Irvine: University Park Overview
Median home price is $451,000. Based on a rental parity value of $517,000, this market is under valued.
Monthly payment affordability has been worsening over the last 2 month(s). Momentum suggests worsening affordability.
Resale prices on a $/SF basis declined from $307/SF to $299/SF.
Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.
Median rental rates declined $183 last month from $2,366 to $2,183.
Rents have been rising for 10 month(s). Price momentum suggests rising rents over the next three months.
Market rating = 7
Proprietary Irvine Housing News home purchase analysis 
71 OAK TREE Ln Irvine, CA 92612
$585,000 …….. Asking Price
$655,000 ………. Purchase Price
7/20/2007 ………. Purchase Date
($70,000) ………. Gross Gain (Loss)
($52,400) ………… Commissions and Costs at 8%
============================================
($122,400) ………. Net Gain (Loss)
============================================
-10.7% ………. Gross Percent Change
-18.7% ………. Net Percent Change
-2.4% ………… Annual Appreciation
Cost of Home Ownership 
——————————————————————————
$585,000 …….. Asking Price
$117,000 ………… 20% Down Conventional
3.90% …………. Mortgage Interest Rate
30 ……………… Number of Years
$468,000 …….. Mortgage
$119,329 ………. Income Requirement
$2,207 ………… Monthly Mortgage Payment
$507 ………… Property Tax at 1.04%
………… Mello Roos & Special Taxes
$146 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$222 ………… Homeowners Association Fees
============================================
$3,083 ………. Monthly Cash Outlays
($355) ………. Tax Savings
($686) ………. Equity Hidden in Payment
$156 ………….. Lost Income to Down Payment
$93 ………….. Maintenance and Replacement Reserves
============================================
$2,290 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$7,350 ………… Furnishing and Move In at 1% + $1,500
$7,350 ………… Closing Costs at 1% + $1,500
$4,680 ………… Interest Points
$117,000 ………… Down Payment
============================================
$136,380 ………. Total Cash Costs
$35,100 ………. Emergency Cash Reserves
============================================
$171,480 ………. 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 # S693894 from our database. Please check back soon.
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$555,000 12 REDWOOD TREE Ln |
0.2 miles 3 bd / 1.75 ba 1,560 Sq. Ft. |
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$619,000 13 BANYAN TREE |
0.25 miles 3 bd / 1.75 ba 1,714 Sq. Ft. |
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$555,000 25 RACING WIND |
0.5 miles 3 bd / 2.5 ba 1,571 Sq. Ft. |
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$518,000 1 KLAMATH |
0.55 miles 2 bd / 2 ba 1,457 Sq. Ft. |
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$520,000 27 MEADOWSWEET Way |
0.66 miles 3 bd / 1.75 ba 1,498 Sq. Ft. |
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$480,000 3 IRON BARK Way |
0.66 miles 3 bd / 2.5 ba 1,741 Sq. Ft. |
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$380,000 4082 GERMAINDER |
0.72 miles 3 bd / 2.5 ba 1,550 Sq. Ft. |
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$569,800 2 WINDSONG #1 |
0.87 miles 3 bd / 2 ba 1,500 Sq. Ft. |
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$659,000 18711 PASEO CORTEZ |
1.04 miles 3 bd / 2 ba 1,419 Sq. Ft. |
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$559,000 27 SWEET RAIN |
1.12 miles 3 bd / 2.25 ba 1,571 Sq. Ft. |
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Pandering Attorneys General still haven’t given up on principal reduction.
Eleven AGs Send Letter Urging DeMarco to Reverse Course
Eleven state attorneys general sent a letter to Edward DeMarco, Acting Director of the FHFA, urging him to allow Fannie Mae and Freddie Mac to move forward with principal reductions.
Headlined by Massachusetts Attorney General Martha Coakley, the letter doubled down on the FHFA to “preserve assets and prevent unnecessary foreclosures by implementing loan modifications that include principal write-downs.”
State attorneys general said that new reductions “should consider all of a borrower’s debts, not just the monthly mortgage debt, be uniform, transparent, and publicly disclosed.”
The letter added that current statistics and analysis are “completely model driven and FHFA’s analysis cautions that the model used may not be appropriate. We encourage the FHFA to use actual results in its analyses where real data are available, including data from HAMP, and the anticipated data from the ‘Multistate Servicing Settlement.’”
When comparing principal reduction versus principal forbearance, the letter stated that principal reduction improves an underwater borrower’s equity position, which “will incent homeowners to maintain loan payments resulting in lower re-default rates.”
Pointing to the Treasury’s recent tripling of incentive payments to mortgage investors who allow principal reduction, the letter stated that this should substantially reduce FHFA’s concerns over the financial impact of principal reduction, noting that the “payouts ranged between six and 21 cents to the investors for each dollar forgiven under HAMP, but that will grow to between 18 and 63 cents.”
FHFA Acting Director Edward DeMarco continues to resist calls by lawmakers and policymakers to implement new loan modifications for homeowners, stressing the agency’s “preserve and conserve” mandate.
Coakley and others were joined this week by International Monetary Fund Director Christine Lagarde, who reportedly leaned on regulators to reduce the mortgage debt owned by U.S. homeowners.