It’s no secret that Irvine condo prices are collapsing. The bottom rung of the real estate ladder is broken. Nobody can step up.
Until these units find a bottom, the upper rungs of the market have no hope.
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Proprietary Irvine Housing News home purchase analysis 
184 TANGELO Unit 31-416 Irvine, CA 92618
$218,500 …….. Asking Price
$325,000 ………. Purchase Price
9/22/2004 ………. Purchase Date
($106,500) ………. Gross Gain (Loss)
($26,000) ………… Commissions and Costs at 8%
============================================
($132,500) ………. Net Gain (Loss)
============================================
-32.8% ………. Gross Percent Change
-40.8% ………. Net Percent Change
-5.3% ………… Annual Appreciation 
Cost of Home Ownership
——————————————————————————
$218,500 …….. Asking Price
$7,648 ………… 3.5% Down FHA Financing
3.81% …………. Mortgage Interest Rate
30 ……………… Number of Years
$210,853 …….. Mortgage
$67,554 ………. Income Requirement
$984 ………… Monthly Mortgage Payment
$189 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$55 ………… Homeowners Insurance at 0.3%
$242 ………… Private Mortgage Insurance
$275 ………… Homeowners Association Fees
============================================
$1,745 ………. Monthly Cash Outlays
($86) ………. Tax Savings
($314) ………. Equity Hidden in Payment
$10 ………….. Lost Income to Down Payment
$47 ………….. Maintenance and Replacement Reserves
============================================
$1,402 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$3,685 ………… Furnishing and Move In at 1% + $1,500
$3,685 ………… Closing Costs at 1% + $1,500
$2,109 ………… Interest Points
$7,648 ………… Down Payment
============================================
$17,126 ………. Total Cash Costs
$21,400 ………. Emergency Cash Reserves
============================================
$38,526 ………. Total Savings Needed
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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 # P800119 from our database. Please check back soon.
Competing Listings
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$190,000 4102 APRICOT Dr #4102 |
0.1 miles 1 bd / 1 ba 882 Sq. Ft. |
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$161,500 42 ORANGE BLOSSOM |
0.16 miles 1 bd / 1 ba 717 Sq. Ft. |
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$138,000 120 ORANGE BLOSSOM #100 |
0.16 miles 1 bd / 1 ba 504 Sq. Ft. |
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$260,000 269 TAROCCO |
0.22 miles 2 bd / 1.75 ba 1,000 Sq. Ft. |
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$289,000 2502 CRESCENT OAK |
0.55 miles 1 bd / 1.5 ba 900 Sq. Ft. |
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$215,000 197 BRIARWOOD |
0.61 miles 2 bd / 1 ba 928 Sq. Ft. |
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$299,900 78 GREENMOOR #39 |
1.37 miles 2 bd / 2 ba 978 Sq. Ft. |
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$209,900 136 KAZAN St #4 |
1.44 miles 2 bd / 1 ba 864 Sq. Ft. |
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Proposed Bill to Speed Up Short Sale Process and Prevent Foreclosure
To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process.
Senators Lisa Murkowski (R-Arkansas), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill addressing the issue of short sales timelines on February 17. A short sale is a real estate transaction where the homeowner sells the property for less than the unpaid balance with the lender’s approval.
“There are neighborhoods across the country full of empty homes and underwater owners that have legitimate offers, but unresponsive banks,” said Murkowski. “What we have here is a failure to communicate. Why don’t we make it easier for Americans trying to participate in the housing market, regardless of whether the answer is ‘yes,’ ‘no’ or ‘maybe?’”
The legislation, also known as the Prompt Notification of Short Sale Act, will require a written response from a lender no later than 75 days after receipt of the written request from the buyer.
The lender’s response to the buyer must specify acceptance, rejection, a counter offer, need for extension, and an estimation for when a decision will be reached. The servicer will be limited to one extension of no more than 21 days.
The bill will also allow the buyer to be awarded $1000, plus “reasonable” attorney fees if the Act is violated.
According to a release from Short Sale New England, short sale homes do not bring down neighboring home values like foreclosed homes do, and 83 percent of short sale buyers are satisfied with their purchase, according to a 2012 Home Ownership Satisfaction Survey conducted by HomeGain.
“The current short sale process can be time consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a homeowner from foreclosure,” said Moe Veissi, president of the National Association of Realtors. “As the leading advocate for homeownership, realtors are supportive of any effort to improve the process for approving short sales.”
Equi-Trax released a survey last year on the issues real estate agents face when completing short sales. Guy Taylor, CEO at Equi-Trax, said 71.9 percent of respondents reported that a short sale can take four to nine months to complete, and they think that is simply too long.”
The survey also found that 18.2 percent of deals require less than three months to complete, with 10 percent requiring more than 10 months.
When agents in the survey were asked to how the short sale process can be improved, 57.6 percent said lenders should take less time to close transactions, 14 percent said borrowers should be better educated about short sales, and 40.4 percent said both of these changes are necessary to improve the process.
In April 2011, a similar bill was introduced by Reps. Tom Rooney (R-Florida) and Robert Andrews (D-New Jersey), but this version requested a response deadline of 45 days instead of 75 from lenders. The legislation never came up for debate before a House committee.
Just in case anyone thought they were running out of delinquent mortgages to foreclose on:
Overdue Mortgages Number 6,082,000
New data from Lender Processing Services (LPS) shows that as of the end of January, there were 6,082,000 mortgages in the U.S. going unpaid. That tally includes loans that are 30 or more days delinquent and loans in foreclosure.
LPS’ mortgage performance statistics are derived from its loan-level database of nearly 40 million mortgage loans.
The national mortgage delinquency rate as of January month-end was 7.97 percent. LPS determines the delinquency rate as a measurement of all loans behind by at least one payment, excluding those already in the process of foreclosure.
The delinquency rate registered a decline, both for the month and the year, with January’s rate down 2.2 percent from December 2011 and down 10.5 percent from January 2011.
The total foreclosure inventory rate hit 4.15 percent last month – up 1.1 percent compared to December 2011, but down a slight 0.1 percent when comparing year-over-year numbers.
According to LPS’ report, there were 2,084,000 properties that were counted as part of the foreclosure inventory last month.
The number of properties with mortgages 30 or more days past due but not yet referred to a foreclosure attorney tallied 3,998,000. Of these, 1,772,000 had been delinquent for 90 days or longer.
LPS says Florida had the highest percentage of non-current mortgages last month, followed by Mississippi, Nevada, New Jersey, and Illinois.
Non-current totals combine foreclosures and delinquencies as a percent of all active loans in that state.
States with the lowest percentage of non-current loans in January included Montana, Alaska, Wyoming, South Dakota, and North Dakota.