University Park undervalued and rents are rising

Mar 212012
 

Irvine: University Park Overview

Median home price is $455,000. Based on a rental parity value of $525,000, this market is under valued.

Monthly payment affordability has been worsening over the last 1 month(s). Momentum suggests unchanging affordability.

Resale prices on a $/SF basis declined from $307/SF to $301/SF.

Resale prices have been weak for 1 month(s). Price momentum suggests weak prices over the next three months.

Median rental rates declined $150 last month from $2,366 to $2,216.

Rents have been rising for 5 month(s). Price momentum suggests rising rents over the next three months.

Market rating = 7

Proprietary Irvine Housing News home purchase analysis

119 OXFORD #27 Irvine, CA 92612

$375,000 …….. Asking Price
$428,500 ………. Purchase Price
11/4/2004 ………. Purchase Date

($53,500) ………. Gross Gain (Loss)
($34,280) ………… Commissions and Costs at 8%
============================================
($87,780) ………. Net Gain (Loss)
============================================
-12.5% ………. Gross Percent Change
-20.5% ………. Net Percent Change
-1.8% ………… Annual Appreciation

Cost of Home Ownership
——————————————————————————
$375,000 …….. Asking Price
$13,125 ………… 3.5% Down FHA Financing
3.88% …………. Mortgage Interest Rate
30 ……………… Number of Years
$361,875 …….. Mortgage
$108,829 ………. Income Requirement

$1,703 ………… Monthly Mortgage Payment
$325 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$94 ………… Homeowners Insurance at 0.3%
$377 ………… Private Mortgage Insurance
$313 ………… Homeowners Association Fees
============================================
$2,811 ………. Monthly Cash Outlays

($262) ………. Tax Savings
($533) ………. Equity Hidden in Payment
$17 ………….. Lost Income to Down Payment
$67 ………….. Maintenance and Replacement Reserves
============================================
$2,101 ………. Monthly Cost of Ownership

Cash Acquisition Demands
——————————————————————————
$5,250 ………… Furnishing and Move In at 1% + $1,500
$5,250 ………… Closing Costs at 1% + $1,500
$3,619 ………… Interest Points
$13,125 ………… Down Payment
============================================
$27,244 ………. Total Cash Costs
$32,200 ………. Emergency Cash Reserves
============================================
$59,444 ………. 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 # S691077 from our database. Please check back soon.

29 RANA, Irvine, CA $449,000
29 RANA 		0.51 miles
2 bd / 2 ba
1,463 Sq. Ft.
33 AUBURN AISLE, Irvine, CA $399,000
33 AUBURN AISLE 		0.57 miles
2 bd / 2 ba
1,019 Sq. Ft.
163 South STANFORD CT. Cts #26, Irvine, CA $458,000
163 South STANFORD CT. Cts #26 		0.8 miles
3 bd / 3 ba
1,354 Sq. Ft.
23 LAS BRISAS, Irvine, CA $509,500
23 LAS BRISAS 		0.83 miles
2 bd / 2 ba
1,463 Sq. Ft.
110 ECHO Run, Irvine, CA $350,000
110 ECHO Run 		1.4 miles
3 bd / 1.75 ba
1,117 Sq. Ft.
13 ALABASTER #2, Irvine, CA $445,000
13 ALABASTER #2 		1.53 miles
2 bd / 2 ba
1,500 Sq. Ft.
146 CORALWOOD, Irvine, CA $348,000
146 CORALWOOD 		1.6 miles
1 bd / 1.5 ba
1,120 Sq. Ft.
93 THICKET #58, Irvine, CA $349,000
93 THICKET #58 		1.63 miles
2 bd / 1.5 ba
1,098 Sq. Ft.
46 GREENBOUGH #101, Irvine, CA $340,000
46 GREENBOUGH #101 		1.63 miles
3 bd / 1.5 ba
1,260 Sq. Ft.
3132 WATERMARKE Pl, Irvine, CA $399,000
3132 WATERMARKE Pl 		1.66 miles
2 bd / 2 ba
1,123 Sq. Ft.

Wouldn't you be embarrassed to overpay by $100,000? Only fools buy houses without knowing neighborhood values. Don't be a fool. Don't suffer the pain of an underwater mortgage. The surest way to lose your house is to overpay for it. Our reports identify overvalued and undervalued neighborhoods. Use it to broaden or narrow your search area. Savvy buyers work with us to find bargains. We've saved thousands from financial ruin. Let us save you too. If you want peace of mind while shopping for your next home, sign up for our monthly market newsletter.
*
*
*

Share via email

  One Response to “University Park undervalued and rents are rising”

  1. Irvine Renter says:
    March 21, 2012 at 6:17 am

    The people signing up for loan modifications will be underwater forever.

    GSEs Complete Nearly 1.1M Mods but Number of Mods Still Declining

    Since the September 2008 conservatorship, Fannie Mae and Freddie Mac have completed nearly 1.1 million loan modifications, according to the FHFA’s fourth quarter 2011 Foreclosure Prevention and Refinance report. Overall, the GSEs have completed more than 2.1 million foreclosure prevention actions since the same time period.

    “Data from the Office of the Comptroller of the Currency show that in the two years ending in the third quarter of 2011, modifications on Fannie Mae and Freddie Mac loans accounted for 40 percent of all loan modifications,” said General Counsel for the FHFA Alfred M. Pollard in a written testimony before congressmen Monday.

    For just the 2011 fourth quarter, about 71,100 loan modifications were completed, compared to about 83,500 in the third quarter.

    Pollard said a contributing factor to the decline in modifications seen may be that the initial backlog of eligible borrowers in 2009 has been addressed to some extent, and added the GSEs offer substantial incentive payments to servicers to encourage them to meet timelines for modifications.

    Also, in terms of delinquency, Pollard said the GSEs own or guarantee about 60 percent of all mortgages, but account for roughly 29 percent of the seriously delinquent loans.

    Foreclosure prevention numbers

    -About half of all borrowers who received a modification in the fourth quarter saw their monthly payments reduced by over 30 percent.

    -About one-third of modified loans also included principal forbearance.

    -A higher percentage of loans modified through HAMP stayed current compared to non-HAMP modifications. For Fannie Mae HAMP mods during the third quarter, 86 percent stayed current compared to 80 percent of non-HAMP mods three months after getting modified. After 6 months in the second quarter, 81 percent of Fannie Mae HAMP mods stayed current compared to 71 percent of non-HAMP mods. After 9 months in the first quarter, 77 percent of HAMP mods stayed current compared to 68 percent of non-HAMP mods.

    -For Freddie Mac modifications, 87 percent of HAMP mods stayed current after 3 months compared to 79 percent of non-HAMP mods. After 6 months, 84 percent of HAMP mods stayed current compared to 71 of non-HAMP mods. After 9 months, 80 percent of HAMP mods stayed current compared to 66 percent of non-HAMP mods.

    -HARP refinances increased 10 percent in the fourth quarter.

    -The total number of home retention actions (repayment and forbearance plans and mods) for the GSEs during the fourth quarter was 120,698, a decrease compared to the third quarter when there were 140,258 actions. For the year 2011, there were 540,352 actions, compared to 832,309 for 2010.

    -Short sales and deeds-in-lieu of foreclosure increased 13 percent to 34,895 in the fourth quarter. For the entire year of 2011, there were 125,468 short sales and deeds-in-lieu, compared to 113,996 in 2010.

    -Third-party and foreclosure sales saw a slight increase while foreclosure starts decreased in the fourth quarter.

    -REO inventory declined for the fifth consecutive quarter as more properties were disposed of than acquired in the fourth quarter.