California Terrace 3rd Quarter Market Update

California Terrace 1st Quarter Market Update

Good news for this Mission Viejo community. Prices have been going up and the inventory is remaining low. What a great sign as to the desirability of this neighborhood. Please call me email me for more information.

California's Housing Inventory @ 5 year Low

For my buyers this has been a challenge and for my sellers, let's make sure we don't miss the opportunity. I have experienced this change in motion in our under $700,000 market for the past 8 months. Like stated in this article, motivation is most likely being driven by the tax credit initiative that will expire in the coming months.

Read More on Inventory by clicking image below:

Read more on the tax credit facts by clicking image below:

Median Home Price Calculations

92679-Coto de Caza area
Median Home Price $669,000

Zillow Home Value Index

More 92679 Home Values

92612- Irvine High and Mid Rise Communities
Median Home Price $493,20

Zillow Home Value Index

More 92612 Home Values

Mission Viejo Area
Median Home Price $485,500

Zillow Home Value Index

More Mission Viejo Home Values

30-Year Rates Down

Freddie Mac released the results of the Primary Mortgage Market Survey® showing a 30-year fixed-rate mortgage averaged 4.99 percent with an average 0.7 point for the week ending January 21, 2010. This is down from last weeks average of 5.06 percent. 
To read more:
http://www.freddiemac.com/pmms/release.html?week=3&year=2010&display=release

FHA ANNOUNCED CHANGES TODAY

New rules for FHA borrowers

Policy changes include:

• Raising the up-front mortgage insurance premium: The premium will rise to 2.25 percent from its current 1.75 percent.  HUD is expected to release a Mortgagee Letter on Jan. 21 making the premium increase effective in the spring.
  
  
• Raising the minimum credit score requirements: New borrowers will be required to have a minimum FICO score of 580 to qualify for the FHA’s 3.5 percent down payment program.  New borrowers with less than a 580 FICO score will be required to put down at least 10 percent.  FHA expects this to take effect in early summer after it goes through the normal regulatory process.
  
  
• Reduce allowable seller concessions:  The agency is lowering the maximum permissible level to 3 percent from its current 6 percent limit.  FHA expects this to take effect in early summer after it goes through the normal regulatory process.

Accusations of Short Sale Fraud - CNBC

Below is a link to an article about alleged short sale fraud being committed by some banks. As you can see, the allegation is that when holding a second deed of trust against a property, the banks are asking for extra money "on the side," meaning off the HUD-1 and without the knowledge of the first lien holder. Of course, this is exactly what I have been talking about and warning warning my clients against.


I enjoy keeping you informed and on the cutting edge when discussing your real estate needs with others. Please call or email me if you have any questions or wish to discuss this topic further, 949.922.8148.

Big Banks Accused of Short Sale Fraud - CNBC

Home Prices Rise 0.9 Percent in Third Quarter

December 8, 2009

Second Consecutive Quarterly Increase in Home Values Affected All Regions

McLean, VA – Freddie Mac (NYSE: FRE) announced today that its Conventional Mortgage Home Price Index (CMHPI) Purchase-Only Series registered a 0.9 percent quarterly gain (3.8 percent annualized) during the third quarter 2009 for the U.S., following an upward revised 2.0 percent pickup (8.2 percent annualized) in the second quarter and marking the second consecutive quarter of price increase. The increases of the past two quarters erased about two-fifths of the declines registered during the final quarter of 2008 and the first quarter of 2009; over the year ending with the third quarter of 2009, U.S. home sales prices were down 3.9 percent in the CMHPI Purchase-Only Series.

This is good news for my sellers who have been waiting. I feel that through my time spent in the field showing property that the buyers are there and they know what they want. As home prices begin to rise the buyers are more likely to start putting offers before they miss out on the tax credit and incentives.  Please call or email me to discuss the current market value of your home or your real estate questions, 949.922.8148.

REO & Short Sale Facts for buyers

Today's buyers seem to have one thing in common: Everyone wants a great deal. So the real issue is whether the foreclosure, REO or short-sale property you're eyeing is a bargain or a money pit.

The buying public seems to think that "great deal" equals foreclosure, short sale or bank-owned property. The truth is that these properties may appear to be bargains, but in many cases you could be buying someone else's problems. If you're looking for a bargain property, here are some key issues to consider:

CLICK BELOW TO READ FULL ARTICLE:

REOs, short sales aren't always bargains

Some find quality, convenience take back seat to price

BY BERNICE ROSS, MONDAY, NOVEMBER 30, 2009.

Inman News

Happy Holidays!

As you gather with family and friends on this holiday, remember that it is a time to be grateful for events that have taken place in our history and the people we care about most.  I wish you and yours a great holiday season and a Happy Thanksgiving.

Sincerely,

Nicole McFadden

30-Year Rates Match All Time Low This Week

November 25, 2009

15-Year FRM Drops to Set Another New Low in Freddie Mac Survey History

McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.78 percent with an average 0.7 point for the week ending November 25, 2009, down from last week when it averaged 4.83 percent. Last year at this time, the 30-year FRM averaged 5.97 percent. The 30-year has not been this low since the week ending April 30, 2009, when it averaged 4.78 percent.

To read full release click here.

© 2009 Freddie Mac

California Terrace Market Report

California Terrace is one of my farms and it offers great  floor plans and a superbly maintained neighborhood. The prices range from the low $300,000's up to about $500,000.  Great for a first time home buyer, young professional or a small family! We currently have al properties in escrow but if you would like me to inform you of any new listings please comment, email or call me directly and I will be happy to help you stay up to date.

Click on Market Report Image to View

Tax Credit Extended and Expanded

I want to share with you the Senates favorable vote yesterday, November 4, 2009, in favor of extending and expanding the parameters from first-time home buyers to include existing homeowners.  I included a comparison chart below with a link. 

The president of the California Association of Realtors shared this with me today:

"As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.

Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order."

James Liptak
2009 President

CALIFORNIA ASSOCIATION OF REALTORS®

50 Days until the $8,000 tax credit deadline

Some helpful dates for you to remember:

October 15: The safest date to have your signed purchase agreements submitted and close by November 30th deadline.

November 19: The ABSOLUTE last day for a signed purchase agreement, best cased scenario with traditional pre-approved buyer.

November 30: The federal tax credit expires and all loans must close on or before this date.


Please call me with any questions or to help you start looking. Rates have been at an all time low in the past week and activity has picked up. Take advantage of this buyers market, 949.922.8148.

CA Terrace 3 Bedroom

This is a new listing within my neighborhood in Mission Viejo. It is a upgraded, end unit and one of the best floor plans! Please call or email me to discuss seeing this property.
CA Terrace

Don't Miss Your Opportunity First Time Buyers!

If you have found yourself as a first time homebuyer trying to decide on whether to buy your first home, this could be the time for you. I want to share with you a few facts to consider:

1.Federal Tax credit of up to $8,000 will no longer be available after November 29, 2009.

http://www.car.org/tools/smart/clients/taxcredit/?version=2

2.We are still seeing the lowest rates in history on mortgage loans.

3. Most economists that study the market have seen we are near the bottom.

4. By renting you are paying someone elses mortgage.

The prevailing thoughts in the news are that the first time home buyers tax credit will bot be renewed. Take advantage of that paired with low interest rates and find a perfect property to call HOME!

M.V. opportunities not in the MLS

I have 6 interested sellers. These are single family homes, not short sales or REO's, and are located near the cross streets of Crown Valley and Marguerite. Call me if you are interested in learning more, 949.922.8148.

Selling your Home

It is important to understand the buyers market today. It will help you know who might be a good fit for your home and ensure that you highlight the most vital features. They are potentially looking at all the homes in your area and you want to be sure you stand out.

Some types of Buyers:
-single first-time
-working couple
-family
-retirees
-empty nesters
-professional single women

Taking a closer look at these groups wants and needs can help identify what’s important to each. Knowing your buyers market gives you an advantage—you can highlight the features of your home that are most likely exactly what those buyers want and understand what a buyer may be comparing your home to in your neighborhood and area.

Happy Monday!

The Real Estate search can often be tiring and well somewhat frustrating. I would like to share with you the my words of encouragement to lift you through the paper work, signatures and time you feel you are pouring into buying or selling. I began remodeling my home last year and since then it has been a never ending project. There is always something to be improved or added, but the time we spend sharing it with our friends and family makes it all worth it. You make a house your home and you welcome others to join in your enjoyment. So have an end of summer BBQ or a simple get together and share your home with others. The memories created and shared are worth it!

Research Statistics for MISSION VIEJO, CA

This is very helpful in understanding the specific trend in the MV market as of today. Please use the link below to find out more.
Altos Research Statistics for MISSION VIEJO, CA



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