Archive

Posts Tagged ‘Buy Sell’

Will the Government Shut Down Effect Homebuyers?

October 1, 2013 Leave a comment

The extent to which home buyers could feel the pain, depends largely on how long the budget impasse on Capitol Hill goes on.

The potential impact will be minimal as long as the hiatus doesn’t drag on for weeks, but buyers could see delays in getting their loans processed.

Lenders’ request income and Social Security number verifications from the IRS and Social Security Administration, which will cease issuing the records in the event of a shutdown.

Loans can’t close without the income tax transcripts, a requirement put in place after the mortgage crisis in an effort to fight fraud.

If we go two weeks or longer, I think it’s going to have an impact.

The Federal Housing Administration, part of the U.S. Department of Housing and Urban Development, insures home loans for low- and middle-income and first-time home buyers.

HUD said in a contingency plan this week that the agency would continue to endorse new home loans in the event of a hiatus, although with a drastically reduced staff of 68 on-duty employees in the housing office.

Loan officers can use FHA’s computer-automated system to get a case number, the first step in the agency’s process. But with a limited staff, FHA won’t be available to answer questions as the loan moves forward, he said.

Borrowers seeking loans guaranteed by Fannie Mae and Freddie Mac, which together own or guarantee nearly half of all U.S. mortgages, will see business as usual.

The U.S. Department of Veterans Affairs said it would continue to administer its loan guarantee program.

FHA-backed and VA-backed loans accounted for more than a third of new home loan lending last year, according to the Federal Reserve.

The Department of Agriculture’s Rural Development will put on hold on its loan program.

Much depends on where buyers are in the timeline of buying a house and when sales are scheduled to close.

Sellers will have to understand that it’s not a buyer or mortgage company’s fault that this is happening and that they would be accommodating in doing extensions appropriately.

The length of the shutdown would hurt not only buyers and sellers, but real estate agents, escrow and title companies, moving companies and others in the industry.

It could have quite a ripple effect – however, whatever happens should be a non-event or short-lived and we will continue to help buyers and sellers navigate this tenuous time.

Advertisements

Time to Sell Your House?

May 10, 2011 1 comment

Interest rates have risen over the last six months

Interest rates have stabilized recently. However, in the last six months, interest rates have climbed over 1/2%. Every time the rates increase 1/4%, approximately 250,000 buyers are eliminated from qualifying for a mortgage. In an environment of volatile rates, waiting could mean that there will be fewer buyers eligible to purchase your house. It also could mean that you will pay a higher rate on the next home you buy.

Dave & David Warner

FacebookLinkedInTwitterWordPress

JUST LISTED! OCEAN VIEW 2 BEDROOM END UNIT SAN CLEMENTE

April 13, 2011 1 comment

Please Click on the Link Below!!!!!

http://www.postlets.com/realestate/mini_385.php?pid=5396891

Dave & David Warner
First Team Real Estate
714-870-1028
949-547-0480

Dre #’s 01236069-01236519
callwarner.ft@gmail.com
 

FacebookLinkedInTwitterWordPress

Orange County Home Sale Activity for Home Sales Recorded in January 2011

February 22, 2011 Leave a comment
Reporting resale single family residences and condos as well as new homes
% Change is from the same month last year
 

Community Zip Median % Chng Sales % Chng
All homes   $415,000 -2.4% 1,929 3.3%
Total resale houses   $480,000 -2.0% 1,249 5.6%
Total condominiums   $282,000 -6.0% 582 -1.7%
Total new homes   $566,000 -6.1% 98 6.5%
Aliso Viejo 92656 $348,000 -4.8% 55 -30.4%
Anaheim 92801 $306,500 -9.9% 29 70.6%
Anaheim 92802 $300,000 -1.0% 13 -13.3%
Anaheim 92804 $325,000 0.2% 43 -10.4%
Anaheim 92805 $295,000 -5.1% 26 4.0%
Anaheim 92806 $365,000 -5.2% 10 -60.0%
Anaheim 92807 $398,000 -8.5% 16 -33.3%
Anaheim 92808 $525,000 4.0% 23 53.3%
Brea 92821 $440,000 -7.0% 23 21.1%
Brea 92823 $652,500 -21.4% 4 0.0%
Buena Park 90620 $367,500 -5.3% 26 -7.1%
Buena Park 90621 $319,500 -8.7% 22 69.2%
Corona del Mar 92625 $1,255,000 -13.1% 18 100.0%
Costa Mesa 92626 $500,000 0.0% 21 -4.5%
Costa Mesa 92627 $450,000 25.0% 30 76.5%
Cypress 90630 $450,000 0.0% 25 13.6%
Dana Point 92624 $610,000 10.4% 3 -50.0%
Dana Point 92629 $555,500 5.1% 20 -9.1%
Foothill Ranch 92610 $475,000 -19.5% 11 22.2%
Fountain Valley 92708 $571,000 1.9% 28 -6.7%
Fullerton 92831 $300,000 -37.4% 19 72.7%
Fullerton 92832 $317,500 -9.3% 12 -36.8%
Fullerton 92833 $400,000 -8.2% 39 34.5%
Fullerton 92835 $689,000 22.5% 12 -40.0%
Garden Grove 92840 $336,000 -4.0% 34 9.7%
Garden Grove 92841 $360,000 -10.0% 18 20.0%
Garden Grove 92843 $344,500 18.8% 21 -8.7%
Garden Grove 92844 $325,000 14.0% 15 15.4%
Garden Grove 92845 $421,000 -11.4% 11 83.3%
Huntington Beach 92646 $438,500 -11.4% 39 21.9%
Huntington Beach 92647 $446,750 -18.4% 22 10.0%
Huntington Beach 92648 $470,000 -32.4% 25 4.2%
Huntington Beach 92649 $467,500 -20.0% 25 38.9%
Irvine 92602 $675,000 13.1% 13 -7.1%
Irvine 92603 $740,000 -11.8% 15 0.0%
Irvine 92604 $465,750 -3.2% 17 70.0%
Irvine 92606 $615,000 8.1% 9 80.0%
Irvine 92612 $501,500 -3.6% 18 20.0%
Irvine 92614 $499,000 11.4% 11 -8.3%
Irvine 92618 $497,500 65.8% 17 88.9%
Irvine 92620 $583,250 5.8% 47 95.8%
Ladera Ranch 92694 $621,500 38.1% 22 -48.8%
La Habra 90631 $310,000 11.5% 21 -36.4%
La Palma 90623 $395,841 -16.2% 8 33.3%
Laguna Beach 92651 $1,000,000 -11.1% 30 76.5%
Laguna Hills 92653 $455,000 26.7% 25 8.7%
Laguna Niguel 92677 $565,000 4.6% 55 -11.3%
Laguna Woods 92637 $227,000 24.0% 23 -25.8%
Lake Forest 92630 $316,000 -16.8% 39 5.4%
Los Alamitos 90720 $645,500 -9.3% 10 0.0%
Midway City 92655 $360,000 -12.6% 3 50.0%
Mission Viejo 92691 $480,000 3.8% 28 -30.0%
Mission Viejo 92692 $499,500 5.2% 58 56.8%
Newport Beach 92660 $1,190,000 -11.2% 25 4.2%
Newport Beach 92661 $2,575,000 -47.2% 2 0.0%
Newport Beach 92662 $2,395,000 55.0% 1 0.0%
Newport Beach 92663 $920,000 -6.8% 19 18.8%
Newport Coast 92657 $1,445,000 7.8% 14 40.0%
Orange 92865 $341,000 -16.1% 14 -46.2%
Orange 92866 $430,000 -12.5% 4 -33.3%
Orange 92867 $437,500 -9.8% 16 -23.8%
Orange 92868 $224,500 -28.4% 6 -60.0%
Orange 92869 $440,000 0.5% 28 27.3%
Placentia 92870 $414,000 -3.7% 24 -29.4%
Rancho Santa Margarita 92688 $365,000 -16.1% 51 50.0%
San Clemente 92672 $615,000 -6.5% 27 -6.9%
San Clemente 92673 $605,000 1.0% 31 29.2%
San Juan Capistrano 92675 $389,000 22.5% 33 22.2%
Santa Ana 92701 $121,500 -2.8% 18 -5.3%
Santa Ana 92703 $255,000 21.4% 33 57.1%
Santa Ana 92704 $235,000 -20.3% 39 -18.8%
Santa Ana 92705 $552,500 76.8% 25 -7.4%
Santa Ana 92706 $327,500 -7.7% 18 -10.0%
Santa Ana 92707 $225,000 -7.2% 33 17.9%
Seal Beach 90740 $797,500 9.2% 8 -11.1%
Stanton 90680 $217,500 -29.5% 20 42.9%
Trabuco/Coto 92679 $615,000 0.8% 26 -25.7%
Tustin 92780 $403,000 10.4% 31 6.9%
Tustin 92782 $562,500 17.2% 12 -50.0%
Villa Park 92861 $825,000 -7.8% 2 -33.3%
Westminster 92683 $400,000 -4.1% 47 -4.1%
Yorba Linda 92886 $561,000 -19.0% 44 -25.4%
Yorba Linda 92887 $507,500 -21.7% 17 6.3%

From Data Quick

Dave & David Warner

FacebookLinkedInTwitterWordPress

The Foreclosure Report – January 2011

February 15, 2011 Leave a comment

Here is important information if you are thinking of selling your home now or in the near future.   Inventory is seasonably low.  Sell now so you won’t be competing with lower prices REO’s.

The Foreclosure Report
JANUARY 2011 

Foreclosure sales bounced back to levels not seen since robo-signing moratoriums went into effect last fall. With significant increases in Arizona, California, Nevada, Oregon and Washington; foreclosure sales rose both in terms of properties that went Back to the Bank and those Sold to Third Parties, typically investors. As a result Bank Owned Inventories (REO) increased everywhere except in Oregon where banks sold more homes then they took back. “We have not seen this level of activity on the courthouse steps for months,” says Sean O’Toole, CEO and Founder of ForeclosureRadar.com. “The increase in foreclosures is just in time to provide a fresh supply of entry level homes for the spring home buying season.”

California
Reversing a four month declining trend, Notice of Default filings rose 6.9 percent month-over-month in California, while Notice of Trustee Sale filings dropped 13.8 percent from the prior month. Foreclosure filings year-over-year show only mild change, with Notice of Default filings down 3.3 percent and Notice of Trustee Sale filings slipping just 1.4 percent from January 2010. Foreclosure sales skyrocketed from December, with 51.5 percent more sales Back to Bank and 52.8 percent more properties purchased by Third Parties, typically Notice of Trustee Sale filings. Cancellations were up as well, rising 12.4 percent this month as compared to last which was the first time in six months that cancelations increased month-over-month.
View all California stats by state, county, city or ZIP

Foreclosure Radar

Dave & David Warner

FacebookLinkedInTwitterWordPress

California December Home Sales

January 27, 2011 Leave a comment

An estimated 36,215 new and resale houses and condos were sold statewide last month. That was up 15.3 percent from 31,403 in November, and down 13.4 percent from 41,837 for December 2009. California sales for the month of December have varied from a low of 25,585 in 2007 to a high of 66,503 in 2003, while the average is 44,338. DataQuick’s statistics go back to 1988.

The median price paid for a home last month was $254,000, down 0.4 percent from $255,000 in November, and down 3.8 percent from $264,000 for December a year ago. The year-over-year decrease was the third in a row after eleven months of increases. The bottom of the current cycle was $221,000 in April 2009, while the peak was at $484,000 in early 2007.

Of the existing homes sold last month, 38.1 percent were properties that had been foreclosed on during the past year. That was up from a revised 37.6 percent in November and down from 40.8 percent in December a year ago. The all-time high was in February 2009 at 58.5 percent.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,055. That was up from $1,010 in November, and down from $1,125 in December 2009. Adjusted for inflation, last month’s mortgage payment was 51.3 percent below the spring 1989 peak of the prior real estate cycle. It was 60.5 percent below the current cycle’s peak in June 2006.

DataQuick Information Systems monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Indicators of market distress continue to move in different directions. Foreclosure activity has declined somewhat but remains high by historical standards. Financing with multiple mortgages is low, down payment sizes are stable, cash and non-owner occupied buying is up, DataQuick reported.

Thank You DataQuick News

Dave & David Warner

FacebookLinkedInTwitterWordPress

Southern California Home Sales End 2010 Up from November, Down from ‘09

January 18, 2011 Leave a comment
January 18, 2011

La Jolla, CA—Southland December home sales shot up more than usual from November but fell well short of last year as a sluggish job market, tight credit, and record-low new-home sales undermined the market. At the regional level the median sale price hovered barely above the year-ago mark, while it fell in four individual counties, a real estate information service reported.

Last month 19,528 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. That was up 20.5 percent from 16,208 in November, but down 12.5 percent from 22,328 in December 2009, according to DataQuick Information Systems of San Diego.

A November-to-December sales increase is normal for the season, with the gain averaging 12.9 percent since 1988, when DataQuick’s statistics begin.

“Ultra-low mortgage rates, coupled with lower prices, gave the market a boost this fall, helping to explain the above-average gain in closings between November and December. We still see the potential for sales to perk up this spring if rates stay low and brighter economic news lifts consumer confidence. Of course, a loosening of credit terms would help an awful lot, too, especially in move-up markets,” said John Walsh, DataQuick president.

“Looking back at 2010, it’s hard to ignore the ongoing slump in the Southland’s new-home market,” he continued. “Last year we saw the lowest sales by builders in two decades – less than half the annual average since 1988. 2009 wasn’t much better. What happens next will hinge largely on the pace of the economic recovery and the manner in which lenders manage their inventories of distressed properties, which are competition for new homes.”

Last month’s total home sales, all new and resale houses and condos combined, were the lowest for that month since December 2007, when 13,240 sold, and the second-lowest since 1995. Last month’s total sales fell 21.6 percent below the average December sales tally of 24,899.

December new-home sales were the lowest for that month in DataQuick’s records back to 1988. New-home sales for all of 2010 also hit a record low.

The median price paid for a Southland home last month was $290,000, which includes all new and resale houses and condos. That was up 1.0 percent from $287,000 in November, and up 0.3 percent from $289,000 in December 2009. However, the 0.3 percent annual gain was the lowest since the median began rising year-over-year each month since December 2009.

The median’s low point for the current real estate cycle was $247,000 in April 2009, while the high point was $505,000 in mid 2007. The peak-to-trough drop was due to a decline in home values as well as a shift in sales toward low-cost homes, especially inland foreclosures.

At the county level last month, the overall median sale price fell on a year-over-year basis in Los Angeles (-2.7 percent), Orange (-5.7 percent), San Bernardino (-1.3 percent) and Ventura (-1.4 percent) counties, while San Diego and Riverside counties recorded small gains of 0.9 percent and 2.0 percent, respectively.

The median price for the largest home-type category – resale single-family detached houses – fell year-over-year last month in Los Angeles (-1.2 percent), Orange (-6.0 percent) and San Diego (-1.4 percent) counties.

Foreclosure resales – homes foreclosed on in the past year – accounted for 34.3 percent of the resale market last month, down from 35.2 percent in November and 39.6 percent a year ago. Foreclosure resales hit a low this year of 32.8 percent in June and had generally trended slightly higher until last month. The peak was in February 2009 at 56.7 percent, DataQuick reported.

Government-insured FHA loans, a popular low-down-payment choice among first-time buyers, accounted for 33.0 percent of all mortgages used to purchase homes in December, down from 36.2 percent in November and 35.5 percent in December 2009. Two years ago FHA loans made up 35.0 percent of the purchase loan market, while three years ago it was just 2.8 percent.

Last month 21.1 percent of all sales were for $500,000 or more, the same as November but up from 20.7 percent a year earlier. The low point for $500,000-plus sales was in January 2009, when only 13.6 percent of sales crossed that threshold. Over the past decade, a monthly average of 26.9 percent of homes sold for $500,000 or more.

Viewed differently, Southland zip codes in the top one-third of the housing market, based on historical prices, accounted for 37.4 percent of total sales last month. That was up from 35.2 percent in November and 34.8 percent a year ago. Over the last decade, those higher-end areas contributed a monthly average of 37.2 percent of regional sales. Their contribution to overall sales hit a low of 26.2 percent in January 2009.

High-end sales still suffer from tight credit policies. Adjustable-rate mortgages (ARMs) and so-called jumbo home loans have been relatively difficult to get ever since the credit crunch hit more than three years ago.

Last month ARMs represented 6.4 percent of Southland purchase loans, up from 5.6 percent in November and 4.4 percent a year ago. However, over the past decade, a monthly average of 38.1 percent of purchase loans were ARMs.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 18.0 percent of last month’s purchase lending, about the same as in November and up from 16.7 percent a year earlier. But back in 2007, in the months leading up to the credit crisis that began in August that year, jumbos accounted for 40 percent of the market.

Absentee buyers – mostly investors and some second-home purchasers – bought 22.7 percent of the homes sold in December, paying a median $215,000. Over the last decade, absentee buyers purchased a monthly average of 16.1 percent of all homes, while the peak level was 23.2 percent last February.

Buyers who appeared to have paid all cash – meaning there was no indication that a corresponding purchase loan was recorded – accounted for 27.2 percent of December sales, paying a median $212,000. In February last year, cash sales peaked at 30.1 percent. The 10-year monthly average for Southland homes purchased with cash is 12.7 percent.

The “flipping” of homes has generally trended higher over the past year. Last month the percentage of Southland homes bought and re-sold within a six-month period was 3.5 percent, the same as in November but up from 3.2 percent a year earlier. Last month’s flipping rates varied from as little as 2.8 percent in Ventura County to as much as 3.8 percent in Los Angeles County.

DataQuick Information Systems monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

The typical monthly mortgage payment that Southland buyers committed themselves to paying was $1,205 last month, up from $1,136 in November but down from $1,231 in December 2009. Adjusted for inflation, current payments are 46.4 percent below typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 56.1 percent below the current cycle’s peak in July 2007.

Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but is lower than peak levels reached over the last two years. Financing with multiple mortgages is very low, and down payment sizes are stable, DataQuick reported.

Sales Volume Median Price
All homes Dec-09 Dec-10 %Chng Dec-09 Dec-10 %Chng
Los Angeles 7,679 6,536 -14.90% $339,000 $330,000 -2.70%
Orange 2,885 2,739 -5.10% $435,000 $410,000 -5.70%
Riverside 4,282 3,696 -13.70% $196,000 $200,000 2.00%
San Bernardino 2,934 2,605 -11.20% $154,000 $152,000 -1.30%
San Diego 3,652 3,191 -12.60% $330,000 $333,000 0.90%
Ventura 896 761 -15.10% $360,000 $355,000 -1.40%
SoCal 22,328 19,528 -12.50% $289,000 $290,000 0.30%

Source: DQNews.com
Dave & David Warner

LinkedInTwitterFacebookWordPress