Irvine: Woodbury Overview
Median home price is $445,000. Based on a rental parity value of $648,000, this market is under valued.
Monthly payment affordability has been improving over the last 4 month(s). Momentum suggests improving affordability.
Resale prices on a $/SF basis declined from $310/SF to $306/SF.
Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.
Median rental rates increased $86 last month from $2,650 to $2,736.
Rents have been falling for 1 month(s). Price momentum suggests unchanging rents over the next three months.
Market rating = 5
Proprietary Irvine Housing News home purchase analysis 
$547,000 …….. Asking Price
$814,500 ………. Purchase Price
11/7/2005 ………. Purchase Date
($267,500) ………. Gross Gain (Loss)
($65,160) ………… Commissions and Costs at 8%
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($332,660) ………. Net Gain (Loss)
============================================
-32.8% ………. Gross Percent Change
-40.8% ………. Net Percent Change
-6.1% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$547,000 …….. Asking Price
$109,400 ………… 20% Down Conventional
3.88% …………. Mortgage Interest Rate
30 ……………… Number of Years
$437,600 …….. Mortgage
$126,096 ………. Income Requirement
$2,059 ………… Monthly Mortgage Payment
$474 ………… Property Tax at 1.04%
$317 ………… Mello Roos & Special Taxes
$137 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$271 ………… Homeowners Association Fees
============================================
$3,257 ………. Monthly Cash Outlays
($331) ………. Tax Savings
($644) ………. Equity Hidden in Payment
$145 ………….. Lost Income to Down Payment
$88 ………….. Maintenance and Replacement Reserves
============================================
$2,516 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$6,970 ………… Furnishing and Move In at 1% + $1,500
$6,970 ………… Closing Costs at 1% + $1,500
$4,376 ………… Interest Points
$109,400 ………… Down Payment
============================================
$127,716 ………. Total Cash Costs
$38,500 ………. Emergency Cash Reserves
============================================
$166,216 ………. Total Savings Needed
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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 # S695450 from our database. Please check back soon.
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$460,000 49 CONCIERTO |
0 miles 2 bd / 2.5 ba 1,850 Sq. Ft. |
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$650,000 175 INTRIGUE |
0.31 miles 4 bd / 3 ba 2,104 Sq. Ft. |
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$829,000 56 SHADOWPLAY |
0.41 miles 4 bd / 4 ba 2,492 Sq. Ft. |
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$750,000 29 WONDERLAND |
0.41 miles 4 bd / 4 ba 2,492 Sq. Ft. |
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$535,000 62 TOWNSEND |
0.43 miles 3 bd / 2.5 ba 1,824 Sq. Ft. |
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$699,000 35 SECRET Gdn |
0.44 miles 3 bd / 4.5 ba 2,300 Sq. Ft. |
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$739,000 88 TWIN GABLES |
0.44 miles 3 bd / 2.75 ba 1,964 Sq. Ft. |
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$699,000 55 PLANTATION |
0.45 miles 3 bd / 2.75 ba 1,964 Sq. Ft. |
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$488,000 3 ERICSON AISLE |
0.74 miles 3 bd / 3 ba 1,768 Sq. Ft. |
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$485,000 71 CARTIER AISLE #1 |
0.74 miles 3 bd / 2.75 ba 1,768 Sq. Ft. |
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With serious mortgage delinquency rates a 7%, I rather doubt a firm bottom is in place
Is This Market ‘Bottom’ a True One That Will Stick?
During a CoreLogic economic webinar Thursday, the company’s chief economist, Mark Fleming, Ph.D., was asked if the housing market has hit bottom and will it stick, as reports seem to be speculating.
Apparently, the market in recent years was thought to have hit bottom twice before.
Fleming noted that this happened in 2010 when prices peaked and year-over-year growth rate was positive. This was also a time when the home buyer tax credit was available. House prices stabilized, but the problem with that, Fleming explained, is that when the tax credit expired, demand disappeared and prices continued to fall again.
We again saw some stabilization in the beginning of 2011, Fleming said, but the economy fell off the rail with the European debt crises, the Japanese earthquakes, and our own debt ceiling debate.
Then, Fleming said, consumer confidence crashed, everyone stopped wanting to buy, demand went down, and prices declined again.
As for whether or not this time it truly is bottom, that partly depends on unpredictable events.
“The longer we go now without any major shock, the more strength this recovery will have and the more it will be able to sustain without significant detrimental impact any shocks that might come,” Fleming said. “So time then is one of our most helpful forces at the moment.”
While uncertainty seems to surround whether or not the market has truly hit bottom, one trend does appear to be more stable.
With recent reports of declining delinquencies, Fleming said he expects to continue to see fewer delinquencies and foreclosure starts in coming years. This is partly due to the performance of loans originated between 2009 and 2011, which Fleming explained are benefiting from tighter underwriting standards compared to earlier loans.
Recently, CoreLogic reported delinquencies were down, with the share of borrowers nationally that were more than 90 days late on their mortgage payment, including homes in foreclosure and REO assets, dropping to 7 percent in March 2012 from 7.5 percent a year ago.
As for foreclosure inventory, Fleming pointed out that a migration has taken place where the concentration of states posting higher foreclosure rates moved from the West coast to eastern and southeastern states, such as New Jersey, New York, and Florida.
During the webinar, Fleming also provided some clarification on house price indexes and explained that indexes reporting year-over-year prices showing negative numbers amid positive home sales reports might have to do with what was happening a year ago, and said sometimes negative numbers are negative because of a really good spring season a year ago.