Irvine: Turtle Rock Overview
Median home price is $1,091,000. Based on a rental parity value of $600,000, this market is over valued.
Monthly payment affordability has been worsening over the last 1 month(s). Momentum suggests unchanging affordability.
Resale prices on a $/SF basis increased to $401/SF to $439/SF.
Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.
Median rental rates declined $166 last month from $2,700 to $2,533.
Rents have been rising for 3 month(s). Price momentum suggests unchanging rents over the next three months.
Market rating = 2
Proprietary Irvine Housing News home purchase analysis 
12 MIRADOR #5 Irvine, CA 92612
$750,000 …….. Asking Price
$840,000 ………. Purchase Price
10/18/2005 ………. Purchase Date
($90,000) ………. Gross Gain (Loss)
($67,200) ………… Commissions and Costs at 8%
============================================
($157,200) ………. Net Gain (Loss)
============================================
-10.7% ………. Gross Percent Change
-18.7% ………. Net Percent Change
-1.7% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$750,000 …….. Asking Price
$150,000 ………… 20% Down Conventional
3.97% …………. Mortgage Interest Rate
30 ……………… Number of Years
$600,000 …….. Mortgage
$161,753 ………. Income Requirement
$2,854 ………… Monthly Mortgage Payment
$650 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$188 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$487 ………… Homeowners Association Fees
============================================
$4,179 ………. Monthly Cash Outlays
($659) ………. Tax Savings
($869) ………. Equity Hidden in Payment
$206 ………….. Lost Income to Down Payment
$114 ………….. Maintenance and Replacement Reserves
============================================
$2,970 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$9,000 ………… Furnishing and Move In at 1% + $1,500
$9,000 ………… Closing Costs at 1% + $1,500
$6,000 ………… Interest Points
$150,000 ………… Down Payment
============================================
$174,000 ………. Total Cash Costs
$45,500 ………. Emergency Cash Reserves
============================================
$219,500 ………. Total Savings Needed
——————————————————————————————————————————————-
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 # S693123 from our database. Please check back soon.
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$939,000 10 BARISTO |
0 miles 3 bd / 3 ba 2,104 Sq. Ft. |
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$824,900 12 MONTEREY #2 |
0.16 miles 3 bd / 2.5 ba 2,178 Sq. Ft. |
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$795,000 10 MONTEREY |
0.16 miles 3 bd / 2.75 ba 2,104 Sq. Ft. |
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$888,000 28 SARENA |
0.17 miles 3 bd / 3 ba 2,108 Sq. Ft. |
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$825,000 8 EL PASEO |
0.18 miles 3 bd / 2.75 ba 2,104 Sq. Ft. |
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$510,000 3 WHITEWATER #2 |
0.89 miles 2 bd / 1.5 ba 1,648 Sq. Ft. |
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$528,900 9 SUMMERSET |
0.93 miles 2 bd / 2.5 ba 1,740 Sq. Ft. |
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$615,000 34 COOL Brk |
0.97 miles 3 bd / 2 ba 1,572 Sq. Ft. |
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$450,900 35 STEPPING STONE |
1.15 miles 3 bd / 3 ba 1,592 Sq. Ft. |
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$509,900 23 STEPPING STONE |
1.15 miles 3 bd / 2.75 ba 1,582 Sq. Ft. |
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“Show me the note” is officially dead as a foreclosure defense.
Attorney Fined More Than $50,000 for Frivolous MERS Lawsuits
A Minneapolis-based attorney has been sanctioned by a federal judge for filing one, in what appears to be a series of nearly 30 lawsuits based on what the court says are frivolous “show-me-the-note” defenses designed to thwart foreclosure proceedings in Minnesota – namely by calling into question the validity of MERS as mortgagee and authorized nominee of the noteholder.
U.S. District Court Judge Patrick J. Schiltz has ordered William B. Butler of Butler Liberty Law, LLC to personally pay $50,000 to the court and pay an additional undetermined amount of legal costs incurred by counsel for MERS and its co-defendants.
District Court Judge Schiltz also dismissed several lawsuits filed by Butler and has forwarded a copy of the court’s order to the Minnesota Lawyers Professional Responsibility Board for review.
In Welk, et al. v. GMAC, District Court Judge Schiltz found that attorney Butler had “made a cottage industry out of filing frivolous show-me-the-note actions” despite the fact that “this argument has been rejected by the Minnesota Supreme Court, by the United States Court of Appeals for the Eighth Circuit, and by every federal judge sitting in Minnesota who has addressed the argument.”
As explained by the court, a “plaintiff bringing a show-me-the-note claim generally argues that, because the entity that holds her mortgage (say, MERS) is not the same entity that holds her note (say, U.S. Bank), the mortgage on her home or the foreclosure of that mortgage is invalid.”
District Court Judge Schiltz ruled that the sanction of $50,000 was justified due to “the extraordinarily egregious and brazen nature of Butler’s conduct” through his pleadings and harm done to his clients by “exploiting them financially” by earning fees “if multiplied by the number of cases he has brought, indicated he has earned tens (or even hundreds) of thousands of dollars marketing show-me-the-note cases over the Internet.”
“Federal Judge Patrick J. Schiltz set an example with his very strong warning to attorneys who take advantage of foreclosed borrowers and give plaintiffs false-hope when they chose to file baseless lawsuits against MERS,” commented Janis L. Smith, VP of corporate communications for MERS’ parent company Merscorp Holdings.
“Cleary, there is a steep price to be paid for lawyers who prey on consumers who are experiencing financial difficulty and waste the Court’s valuable time with unsupportable attacks on the MERS system.”