Irvine: Oak Creek Overview
Median home price is $433,000. Based on a rental parity value of $551,000, this market is under valued.
Monthly payment affordability has been improving over the last 2 month(s). Momentum suggests improving affordability.
Resale prices on a $/SF basis increased from $310/SF to $312/SF.
Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.
Median rental rates increased $25 last month from $2,224 to $2,249.
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 
$749,000 …….. Asking Price
$339,500 ………. Purchase Price
12/10/1999 ………. Purchase Date
$409,500 ………. Gross Gain (Loss)
($27,160) ………… Commissions and Costs at 8%
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$382,340 ………. Net Gain (Loss)
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120.6% ………. Gross Percent Change
112.6% ………. Net Percent Change
6.3% ………… Annual Appreciation
Cost of Home Ownership
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$749,000 …….. Asking Price
$149,800 ………… 20% Down Conventional
3.65% …………. Mortgage Interest Rate
30 ……………… Number of Years
$599,200 …….. Mortgage
$153,219 ………. Income Requirement
$2,741 ………… Monthly Mortgage Payment
$649 ………… Property Tax at 1.04%
$242 ………… Mello Roos & Special Taxes
$187 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$139 ………… Homeowners Association Fees
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$3,958 ………. Monthly Cash Outlays
($618) ………. Tax Savings
($919) ………. Equity Hidden in Payment
$179 ………….. Lost Income to Down Payment
$114 ………….. Maintenance and Replacement Reserves
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$2,714 ………. Monthly Cost of Ownership
Cash Acquisition Demands
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$8,990 ………… Furnishing and Move In at 1% + $1,500
$8,990 ………… Closing Costs at 1% + $1,500
$5,992 ………… Interest Points
$149,800 ………… Down Payment
============================================
$173,772 ………. Total Cash Costs
$41,600 ………. Emergency Cash Reserves
============================================
$215,372 ………. Total Savings Needed
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This property is available for sale on the MLS.
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$750,000 19 GLENOAKS |
0.17 miles 4 bd / 2.5 ba 2,300 Sq. Ft. |
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$739,900 63 WELLINGTON |
0.18 miles 4 bd / 2.5 ba 2,100 Sq. Ft. |
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$720,000 94 MILLBROOK |
0.2 miles 3 bd / 2.5 ba 2,079 Sq. Ft. |
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$1,199,000 120 TREEHOUSE |
1.27 miles 4 bd / 2.5 ba 2,460 Sq. Ft. |
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$1,088,000 111 LATTICE |
1.35 miles 4 bd / 3 ba 2,310 Sq. Ft. |
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$958,000 21 BAYSIDE |
1.59 miles 4 bd / 2.5 ba 2,450 Sq. Ft. |
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$889,000 8 RAINSTAR |
1.69 miles 4 bd / 2.5 ba 2,500 Sq. Ft. |
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$799,900 14 BRIGMORE AISLE |
1.81 miles 3 bd / 2.5 ba 2,160 Sq. Ft. |
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$925,000 15 DAYBREAK |
1.9 miles 4 bd / 3 ba 2,366 Sq. Ft. |
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$1,150,000 5 MORNING GLORY |
1.98 miles 3 bd / 2 ba 2,036 Sq. Ft. |
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Fannie Mae Revises Growth Estimates Downward
A weakened second quarter may indicate a slowdown in economic activity for the rest of the year, Fannie Mae reported Monday.
According to a report from the GSE, its Economic & Strategic Research Group may have been too optimistic in its original 2012 GDP growth projection of 2.2 percent. Its revised growth rate estimate is 2.0 percent.
The group attributed the waning economic growth to drops in consumer confidence and employment opportunities.
“Breaking pace with a strong first quarter, consumer spending has weakened in recent months as the consumer confidence index fell to the lowest level since January,” said Fannie Mae in a release. “Contributing to the downturn is an uncertain job market. The June employment report showed significantly fewer hires compared to the first quarter monthly average, and ongoing concern regarding the European debt crisis and domestic financial markets may suppress a meaningful increase in private payrolls before the end of the year.”
Despite the downgrade in anticipated economic growth, Fannie Mae found a silver lining in the housing market. Year-over-year, home sales increased by 9 percent, and single-family housing starts are nearly 20 percent higher (although still below healthy norms). Fannie Mae expects increased residential investment to contribute to economic growth for the first time since 2005.
In addition, the GSE’s June 2012 National Housing Survey showed that homeowners have greater confidence in one-year-ahead home price expectations. The share of polled customers who said they would buy a home if moving increased by 6 percentage points up to the highest level seen since the survey began.
The group expects housing starts and sales to continue to grow through the rest of 2012 and 2013, owing largely to record low mortgage rates and the belief that housing prices have hit bottom and are likely to increase in the future.
“The data from the past month collectively point to decelerating economic growth, but growth nonetheless,” said Doug Duncan, chief economist at Fannie Mae. “It’s now clear that our bias toward downside risks noted in the June forecast have materialized, pushing down our already modest growth projections. However, despite signs of deteriorating momentum for economic activity, housing continues to be a bright spot as news from the housing market has been relatively upbeat, presenting a rare upside boost to the economy.”