Irvine: Walnut Overview
Median home price is $512,000. Based on a rental parity value of $618,000, this market is fairly valued.
Monthly payment affordability has been improving over the last 1 month(s). Momentum suggests unchanging affordability.
Resale prices on a $/SF basis increased from $290/SF to $292/SF.
Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.
Median rental rates increased $186 last month from $2,380 to $2,566.
Rents have been slowly rising for 12 month(s). Price momentum suggests slowly rising rents over the next three months.
Market rating = 3
Proprietary Irvine Housing News home purchase analysis 
3972 BANYAN St Irvine, CA 92606
$624,500 …….. Asking Price
Cost of Home Ownership
——————————————————————————
$624,500 …….. Asking Price
$124,900 ………… 20% Down Conventional
3.62% …………. Mortgage Interest Rate
30 ……………… Number of Years
$499,600 …….. Mortgage
$116,686 ………. Income Requirement
$2,277 ………… Monthly Mortgage Payment
$541 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$156 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$40 ………… Homeowners Association Fees
============================================
$3,014 ………. Monthly Cash Outlays
($358) ………. Tax Savings
($770) ………. Equity Hidden in Payment
$147 ………….. Lost Income to Down Payment
$98 ………….. Maintenance and Replacement Reserves
============================================
$2,131 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$7,745 ………… Furnishing and Move In at 1% + $1,500
$7,745 ………… Closing Costs at 1% + $1,500
$4,996 ………… Interest Points
$124,900 ………… Down Payment
============================================
$145,386 ………. Total Cash Costs
$32,600 ………. Emergency Cash Reserves
============================================
$177,986 ………. Total Savings Needed
——————————————————————————————————————————————-
This property is available for sale on the MLS.
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See the enormous foreclosure pipeline for yourself below. Enter location and press search. Scroll through list by pressing "next."
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Lenders Taking Longer to Begin and End Foreclosures: Survey
After conducting a survey with current and former clients, YouWalkAway.com reported that lenders are taking longer before beginning the foreclosure process. The agency surveyed underwater homeowners it has or is working with and found that from January to June of this year, respondents who received a foreclosure start notice were 11 months behind on their payment.
Last year, it took an average of 9 months of nonpayment before the foreclosure process started.
Receipt of a Notice of Default, Foreclosure Complaint, and Notice of Trustee’s Sale all counted as foreclosure starts for the survey.
In 2010 and 2009, the average number of months before foreclosure began was 7, and in 2008, it was 4 months.
According to the foreclosure agency, the data indicates lenders are now only beginning to attend to delinquencies from the first and second quarter of 2011. This means strategic defaulters have been given a longer time period in which they could reside in their home rent free before the foreclosure process begins.
The survey also revealed that so far this year, the foreclosure timeline is longer compared to previous years.
In the first and second quarter of 2012, properties averaged 16 months of delinquency before getting foreclosed on. Based on the survey results and other data, YouWalkAway.com said this reflects an increase in the number of months a borrower is delinquent before foreclosure starts are filed and foreclosures are completed. This implies lenders and servicers are processing older foreclosures and homes that have been in default for over a year.
Jon Maddux, CEO of YouWalkAway.com, questions if this delay on the lender’s part is intentional.
“Waiting so long to even begin the foreclosure process is detrimental on a personal, local, and national level. It affects the borrower, their credit and financials, their neighborhoods, the housing market and economy in general,” said Maddux.
With the lengthening not only at the start of the foreclosure process, but also at the end, Maddux said it could suggest lenders are beginning to address the backlog that was created during the robo-signing debacle, but it may be too soon to tell the actual rate of of foreclosure filings in 2012.
“Once this shadow inventory hits the market, housing prices may lower and create a new wave of strategic defaults and foreclosures,” said Maddux.