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Posts Tagged ‘Market trends’

How The New Higher Tax Rates Will Affect Luxury Housing

January 7, 2013 Leave a comment

The Foreclosure Report – California

May 23, 2011 2 comments
Foreclosure activity slowed in April. Foreclosure filings were down in Arizona, California, Nevada and Washington, with Oregon being the sole exception where filings were up. California filings were down to levels not seen since late 2008, when governmental intervention caused a temporary but massive drop in activity. Foreclosure sales saw similar declines throughout our coverage area, except Washington. Notably, cancellations were up significantly across the board, leaving fewer properties scheduled for trustee sale.”The drop in filings, and the rise in cancellations, is surprising,” says Sean O’Toole, CEO and Founder of ForeclosureRadar.com. “Banks have had time to resolve robo-signing issues, so we should be seeing exactly the opposite results, with lenders starting to catch up from recent delays.”

California
Foreclosure filings in California fell to lows not seen since the fall of 2008. Notice of Default filings dropped 25.8 percent, and Notice of Trustee Sale filings fell 10.9 percent from March. On a year-over-year basis foreclosure filings were down as well, with Notice of Default filings down 28.0 percent and Notice of Trustee Sale filings falling 31.2 percent from April 2010. Foreclosure sale cancellations rose 27.0 percent from March. Acivity on the courthouse steps slowed from the prior month, with 17.2 percent fewer sales Back to Bank and a 15.8 percent drop in properties purchased by 3rd Parties, typically investors. The average Time to Foreclose continued to climb, increasing 3.3 percent to 312 days.
View all California stats by state, county, city or ZIP

Dave & David Warner

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Will the Cost of Buying a Home Increase Even If Prices Fall?

April 28, 2011 3 comments

Another example of giving thought to the big picture of purchasing a home comes to us today from the Keeping Current Matters Crew.  Focusing on price only may hinder your overall investment.  It is more important than ever to sit down with a REALTOR that can be a true advisor for you.  Someone that not only can assist with finding your dream home but can walk you through the Market Trends and do the best possible negotiations as well.  So, with that said…

Will the Cost of Buying Increase Even If Prices Fall?

 We want to make sure our readers understand the potential impact to the cost of financing a home these changes will have. The cost of buying a home may increase even if prices continue to soften. The total cost of a home is determined by two factors:

  • the price of the property 
  • the expense of financing the purchase (assuming you are not paying all cash)

Check with a local real estate professional to determine where prices are headed in your region for the type of home you are considering. However, even if prices are predicted to soften further in your area, the COST of the home may rise because of increased expenses in financing. These expenses could increase rather dramatically.

Interest Rates

Interest rates have remained at historic lows for over a year. As the economy improves, there will be less need for the government to keep rates low. Many are predicting interest rates will increase from 1/2 point to 3/4 of a point before the end of the year. We may also see an additional increase in rate for loans deemed ‘less qualified’.

New Mortgage Standards

The government has proposed a new definition for a ‘qualified residential mortgage’. The new standard would set a bar much higher than we have today. Anyone not meeting these requirements would not be eligible for the ‘best’ rates available. What could be the difference in interest rate? In a white paper released last week by a group that included the Center for Responsible Lending and the National Association of Realtors:

Some private estimates have concluded that 5 percent risk retention could result in a three-percentage point rise in interest rates for loans funded through securitization. In other words, today’s 5 percent market would become an 8 percent interest-rate market.

Even if the rates for these loans are only one percentage point higher than the best rate, the additional cost to a buyer could be dramatic.

Impact of Interest Rates on Mortgage Payment

The interest rate you receive obviously plays a big role in determining your monthly mortgage payment. How big a role? Here is a chart showing how your payment is impacted even if home prices fall:

 Bottom Line

You may have delayed your home purchase decision because of concern over where PRICES may be headed. To make the best financial decision for you and your family, also take into consideration where the overall COST of the purchase may be headed.

Dave & David Warner

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Wells Fargo Annual Economic Outlook 2011

December 14, 2010 2 comments

 

Wells Fargo Annual Economic Outlook 2011

Thank you,  Mike Harper

Dave & David Warner

The 10-year Treasury rate hits 3.1 percent. Expect higher mortgage rates.

December 7, 2010 Leave a comment

The 10-year Treasury rate hits 3.1 percent for the first time in about 6 months. Expect higher mortgage rates.
From National Association of Realtors

Dave & David Warner

Weekly Interest Rates as of 11/18/10

November 19, 2010 Leave a comment

November 18, 2010

CONFORMING UP TO $417,000*

– 30yr Fixed 4.50%

– 15yr Fixed 3.875%

– 5/1 ARM 3.375%

HIGH BALANCE CONFORMING TO $729,750*

– 30yr Fixed 4.875%

– 15yr Fixed 4.25%

– 5/1 ARM 3.50%

JUMBO UP TO $3 Million*

– 30yr Fixed 5.875%

FHA LOANS

– 30yr Fixed up to $417,000 4.50%

– 30yr Fixed up to $729,750 4.50%

*Based on 1% Loan Origination Fee

*Rates and programs subject to change without prior notice

Orange County Home Sale Activity

November 10, 2010 Leave a comment

for Home Sales Recorded in September 2010

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 $445,000 3.7% 2,524 -10.7%
Total resale houses $516,000 3.2% 1,611 -13.5%
Total condominiums $300,000 0.0% 750 -10.6%
Total new homes $655,000 34.5% 163 28.3%
Aliso Viejo 92656 $380,000 0.0% 79 -8.1%
Anaheim 92801 $310,000 2.8% 32 -37.3%
Anaheim 92802 $323,500 1.9% 28 55.6%
Anaheim 92804 $352,500 11.9% 41 -31.7%
Anaheim 92805 $325,000 3.2% 42 -48.1%
Anaheim 92806 $400,000 1.9% 18 50.0%
Anaheim 92807 $435,000 -11.0% 34 3.0%
Anaheim 92808 $515,000 -13.8% 34 21.4%
Brea 92821 $475,000 6.4% 22 -24.1%
Brea 92823 $582,500 -18.9% 4 -20.0%
Buena Park 90620 $384,000 0.4% 32 -20.0%
Buena Park 90621 $357,500 7.5% 18 12.5%
Corona del Mar 92625 $1,200,000 -18.4% 19 -13.6%
Costa Mesa 92626 $480,000 -12.7% 34 13.3%
Costa Mesa 92627 $477,000 6.0% 34 -27.7%
Cypress 90630 $449,750 11.2% 34 -15.0%
Dana Point 92624 $982,500 58.7% 6 100.0%
Dana Point 92629 $625,000 8.7% 23 -34.3%
Foothill Ranch 92610 $585,000 53.9% 10 -44.4%
Fountain Valley 92708 $523,000 -12.1% 30 -21.1%
Fullerton 92831 $370,000 6.0% 23 -11.5%
Fullerton 92832 $264,250 -9.3% 18 12.5%
Fullerton 92833 $343,000 2.4% 39 -31.6%
Fullerton 92835 $630,000 31.4% 21 -4.5%
Garden Grove 92840 $348,000 9.1% 41 -8.9%
Garden Grove 92841 $351,000 0.0% 23 27.8%
Garden Grove 92843 $277,500 -7.2% 19 -38.7%
Garden Grove 92844 $279,000 13.9% 15 -6.3%
Garden Grove 92845 $465,000 -4.7% 13 -23.5%
Huntington Beach 92646 $510,000 12.5% 52 -1.9%
Huntington Beach 92647 $534,500 2.8% 22 -24.1%
Huntington Beach 92648 $657,500 11.0% 48 9.1%
Huntington Beach 92649 $617,000 -9.1% 23 -36.1%
Irvine 92602 $658,000 1.2% 19 11.8%
Irvine 92603 $775,000 5.1% 27 0.0%
Irvine 92604 $540,000 8.0% 26 -23.5%
Irvine 92606 $420,100 -31.1% 11 -21.4%
Irvine 92612 $437,000 -12.6% 29 26.1%
Irvine 92614 $490,000 7.7% 21 31.3%
Irvine 92618 $678,500 6.9% 41 86.4%
Irvine 92620 $735,000 38.7% 52 26.8%
Ladera Ranch 92694 $520,000 14.3% 47 14.6%
La Habra 90631 $325,000 -3.0% 53 -17.2%
La Palma 90623 $500,000 2.1% 7 -53.3%
Laguna Beach 92651 $1,112,500 -16.7% 31 0.0%
Laguna Hills 92653 $375,000 -16.5% 34 13.3%
Laguna Niguel 92677 $500,000 -5.8% 75 -23.5%
Laguna Woods 92637 $165,000 -31.3% 33 10.0%
Lake Forest 92630 $398,750 -7.8% 64 18.5%
Los Alamitos 90720 $699,000 -8.6% 24 41.2%
Midway City 92655 $330,000 40.4% 3 -57.1%
Mission Viejo 92691 $450,500 1.5% 32 -39.6%
Mission Viejo 92692 $500,000 13.4% 66 -2.9%
Newport Beach 92660 $1,120,000 14.9% 31 -20.5%
Newport Beach 92661 $1,187,000 -28.2% 3 -66.7%
Newport Beach 92662 $4,000,000 45.3% 3 0.0%
Newport Beach 92663 $725,000 -28.2% 27 3.8%
Newport Coast 92657 $1,550,000 -4.2% 20 -9.1%
Orange 92865 $429,000 4.8% 19 -29.6%
Orange 92866 $625,000 47.1% 4 -42.9%
Orange 92867 $530,000 10.4% 25 -21.9%
Orange 92868 $277,500 -20.7% 10 -37.5%
Orange 92869 $430,000 -1.0% 26 -18.8%
Placentia 92870 $477,000 23.9% 47 23.7%
Rancho Santa Margarita 92688 $399,000 12.4% 67 17.5%
San Clemente 92672 $565,000 -7.0% 26 -25.7%
San Clemente 92673 $725,000 9.0% 43 -10.4%
San Juan Capistrano 92675 $440,000 -3.7% 41 10.8%
Santa Ana 92701 $139,500 -26.6% 32 14.3%
Santa Ana 92703 $282,500 28.3% 23 -53.1%
Santa Ana 92704 $280,000 1.6% 45 -29.7%
Santa Ana 92705 $550,000 -6.8% 29 -29.3%
Santa Ana 92706 $385,000 2.0% 21 -22.2%
Santa Ana 92707 $283,000 17.9% 28 -53.3%
Seal Beach 90740 $671,000 -9.5% 16 14.3%
Stanton 90680 $261,250 6.6% 29 26.1%
Trabuco/Coto 92679 $702,500 3.3% 46 24.3%
Tustin 92780 $355,000 -15.5% 26 -46.9%
Tustin 92782 $494,500 -15.3% 22 -37.1%
Villa Park 92861 $900,000 0.0% 6 0.0%
Westminster 92683 $420,000 -4.0% 50 -16.7%
Yorba Linda 92886 $717,500 19.8% 59 20.4%
Yorba Linda 92887 $650,000 11.6% 26 -7.1%

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