The selling price for homes in Orange County is down 23.9% from a year averaging at $385,000 and 40% below June 2007’s peak of $645,000. Condos are currently selling for 46% below their peak in March of 2006 and single family homes are selling for 41% below their peak pricing. In the month of Ma
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04/24/2009
Last month lenders filed a record number of notices of default on Orange County homes with outstanding loans, which signals that more distressed property sales are to be expected in the local housing market. Lenders usually send notices of default once a homeowner has missed three or more monthl
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04/24/2009
Demand for homes in Orange County is up 33% in the last year reaching 3,553 homes – the high for the year. The demand has not exceeded 3,500 since August of 2005. At the current market pace it would take 2.97 months for buyers to purchase all the home for sale compared to the 6.55 months it w
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04/22/2009
The latest property statistics show that there were only 613 bank-owned foreclosures for sale in Orange County last week. The current expected market time for foreclosures at 19 days compared to 3 months for all homes on the market. Distressed properties account for 37.9% of the total market.
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04/22/2009
Q. I currently own 12 rental properties and have outstanding mortgages on four of them. I would like to purchase a few more properties with 70% LTV mortgages while the market is still in its buying prime. I have two unused home equity lines of credit on my personal residence and on one rental
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04/21/2009
Despite the economic downturn Wells Fargo is expecting a record net profit of $3 billion in the first quarter. This is in spite of the fact that they suffered losses from loans, a fourth quarter decrease and losses incurred from buying Wachovia. Wells Fargo says that their strong tradition in t
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04/21/2009
Risk watchers have identified Orange County as the 8th riskiest of the nation’s 50 largest markets for potential home-price declines in the next two years based on the mortgage insurer’s reading for 4th quarter data. Three months ago the risk watchers found Orange County to be in the same positi
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04/19/2009
In March Fannie Mae said its refinancing volume totaled $77 billion which was an increase from the $41 billion reached in February. Borrowers took advantage of lower mortgage rates and a new flexible refinancing program in the last month. Fannie Mae has not had this level of activity since th
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04/19/2009
Orange County real-estate and lending employment – from brokers to construction workers to janitors to lenders to cashiers at the building supply store are suffering from unemployment. The total number of jobs in those industry’s fell to 200,400 in February – which was 60,600 below the peak reac
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04/19/2009
