Irvine: Woodbury Overview
Median home price is $481,000. Based on a rental parity value of $658,000, this market is under valued.
Monthly payment affordability has been improving over the last 12 month(s). Momentum suggests improving affordability.
Resale prices on a $/SF basis declined from $306/SF to $305/SF.
Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.
Median rental rates increased $21 last month from $2,710 to $2,731.
Rents have been slowly rising for 2 month(s). Price momentum suggests unchanging rents over the next three months.
Market rating = 6
Proprietary Irvine Housing News home purchase analysis 
$699,900 …….. Asking Price
Cost of Home Ownership
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$699,900 …….. Asking Price
$139,980 ………… 20% Down Conventional
3.68% …………. Mortgage Interest Rate
30 ……………… Number of Years
$559,920 …….. Mortgage
$153,411 ………. Income Requirement
$2,571 ………… Monthly Mortgage Payment
$607 ………… Property Tax at 1.04%
$242 ………… Mello Roos & Special Taxes
$175 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$369 ………… Homeowners Association Fees
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$3,963 ………. Monthly Cash Outlays
($581) ………. Tax Savings
($854) ………. Equity Hidden in Payment
$170 ………….. Lost Income to Down Payment
$107 ………….. Maintenance and Replacement Reserves
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$2,805 ………. Monthly Cost of Ownership
Cash Acquisition Demands
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$8,499 ………… Furnishing and Move In at 1% + $1,500
$8,499 ………… Closing Costs at 1% + $1,500
$5,599 ………… Interest Points
$139,980 ………… Down Payment
============================================
$162,577 ………. Total Cash Costs
$43,000 ………. Emergency Cash Reserves
============================================
$205,577 ………. Total Savings Needed
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This property is available for sale on the MLS.
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$688,000 33 HALLMARK |
0.01 miles 3 bd / 3.5 ba 2,090 Sq. Ft. |
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$875,000 94 TWIN GABLES |
0.14 miles 4 bd / 3 ba 2,361 Sq. Ft. |
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$675,000 71 HALLMARK |
0.17 miles 3 bd / 3 ba 2,100 Sq. Ft. |
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$869,000 - |
0.23 miles 4 bd / 3.5 ba 2,268 Sq. Ft. |
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$542,990 31 CITY STROLL |
0.42 miles 3 bd / 3 ba 2,074 Sq. Ft. |
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$570,000 31 ICEBERG ROSE |
0.47 miles 3 bd / 2.5 ba 1,750 Sq. Ft. |
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$525,000 59 CONCIERTO |
0.61 miles 3 bd / 2.75 ba 2,026 Sq. Ft. |
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$735,000 29 WONDERLAND |
0.94 miles 4 bd / 4 ba 2,492 Sq. Ft. |
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$699,000 35 SECRET Gdn |
0.97 miles 3 bd / 2.5 ba 2,300 Sq. Ft. |
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$829,000 56 SHADOWPLAY |
0.98 miles 4 bd / 4 ba 2,492 Sq. Ft. |
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Consumer sentiment is down because without HELOC money, many Ponzis can’t live the lifestyle they want, and despite the hoopla about the housing market bottoming, most Ponzis don’t believe the housing ATM machine will be turned on soon. The fact that most economists don’t see a connection between the housing ATM and consumer sentiment shows how clueless they are.
Consumer Sentiment Index Makes Steep Drop, Economists Respond
Following reports that the Reuters/University of Michigan consumer sentiment index had fallen significantly from 79.3 in May to 74.1 in June, economists offered commentary on the meaning behind the numbers. In addition to the consumer sentiment index, the current conditions index reportedly fell from 87.2 in May to 82.1 in June, while the expectations index declined to 68.9 this month from 74.3 the month before.
A breakdown
“This is not a good report. Consumer confidence is back in recession territory. The news from the retail sales report is clearly indicating that consumers are cautious and holding back….The Reuters/University of Michigan consumer sentiment index fell in mid-June to its lowest level since
December. Consumers are more pessimistic across the board. A considerable deterioration on job prospects and household net worth are taking their toll on consumer mood.”
Yinbin Li, IHS Global Insight Principal Economist
“The negative impact on sentiment from the pull back in stock markets in the last two months, driven by the turmoil in Europe, outstripped the positive from the sharp fall in gasoline prices. The recent slowdown in job creation and the continuous uptick in the weekly jobless claims figures has cast a cloud on the strength of the overall recovery. The drop back in the headline index was the first in nine months and was in line with the recent falls in other consumer confidence indices.”
Amna Asaf, Capital Economics Economist
On the upside
“The one piece of good news is that pump and food prices have fallen. Falling gasoline prices offered positive support for the Reuters/University of Michigan consumer sentiment index in April and May.”
Li, IHS Global Insight
Looking ahead
“IHS Global Insight is now forecasting consumer spending (adjusted for inflation) to grow 1.7% in the second quarter, significantly lower than the first quarter’s 2.7% gain.”
Li, IHS Global Insight