment affordability has been improving over the last 1 month(s). Momentum suggests unchanging affordability.
Resale prices on a $/SF basis declined from $314/SF to $310/SF.
Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.
Median rental rates declined $9 last month from $2,233 to $2,224.
Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months.
Market rating = 5
Proprietary Irvine Housing News home purchase analysis 
$530,000 …….. Asking Price
$690,000 ………. Purchase Price
11/8/2007 ………. Purchase Date
($160,000) ………. Gross Gain (Loss)
($55,200) ………… Commissions and Costs at 8%
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($215,200) ………. Net Gain (Loss)
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-23.2% ………. Gross Percent Change
-31.2% ………. Net Percent Change
-5.7% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$530,000 …….. Asking Price
$106,000 ………… 20% Down Conventional
3.68% …………. Mortgage Interest Rate
30 ……………… Number of Years
$424,000 …….. Mortgage
$110,799 ………. Income Requirement
$1,947 ………… Monthly Mortgage Payment
$459 ………… Property Tax at 1.04%
$167 ………… Mello Roos & Special Taxes
$133 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$157 ………… Homeowners Association Fees
============================================
$2,862 ………. Monthly Cash Outlays
($308) ………. Tax Savings
($647) ………. Equity Hidden in Payment
$128 ………….. Lost Income to Down Payment
$86 ………….. Maintenance and Replacement Reserves
============================================
$2,122 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$6,800 ………… Furnishing and Move In at 1% + $1,500
$6,800 ………… Closing Costs at 1% + $1,500
$4,240 ………… Interest Points
$106,000 ………… Down Payment
============================================
$123,840 ………. Total Cash Costs
$32,500 ………. Emergency Cash Reserves
============================================
$156,340 ………. Total Savings Needed
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This property is available for sale on the MLS.
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$579,000 17 BLUEBELL |
0.04 miles 3 bd / 2.75 ba 1,750 Sq. Ft. |
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$576,000 68 DIAMOND #125 |
0.1 miles 3 bd / 2.5 ba 1,636 Sq. Ft. |
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$759,000 32 REDBERRY |
0.26 miles 4 bd / 2.5 ba 2,050 Sq. Ft. |
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$550,000 388 East YALE Loop #1 |
0.57 miles 2 bd / 2 ba 1,323 Sq. Ft. |
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$505,000 366 East YALE Loop #12 |
0.57 miles 3 bd / 3.5 ba 2,100 Sq. Ft. |
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$545,000 72 ALEVERA St |
0.58 miles 4 bd / 2.5 ba 1,500 Sq. Ft. |
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$399,000 76 GREENMOOR #38 |
0.91 miles 3 bd / 2.5 ba 1,384 Sq. Ft. |
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$649,900 5 WOODGROVE #10 |
0.98 miles 3 bd / 2.5 ba 1,840 Sq. Ft. |
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$499,000 30 East YALE Loop #21 |
1.01 miles 3 bd / 2.5 ba 1,886 Sq. Ft. |
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$635,000 20 NIGHTSHADE |
1.07 miles 3 bd / 2.75 ba 1,700 Sq. Ft. |
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Will the courts start giving away free houses in Florida?
Court Unlikely to Favor Homeowner in Florida Foreclosure Case: Moody’s
If a lender produces a fraudulent document when attempting to foreclose on a borrower, should lenders be able to voluntarily dismiss the foreclosure then re-file the case after fixing the error?
The answer to this question is currently being decided by the Florida Supreme Court, which heard arguments May 10 for a case titled Roman Pino v. Bank of New York Mellon.
If the court does rule in favor of Pino, this would mean servicers could no longer fix documents and later refile foreclosures, which would stall or lead to the dismissal of foreclosures and make it even more difficult for the judicial state to proceed with foreclosures.
While a decision has not been made, Moody’s Analytics said in a report that the ruling is not likely to fall in favor of the defendant Pino, who is the homeowner the bank tried to foreclose on using a fraudulent assignment of mortgage, or a document serving as proof the mortgage has been transferred from the original owner to a third party.
In its analysis, Moody’s pointed out that two previous rulings and the Justices’ remarks at oral argument already express the unlikelihood of favor towards the homeowner.
The trial court and the entire body of the appellate court voted 9-2 against the defendant, and the Justices stated Florida law already has sufficient remedies and sanctions to deal with fraud.
Moody’s said, “[t]hese include the ability of a homeowner to challenge a completed foreclosure obtained through fraud, the availability of sanctions against those who knowingly make false statements to the court, and the recent amendments to the Florida rules requiring verification of the ownership and right to enforce the mortgage note and giving greater authority to sanction plaintiffs who make false allegations.”
Expressing concerns over the effects of a ruling in favor of the homeowner, the Justices also addressed the potential impact of a ruling in favor of Pino on non-mortgage civil litigation, Moody’s stated.
However, if the court was to rule in favor of the homeowner, Moody’s explained the consequences would be limited because the ruling would only be applicable in cases involving fraudulent documents, not document flaws born out of careless mistakes.
Even though proving fraud would mean showing a false statement or action with the intent to deceive, Moody’s said a flawed document without fraud would still slow down the foreclosure process due to having to go through a hearing to try and prove fraud.
This would create an even greater backlog of foreclosures in a state known for having a high percentage of foreclosures. Recent data from CoreLogic revealed the state has the highest percentage of mortgages in foreclosure inventory out of all states. Also, the Florida Realtors reported the state holds nearly a third of all shadow inventory nationwide, with shadow inventory counted as the number of distressed properties not listed on the market.