Irvine: Turtle Ridge Overview
Median home price is $701,000. Based on a rental parity value of $653,000, this market is fairly valued.
Monthly payment affordability has been improving over the last 4 month(s). Momentum suggests improving affordability.
Resale prices on a $/SF basis increased from $437/SF to $437/SF.
Resale prices have been falling for 3 month(s). Price momentum suggests unchanging prices over the next three months.
Median rental rates declined $300 last month from $3,008 to $2,708.
Rents have been falling for 6 month(s). Price momentum suggests falling rents over the next three months.
Market rating = 3
Proprietary Irvine Housing News home purchase analysis 
29 VILLAGE Way Irvine, CA 92603
$2,450,000 …….. Asking Price
$2,066,500 ………. Purchase Price
10/29/2004 ………. Purchase Date
$383,500 ………. Gross Gain (Loss)
($165,320) ………… Commissions and Costs at 8%
============================================
$218,180 ………. Net Gain (Loss)
============================================
18.6% ………. Gross Percent Change
10.6% ………. Net Percent Change
2.2% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$2,450,000 …….. Asking Price
$490,000 ………… 20% Down Conventional
3.62% …………. Mortgage Interest Rate
30 ……………… Number of Years
$1,960,000 …….. Mortgage
$484,991 ………. Income Requirement
$8,933 ………… Monthly Mortgage Payment
$2,123 ………… Property Tax at 1.04%
$450 ………… Mello Roos & Special Taxes
$613 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$410 ………… Homeowners Association Fees
============================================
$12,529 ………. Monthly Cash Outlays
($1,439) ………. Tax Savings
($3,020) ………. Equity Hidden in Payment
$577 ………….. Lost Income to Down Payment
$326 ………….. Maintenance and Replacement Reserves
============================================
$8,973 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$26,000 ………… Furnishing and Move In at 1% + $1,500
$26,000 ………… Closing Costs at 1% + $1,500
$19,600 ………… Interest Points
$490,000 ………… Down Payment
============================================
$561,600 ………. Total Cash Costs
$137,500 ………. Emergency Cash Reserves
============================================
$699,100 ………. Total Savings Needed
——————————————————————————————————————————————-
This property is available for sale on the MLS.
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$2,250,000 35 VIEW Ter |
0.11 miles 4 bd / 4.5 ba 3,690 Sq. Ft. |
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$2,295,000 24 VIEW Ter |
0.17 miles 4 bd / 4.5 ba 3,565 Sq. Ft. |
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$2,350,000 35 CEZANNE |
0.28 miles 5 bd / 4.5 ba 4,021 Sq. Ft. |
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$2,290,000 41 CEZANNE |
0.31 miles 4 bd / 3 ba 3,600 Sq. Ft. |
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$2,329,000 58 CEZANNE |
0.39 miles 4 bd / 3.5 ba 3,660 Sq. Ft. |
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$2,588,000 25 CANYON Ter |
0.4 miles 5 bd / 4.5 ba 3,800 Sq. Ft. |
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$2,199,000 32 SYLVAN |
0.41 miles 6 bd / 4.5 ba 4,520 Sq. Ft. |
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$2,390,000 30 SYLVAN |
0.42 miles 5 bd / 3.5 ba 4,024 Sq. Ft. |
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$2,375,000 34 CANYON Ter |
0.42 miles 5 bd / 5.5 ba 3,796 Sq. Ft. |
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$2,449,000 27 CANYON Ter |
0.46 miles 5 bd / 4.5 ba 3,800 Sq. Ft. |
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OCC: 11.1% of mortgages are not current
The rate of delinquent mortgages fell to a three-year low in first-quarter 2012, according to a report from the Office of the Comptroller of the Currency (OCC).
The OCC Mortgage Metrics Report for the First Quarter of 2012 showed that percentages of mortgages between 30-59 days delinquent and mortgages between 60-89 days delinquent both fell to their lowest levels since the OCC began publishing mortgage performance reports in Q1 2008.
The percentage of mortgages that were current and performing increased to 88.9 percent, the highest level seen in three years. The percentage of mortgages 30-59 days delinquent decreased by 17.3 percent from Q4 2011 and 3.8 from Q1 2011. The percentage of mortgages that were seriously delinquent was 4.5 percent, down 10.4 percent from the previous quarter and 6.2 percent year-over-year.
The percentage of mortgages in the process of foreclosure at the end of the first quarter increased by 1.8 percent from the previous quarter and 2.3 percent year-over-year. However, the number of newly-initiated foreclosures decreased from the previous quarter by 1.8 percent and from the same period in 2011 by 8.1 percent. The report also showed that the while the number of foreclosures in process increased slightly (0.6 percent) from the previous quarter, it decreased 3 percent from the same time in 2011.
The report attributed the improved performance to several factors, including strengthening economic conditions during the quarter, seasonal effects, servicing transfers, and the ongoing effects of home retention programs and home forfeiture actions.
Servicers implemented 352,989 new home retention actions-modifications, trial-period plans, and payment plans-during the quarter, nearly twice the number of completed foreclosures but still a 23.3 percent decrease from the previous quarter and a 36.7 percent decrease year-over-year. While servicers have been emphasizing alternative solutions to foreclosure, retention actions have fallen with delinquency rates as servicers run out of options to help homeowners who have not already received assistance.
Of the more than 2.5 million loans modified by servicers from 2008-2011, 50.7 percent were either current or had been paid off by the end of 2012’s first quarter. Another 7.1 percent of modified loans were 30-59 days delinquent, while 15.1 percent were seriously delinquent. Nearly 11 percent were in the foreclosure process, and 6.3 percent had completed the process of foreclosure. Modifications made more recently that focused on reduced payments and increased affordability outperformed earlier loans.
HAMP-modified loans also outperformed others-68.2 percent of HAMP modifications implement since Q3 2009 remained current compared to 53.4 percent of other modifications made during the same period. The better performance reflects HAMP’s emphasis on reduced payments, income verification, and affordability, traits that nearly all performing loans had in common.
Mortgages serviced for Fannie Mae and Freddie Mac made up 59 percent of mortgages in reporting servicers’ portfolios. The performance of these mortgages remained relatively consistent over the last year, with the percentage of current and performing mortgages at the end of the quarter at 93.7 (a slight increase from 93.2 percent at the same time last year). The portfolio of GSE mortgages tends to perform better because it contains prime loans.