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Posts Tagged ‘Homes for Sale Dana Point’

Down Payment Data – Pie Chart

Based on information from the May Realtors® Confidence Index, 66 percent of Existing Home Sales purchasers had a down-payment of less than 20 percent in their home purchase transaction.
downpayment

Dave & David Warner

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Forecast: Flat O.C. rents next two years

April 6, 2011 3 comments

The Casden Real Estate Economics Forecast, from the folks at USC’s business school, predicts flat Orange County rents in the next two years – with occupancy rates barely changing.

That’s a bit of a contrast to industry and government reports showing rents slowing increasing in recent months as the local economy modestly improves.

Casden analysis:

  • “Stabilized” employment picture from loss of 75,000 jobs in 2009 to gain of 6,500 jobs, in ’10. Unemployment rate in December 2010 was 8.9 percent, vs. 9.5 percent a year before. “Because of robust employment growth in preceding years, overall unemployment is still lower in Orange County than in neighboring metro areas such as San Diego, Los Angeles or the Inland Empire, and lower than the nation overall.”
  • Demand for apartments increased in year ended Q4 2010 to net 5,830 units, up 39 percent over the prior four quarters. Two Orange County submarkets experienced negative net absorption for the year: Mission Viejo and Central County.
  • Occupancy increased 1.2 percentage points in 2010, to 94.9 percent. Occupancy outpaced the West region by 0.8 percentage points, and had the second-best showing in Southern California.
  • Average rents increased by 0.8 percent in 2010 to $1,475 at year’s end, while “same-store” rents remained unchanged. Orange County’s annual rent performance was the fourth-weakest among the 64 metro areas tracked nationwide by MPF Research.
  • New Orange County apartment openings will drop precipitously in 2011.
  • Orange County home prices, “remain high relative to the rest of Southern California. Both the employment picture and relative lack of home affordability have helped support the multifamily market in 2010.”  Thank you,  OCR

Dave & David Warner
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O.C. home affordability triples

February 11, 2011 Leave a comment
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Orange County Affordability Graph 2/10/2011

The percentage of households able to afford an Orange County starter home has tripled since the housing market peaked, the California Association of Realtors reported.

By the Realtors’ math, 60% of Orange County households could afford to buy the typical “entry-level” house in Orange County in the fourth quarter of 2010.

By comparison, just 21% could afford that house in the spring of 2006, the low point for housing affordability in O.C.

Last quarter’s level was also the highest level of home affordability in Orange County in figures dating back to 2003.

Using the Realtors’ methodology, a household would need to earn about $63,000 a year to afford the typical “entry-level” house in Orange County.

That’s down from around $118,000 in the spring of 2006.

That’s based on an entry-level home price of just under $409,000, with monthly house payments at $2,100.

The Realtors’ affordability index measures the percentage of local households able to afford a starter home — valued at 85% of the area’s median house price. The index assumes that buyers are making a 10% down payment and getting an adjustable-rate loan. The association considers its measure “the most-fundamental measure of housing well-being for first-time buyers.”

The Realtors’ report comes a day after the Wall Street Journal reported that housing affordability returned to pre-bubble levels in a growing number of U.S. markets over the past year.

According to Moody’s Analytics, the U.S. ratio of home prices to annual household income reached a peak of 2.3 in late 2005, but had fallen to 1.6 by September, matching the lowest level in the 35 years, the WSJ reported.

While the Realtor index is only a rough estimate of how many residents can actually afford starter homes, it does track the overall trend caused by falling prices and lower interest rates.

In addition, rising interest rates in recent weeks likely have reduced the current number of households able to afford a home. The average interest rate of 30-year home loan rose above 5% in the past week, according to Freddie Mac’s weekly survey.

Statewide, the report shows:

  • 69% of California housesholds could afford the entry-level house in the fourth quarter, matching the record-high set in the first quarter of 2009.
  • 75% of California households could afford the entry-level condo.
  • That compares to a national affordability rate of 80%.
  • The minimum annual income needed to afford the California starter home (costing just over $256,000) was $39,600.
  • Affordability either matched or set record highs in all regions of the state last quarter.
  • Affordability in the state last quarter ranged from a low of 42% in San Francisco to a high of 86% in Merced County.

Thank you,   Jeff Collins,   OC Register

Dave & David Warner

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Orange County Home Sale Activity

February 4, 2011 1 comment
Reporting resale single family residences and condos as well as new homes
% Change is from the same month last year
for Home Sales Recorded in December 2010
Community Zip Median % Chng Sales % Chng
All homes   $410,000 -5.7% 2,739 -5.1%
Total resale houses   $470,000 -6.0% 1,710 -6.7%
Total condominiums   $280,000 -3.4% 747 -15.2%
Total new homes   $474,000 -23.2% 282 64.9%
Aliso Viejo 92656 $377,750 -8.2% 73 -1.4%
Anaheim 92801 $309,000 -6.9% 27 -38.6%
Anaheim 92802 $323,000 -8.4% 23 9.5%
Anaheim 92804 $342,000 3.6% 60 15.4%
Anaheim 92805 $319,250 -6.1% 48 -34.2%
Anaheim 92806 $358,000 -3.2% 18 -5.3%
Anaheim 92807 $440,000 -6.9% 24 -38.5%
Anaheim 92808 $469,000 -17.7% 35 52.2%
Brea 92821 $435,000 2.4% 33 50.0%
Brea 92823 $497,500 -22.0% 4 -33.3%
Buena Park 90620 $356,000 -4.4% 35 25.0%
Buena Park 90621 $365,000 -11.0% 27 -3.6%
Corona del Mar 92625 $1,275,000 7.6% 18 -18.2%
Costa Mesa 92626 $499,000 -2.8% 24 -33.3%
Costa Mesa 92627 $460,000 -4.1% 43 30.3%
Cypress 90630 $387,000 -7.9% 28 -39.1%
Dana Point 92624 $620,000 37.8% 6 -14.3%
Dana Point 92629 $521,000 -5.3% 26 -16.1%
Foothill Ranch 92610 $236,500 -47.4% 16 -30.4%
Fountain Valley 92708 $485,000 -12.6% 33 -15.4%
Fullerton 92831 $473,000 18.3% 27 17.4%
Fullerton 92832 $325,000 8.3% 15 15.4%
Fullerton 92833 $355,000 -11.3% 40 -32.2%
Fullerton 92835 $482,500 -20.9% 18 -33.3%
Garden Grove 92840 $350,000 7.7% 47 11.9%
Garden Grove 92841 $400,000 24.2% 37 117.6%
Garden Grove 92843 $350,000 1.4% 22 -26.7%
Garden Grove 92844 $242,000 -26.7% 21 10.5%
Garden Grove 92845 $441,500 -6.1% 6 -45.5%
Huntington Beach 92646 $480,000 -24.4% 43 2.4%
Huntington Beach 92647 $480,000 -2.2% 27 -22.9%
Huntington Beach 92648 $665,000 9.5% 37 -15.9%
Huntington Beach 92649 $550,000 -33.3% 18 -21.7%
Irvine 92602 $490,000 -21.0% 16 23.1%
Irvine 92603 $965,000 31.3% 24 -14.3%
Irvine 92604 $565,000 20.9% 23 4.5%
Irvine 92606 $512,500 -9.7% 10 -23.1%
Irvine 92612 $403,500 -11.5% 34 3.0%
Irvine 92614 $437,500 -6.9% 14 -41.7%
Irvine 92618 $419,500 -17.7% 77 156.7%
Irvine 92620 $793,000 27.9% 66 43.5%
Ladera Ranch 92694 $422,500 -30.7% 32 -43.9%
La Habra 90631 $300,000 13.2% 63 -1.6%
La Palma 90623 $530,000 -7.0% 5 -54.5%
Laguna Beach 92651 $1,105,000 -14.5% 35 -7.9%
Laguna Hills 92653 $470,000 9.3% 29 -25.6%
Laguna Niguel 92677 $525,000 7.3% 76 -17.4%
Laguna Woods 92637 $211,000 -5.2% 27 0.0%
Lake Forest 92630 $378,000 -1.2% 60 -6.3%
Los Alamitos 90720 $564,500 -21.3% 18 12.5%
Midway City 92655 $380,000 35.7% 5 66.7%
Mission Viejo 92691 $325,500 -23.2% 36 -41.0%
Mission Viejo 92692 $517,500 8.0% 44 -18.5%
Newport Beach 92660 $982,250 -9.5% 41 5.1%
Newport Beach 92661 $1,515,000 -9.6% 6 100.0%
Newport Beach 92662 $3,089,750 87.8% 3 200.0%
Newport Beach 92663 $1,086,250 51.8% 17 -26.1%
Newport Coast 92657 $1,550,000 3.3% 18 -10.0%
Orange 92865 $412,500 -8.3% 25 31.6%
Orange 92866 $475,000 33.8% 5 -16.7%
Orange 92867 $460,000 0.0% 32 -3.0%
Orange 92868 $265,500 -24.1% 16 23.1%
Orange 92869 $375,000 -28.6% 29 -40.8%
Placentia 92870 $414,000 -7.9% 41 -6.8%
Rancho Santa Margarita 92688 $334,500 -4.4% 62 -15.1%
San Clemente 92672 $600,000 -13.9% 34 -2.9%
San Clemente 92673 $613,750 -7.6% 34 -38.2%
San Juan Capistrano 92675 $399,000 19.2% 37 -7.5%
Santa Ana 92701 $130,000 -7.1% 24 -27.3%
Santa Ana 92703 $270,000 3.8% 35 -7.9%
Santa Ana 92704 $309,000 13.3% 43 -31.7%
Santa Ana 92705 $595,000 46.7% 34 13.3%
Santa Ana 92706 $369,500 -3.4% 22 22.2%
Santa Ana 92707 $232,000 -3.3% 44 -22.8%
Seal Beach 90740 $652,500 -17.2% 8 -20.0%
Stanton 90680 $295,000 9.3% 18 12.5%
Trabuco/Coto 92679 $652,500 1.8% 42 -4.5%
Tustin 92780 $384,500 -11.6% 37 2.8%
Tustin 92782 $450,500 -23.3% 24 -40.0%
Villa Park 92861 $1,037,500 3.8% 6 -25.0%
Westminster 92683 $390,000 -9.3% 54 -14.3%
Yorba Linda 92886 $611,000 1.6% 60 25.0%
Yorba Linda 92887 $335,000 -5.4% 26 62.5%

  

From DataQuick

Dave & David Warner

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Fishing for Dollars – We’re In

January 28, 2011 Leave a comment

Catch a Squawfish & Earn some Cash!

You can help save salmon and get paid to do it by going fishing! The Pikeminnow Sport Reward Fishery Program, funded by the Bonneville Power Administration, pays anglers for each northern pikeminnow that they catch that is nine inches or larger. Rewards range from $4 to $8 per fish, and special tagged fish are worth $500.The program operates from May 1 to September 30, 2011 in the lower Columbia River (mouth to Priest Rapids Dam) and the Snake River (mouth to Hells Canyon Dam).

Northern pikeminnow eat millions of salmon and steelhead juveniles each year in the Columbia and Snake River systems. The goal of the program is not to eliminate northern pikeminnow, but rather to reduce the average size and curtail the number of larger older fish. Reducing the number of these predators can greatly help the salmon and steelhead juveniles making it out to sea.

BPA funds the program to partially mitigate for the impact of the Columbia River hydroelectric system on salmon. Results indicate the program is successful. Since 1990, over 3.5 million northern pikeminnow have been removed by the Sport Reward Fishery. Predation on juvenile salmonids has been cut by an estimated 37%.

THE 2011 NORTHERN PIKEMINNOW SEASON
The 2011 season for the sport-reward fishery will start at all stations on May 1, 2011. The season will end September 30, 2011.For every qualifying northern pikeminnow 9 inches or longer returned to a registration station, anglers will receive $4-$8. The more fish an angler catches, the more they’re worth: the first 100 in one season are worth $4 each; after 100, they’re worth $5 each; and after 400 they’re worth $8 each. Special tagged northern pikeminnow will be worth $500 again this year.

Get this,  The top anglers last season made close to $50,000!.

Thank you,  fishwithjd

 

Dave & David Warner

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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

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Thinking of Flipping a Property in 2011?

January 20, 2011 1 comment

Property flips are not inherently illegal and not all transactions involving a rapid purchase and resale are improper. Legitimate property flips are acceptable transactions.  Both Conventional and FHA financing is allowed on property flips as long as all guidelines are met. Many of the guidelines overlap, i.e., must be arms-length, seller listed on title report, etc. There are a few differences as to when and if a 2nd appraisal is required.  Below is a list of the requirements for all property flips, in general if ownership has changed within 12 months for Conventional financing and 90 days for FHA financing. General Property Flip Guidelines· No seller financing allowed, usual seller contributions towards closing costsallowed.· Property must have been exposed to the open market through MLS, traditional auction, or developer marketing.· Buyer and seller cannot be represented by the same agent or broker.· No re-dating of purchase contract.· Seller must be listed on title report.· No simultaneous closings.· No more than 1 title transfer, other than a financial institution or government agency, within the last 12 months.· If ownership is in a LLC or corporation, a full review of the legal documents is required to ensure buyer is not affiliated.· Must be arms-length.  For Conventional financing, generally property flip guidelines will be required if seller has owned property less than 12 months.  Cannot be purchased as investment property· If seller is on title less than 90 days, maximum financing for buyer is 80% LTV.· 2 full appraisals required if new sales price is 15% higher than what seller paid.  If  increase is less than 15%, an exterior-only appraisal is required (in addition to the 1st appraisal). New value must be justified through appraisals. Appraisal cannot be done concurrently.· Lender will use the lower of the two appraised values for decisioning.

FHA Financing in the past, FHA financing was not allowed on properties if the seller had owned the property for 90 days or less, no matter if there was an increase in value or not.A waiver is now in place for contracts dated Feb. 1, 2010 through Feb. 1, 2011, allowing financing as long as they meet the guidelines mentioned previously. Enhanced guidelines are required for increases in price of 20% or greater:· A 2nd full appraisal is required. Appraisals cannot be done concurrently.· New value can be justified through the appraisals with complete details of property improvements. If no improvements were made but property was originally bought well below market value and is now selling at market value, this  must also be addressed.· The lower of the two appraised values will be used for decisioning.· A full property inspection must be provided to the borrower.· Both the inspection and the 2nd appraisal can be paid by the borrower.· Any health and safety issues noted in the appraisals or inspection report would need to be repaired prior to closing. Full inspection of the repairs would also be required.If seller has owned the property between 91 – 180 days, no additional requirements unless new value is 100% greater than what seller paid. If  so, then the above requirements must be met.

From Mike Harper

Bankers Funding Trust LLC

Dave & David Warner

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