Posts Tagged ‘San Juan Capistrano’

How Mortgages are Securitized

November 19, 2010 Leave a comment


NAR Survey Finds Half of Homebuyers to be First-Time Purchasers

November 17, 2010 Leave a comment

First-time homebuyers purchased half of all homes that were sold from July 2009 to June 2010, according to an annual survey of buyers and sellers conducted by theNational Association of Realtors (NAR).

That’s up from 47 percent in the previous 12-month period, and the highest share of first-time homebuyers in the history of NAR’s study, which dates back to 1981. The previous cyclical high for first-time buyers was 44 percent in 1991.

The trade group attributed its findings to the success of the federal government’s homebuyer tax credits that began in 2009. Ninety-three percent of first-time buyers during the July 2009-June 2010 period used the first-time buyer tax credit, according to NAR.

Fifty-six percent of entry level buyers financed their purchase with a Federal Housing Administration (FHA) loan, while another 7 percent used the Veterans Affairs(VA) loan program.

Forty-two percent said financing their first home was more difficult than expected and 9 percent had been rejected by a lender.

NAR’s profile shows the median age of first-time buyers was 30 and the median income was $59,900. The typical first-time buyer purchased a 1,540 square foot home costing $152,000. Ninety-five percent chose a fixed-rate mortgage.

First-time buyers who made a down payment used a variety of sources: 74 percent used savings, 27 percent received a gift from a friend or relative, and 9 percent received a loan from someone they knew. Eight percent tapped into a 401(k) fund, and 6 percent sold stocks or bonds.

The lion’s share of buyers – both first-timers and previous homeowners – view their home as a good investment, according to Paul Bishop, NAR’s VP of research.

“Eighty-five percent of recent homebuyers see their home as a good investment, and nearly half think that investment is better than stocks,” he said.

“Even with the turmoil created by the housing boom and bust, this indicates the long-term view of homeownership as a fundamental goal and value remains sound,” Bishop said.

But NAR says it’s concerned that today’s credit policy restrictions are locking responsible borrowers out of a sustainable model for homeownership. The trade group issued an announcement last week urging the mortgage lending industry to reassess and amend their policies so more qualified homebuyers can become homeowners.

Fannie MaeFreddie Mac, and FHA currently account for more than 90 percent of the mortgage market.

NAR says lenders refuse to make loans unless FHA will insure them or the GSEs will buy them. However stricter underwriting rules from the government agencies eliminate many buyers with credit scores as high as 750, and lenders are imposing credit overlays of their own, restricting the availability of credit, according to the trade group.

“Under current practices, many would-be homebuyers who could responsibly, affordably become home owners are unable to do so,” said 2010 NAR President Vicki Cox Golder. “NAR wants to ensure that anyone who is able and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream.”

The organization has vowed to increase mortgage lending to qualified borrowers, and as part of that policy, has begun developing educational materials for Realtors and consumers about credit issues, including the importance of good credit, lender credit policies, and how to find a fair and affordable mortgage.

NAR says it also plans to work with FHA, the GSEs, private lenders, and federal regulators to encourage them to assess their credit policies on a regular basis, and will urge them to re-evaluate their policies regarding which homeowners can qualify for loan modifications, short sales, or deeds-in-lieu of foreclosure to help more borrowers keep their homes or rebuild their credit.

By: Carrie Bay

Insider Selling Volume at Highest Level Ever Tracked

October 27, 2010 Leave a comment
Published: Tuesday, 26 Oct 2010 | 2:26 PM ET
By: John Melloy
Executive Producer, Fast Money

Beyond the money

The overwhelming volume of sell transactions relative to buy transactions by company insiders over the last six months in key leading sectors of the market is the worst Alan Newman, editor of the Crosscurrents newsletter, has ever seen since he began tracking the data.

The strategist looked at insider trading activity amongst the top ten companies that make up the Nasdaq such as Apple [AAPL  307.83   -0.22  (-0.07%)   ],Google [GOOG  616.47   -2.13  (-0.34%)   ] and Amazon [AMZN  167.51   -2.44  (-1.44%)   ].



99.60   -0.85  (-0.85%%)

Then he analyzed the biggest members of the Retail HOLDRs ETF like Gap [GPS  19.34   -0.34  (-1.73%)   ]Target [TGT  52.73   -0.41  (-0.77%)   ] and Costco[COST  62.98   -0.70  (-1.1%)   ], as well as the top insiders in the semiconductor industry at companies such as Altera [ALTR 31.04   0.71  (+2.34%)   ],Broadcom [BRCM  41.56   4.34  (+11.66%)   ] and Sandisk [SNDK  37.87   0.68 (+1.83%)   ].

The largest companies in three of the most important leading sectors of the market have seen their executives classified as insiders sell more than 120 million shares of stock over the last six months. Top executives at these very same companies bought just 38,000 shares over that same time period, making for an eye-popping sell to buy ratio of 3,177 to one.

The grand total for the three sectors are “as awful as we have ever seen since we began doing this exercise years ago,” said Newman, who was ahead on such trends as the dangers of high-frequency trading and ETFs before the ‘Flash Crash’. “Clearly, insiders are seeing great value only in cash. Their actions speak volumes for the veracity for the current rally.”



1182.45   -3.19  (-0.27%%)

But the overall market doesn’t seem to care. The S&P 500 is up 16 percent since its 2010 low hit on July 2nd on the back of strong earnings driven by cost-cutting and the hopes for even more quantitative easing from the Federal Reserve.

The insider data “is good reason for considerable caution once the price action fades,” said Simon Baker, CEO of Baker Asset Management. Still “insiders normally buy early and sell early too. Longer term — 12 months out — it is more of a red flag.”

Newman isn’t alone in warning about insider selling. The latest report from Vickers Weekly Insider, a publication that makes investments based upon these transactions, shows that total insider sell transactions relative to purchases on the New York Stock Exchange are running at a ratio of more than four to one over the last eight weeks. The normal reading, because of options selling and other factors, is about 2 sales for every buy, according to Vickers.

To be sure, many investors feel the heavy insider selling is just an anomaly based on other reasons.

“These are folks that have had to dip into their stocks for the first time in years, as their salaries have been cut and their bonuses, outside Wall Street, have been significantly curtailed,” said J.J. Kinahan, chief derivatives strategist for TD Ameritrade. “ This may speak more to a cash flow problem, then a market belief.”

Still Newman, who is also a favorite commentator of Barron’s columnist Alan Abelson, sees the insider selling as just the latest reason, along with the mortgage foreclosure mess and fully invested mutual fund managers with no fresh powder to put to work, to be cautious on the market.

“At the risk of sounding like a broken record, we expect a significant correction,” said the newsletter editor.

Community Alert Siren System Testing is Wednesday, October 20th, not today. Dana Point, San Clemente, San Juan Capistrano

October 18, 2010 Leave a comment
Community Alert Siren System Test
Date: 10/20/2010 10:00 AM – 12:00 PM
Location: Dana Point, CA

What is the Community Alert Siren System?

In the unlikely event of an emergency at the San Onofre Nuclear Generating Station(SONGS), federal regulations require that an alert and notification system be in place to help protect the health and safety of the public. The Community Alert Siren System is a network of sirens strategically located within the plant’s Emergency Planning Zone (EPZ) to provide that service. The EPZ is the area surrounding SONGS and includes:

  • City of Dana Point
  • City of San Clemente
  • City of San Juan Capistrano
  • Marine Corps Base Camp Pendleton
  • California State Parks
  • Orange County (unincorporated areas south of Ortega Highway)

Remember – This is Only a Test

You do not need to take action. Please do not call 911.

Federal regulations require that this test be conducted each year.

You will hear a long, steady siren sound. The sirens will be sounded several times for approximately three minutes each time.

Sirens will be heard in Dana Point, San Clemente, San Juan Capistrano, State Parks, Marine Corps Base Camp Pendleton, and throughout the unincorporated areas of Orange County within 10 miles of the plant.

In some areas, a separate test of the Public Address feature may be conducted. This feature may be used to alert local populations to other emergencies or to provide specific directions.

For additional information on nuclear preparedness, click here.

Yellowstone in the fall… Goose Lake Meadows on the Firehole River

October 16, 2010 Leave a comment

Thanks,  Blue Ribbon Flies

The Number of Properties In Foreclosure in Your City in Orange County, Ca

September 8, 2010 1 comment

San Clemente   397

Dana Point  171

San Juan Capistrano  229

Irvine  769

Lake Forest 348

Orange  685

Fullerton 656

If you don’t see your City,  just ask.