Irvine: Quail Hill Overview
Median home price is $537,000. Based on a rental parity value of $630,000, this market is fairly valued.
Monthly payment affordability has been worsening over the last 4 month(s). Momentum suggests worsening affordability.
Resale prices on a $/SF basis increased from $343/SF to $349/SF.
Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.
Median rental rates declined $8 last month from $2,583 to $2,575.
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 
$489,000 …….. Asking Price
$468,000 ………. Purchase Price
11/30/2009 ………. Purchase Date
$21,000 ………. Gross Gain (Loss)
($37,440) ………… Commissions and Costs at 8%
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($16,440) ………. Net Gain (Loss)
============================================
4.5% ………. Gross Percent Change
-3.5% ………. Net Percent Change
1.6% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$489,000 …….. Asking Price
$17,115 ………… 3.5% Down FHA Financing
3.65% …………. Mortgage Interest Rate
30 ……………… Number of Years
$471,885 …….. Mortgage
$137,585 ………. Income Requirement
$2,159 ………… Monthly Mortgage Payment
$424 ………… Property Tax at 1.04%
$150 ………… Mello Roos & Special Taxes
$122 ………… Homeowners Insurance at 0.3%
$492 ………… Private Mortgage Insurance
$208 ………… Homeowners Association Fees
============================================
$3,554 ………. Monthly Cash Outlays
($465) ………. Tax Savings
($723) ………. Equity Hidden in Payment
$20 ………….. Lost Income to Down Payment
$81 ………….. Maintenance and Replacement Reserves
============================================
$2,468 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$6,390 ………… Furnishing and Move In at 1% + $1,500
$6,390 ………… Closing Costs at 1% + $1,500
$4,719 ………… Interest Points
$17,115 ………… Down Payment
============================================
$34,614 ………. Total Cash Costs
$37,800 ………. Emergency Cash Reserves
============================================
$72,414 ………. Total Savings Needed
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This property is available for sale on the MLS.
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$669,000 127 TALL OAK |
0.34 miles 3 bd / 2.25 ba 1,800 Sq. Ft. |
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$680,000 131 TALL OAK |
0.34 miles 3 bd / 2.5 ba 1,800 Sq. Ft. |
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$559,000 79 WINDCHIME |
0.34 miles 3 bd / 2.5 ba 1,300 Sq. Ft. |
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$440,000 31 FLOWERBUD |
0.34 miles 2 bd / 2.5 ba 1,426 Sq. Ft. |
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$435,000 254 DEWDROP |
0.34 miles 2 bd / 2.5 ba 1,367 Sq. Ft. |
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$625,000 20 NIGHTSHADE |
0.5 miles 3 bd / 2.75 ba 1,700 Sq. Ft. |
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$545,000 72 ALEVERA St |
0.97 miles 4 bd / 2.5 ba 1,500 Sq. Ft. |
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$569,900 85 ALEVERA St #1 |
0.97 miles 3 bd / 2.5 ba 1,275 Sq. Ft. |
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$576,000 68 DIAMOND #125 |
1.42 miles 3 bd / 2.5 ba 1,636 Sq. Ft. |
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$525,000 5 BLUEBELL |
1.42 miles 3 bd / 2.75 ba 1,589 Sq. Ft. |
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Los Angeles Sues U.S. Bank Over Deteriorating Foreclosures, Evictions
Los Angeles’ city attorney, Carmen A. Trutanich, announced his office filed a civil lawsuit against US Bank over allegations that the bank allows its foreclosures to deteriorate into slum conditions and executes illegal evictions, according to a release Tuesday.
The complaint cites more than 170 properties as examples of US Bank’s illegal conduct.
The city alleges that in the past four years, US Bank acquired 1,500 properties in Los Angeles through foreclosure, and in some cases, the bank failed to make necessary repairs on the foreclosures.
The city also accuses the bank of applying deceptive and dishonest tactics when evicting tenants, including “serving notices requiring unreasonable demands, demanding occupants leave in an extremely short time in exchange for small amounts of money, causing or allowing utilities to be shut off, charging excessive rent in excess of the amounts under the Rent Stabilization Ordinance, and threatening legal action.”
The lawsuit seeks immediate injunctive relief including a stop to all illegal evictions, inspection of foreclosed properties, and compliance with all applicable state and municipal code requirements.
The city attorney is also seeking compensation for current and former tenants and reimbursement for the city for costs incurred.
In an emailed statement, US Bank said, “We are extremely disappointed that the City Attorney’s office has chosen to file this lawsuit. The city attorney has chosen the wrong party – we are not the owners of the properties, nor are we responsible for the servicing of the properties. The homes are owned by trusts, consisting of investors, and are serviced by other companies. Those companies are responsible for maintenance of the properties and compliance with city ordinances. Our role as trustee is purely administrative.”
The bank’s statement further noted that the only reason its name is associated with the properties is because it serves as trustee, but the foreclosure actions are performed by the servicers on behalf of the trusts and merely in the name of the trustee.
Holding to the argument that it is not responsible for the foreclosure actions as trustee, US bank said it intends to bring the servicers into the lawsuit.
According to the release from the city attorney, US Bank was repeatedly notified of the conditions through citations, orders to comply, and hearing notices from various city agencies, but the bank failed to respond and act.
However, US Bank said it has attempted to resolve the issues.
“We have made multiple requests of the City over the past couple of years to obtain detailed information on properties they considered to be in disrepair in order to immediately identify and work with the responsible servicer to address outstanding issues. Until very recently, the City has refused to provide us with that information,” the bank said in a statement.