In the second quarter statistics Orange County came in as the 6th least affordable housing market in the nation. The list was put together by economists at the National Association of Home Builders and Wells Fargo Bank who measure local real estate and economic conditions to arrive at a measure
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08/21/2009
The number of first-time claimants that filed for unemployment in the week ending August 8 declined by 5,635 claims. This was the third week in a row that initial claims have dropped in California and the lowest number of filings since May 30. California officials credit fewer layoffs in constru
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08/21/2009
A new real estate app has been released for the iPhone called RealQuest Home Value Pro. Thi s application allows its user to look up estimated home values for 140 million properties in the U.S, as well as price, sales and foreclosure data by ZIP code. The app was created by Santa Ana based Firs
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08/20/2009
In Orange County, 806 houses and condos were foreclosed by lenders in the month of July which is down 41% from last year. Foreclosures peaking in August 2008 at 1,441 but they have decreased over the last 11 months due to state and federal efforts to prevent foreclosures. Unfortunately mortgage
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08/20/2009
As of June 30th 42% of all loans in California were upside-down, or underwater. California had the nation’s fifth-highest percentage of home loans that are higher than the value of the homes they are financing. Nationwide the percentage of homes with “negative equity” was 32.3% meaning that mo
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08/20/2009
In July 25% of home buyers used a Federal Housing Administration backed loan, which is nearly double the amount of homeowners that used FHA a year ago. Since October 2008 the FHA program has consistently accounted for 20% to 25% of home purchase loans in the county. In general buyers are using
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08/20/2009
The Federal Reserve has extended its Term Asset-Backed Securities Loan Facility (TALF) through March 31 for most of the types of loans it makes. The program was originally scheduled to end on December 31. The Federal Reserve has extended the TALF program, which is intended to spur lending to con
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08/18/2009
The home-buying market is more competitive than ever for home priced below $500,000. The sale to list price ratio for homes priced below $500,000 is 100%. That means that most homes are selling for their full asking price. The overall sales to list price ratio are 98% in Orange County. At this
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08/18/2009
The potential surge in foreclosures has buyers waiting impatiently. If and when the next “foreclosure wave” comes buyers can expect a lot of competition and continued multiple offers for some time to come. There are presently only 2,559 distressed homes on the market, a drop of 57 in the past
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08/18/2009
Today Southern California Edison and First Solar Inc. announced plans to create hundreds of construction jobs by beginning two major solar power projects in Riverside and San Bernardino counties. The two plants will be among the largest in the world using photovoltaic solar modules to generate
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08/18/2009
