Based on a study done by HIS Global Insight, Orange County home prices were 10.6% too low in the second quarter. This report was based on regional real estate and economic data that combined selling prices, incomes and interest rates. Current buying patterns were also analyzed to put them into
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09/10/2009
Despite President Obama’s implementation of the Home Affordable Modification Program, millions more foreclosures are expected to hit the housing market. This does not mean that the HAMP is not working, we seem to forget that even prior to the current housing crisis many hundreds of thousands of
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09/10/2009
Although the homebuilding business has been incredibly slow in Orange County, we are currently ranked No. 2 in terms of percentage point performance. O.C. developers have applied for 17% fewew building permits through July than in 2008. Statewide builders have filed fewer permits for single-fa
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09/03/2009
August has the smallest employment decline since September 2008 with private employers cutting 298,000 jobs. The job losses experienced in August covered all business and sectors of the industry but the trend is clear – slowly but surely the losses are diminishing. Small businesses are expected
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09/03/2009
An economist at the Moody’s credit-rating agencies released a new report stating that home prices will not return to its old peak before 2030. The report is based on the assumption that local housing will average annual gains for 2.7% for the next 21 years from January’s cyclical median-price lo
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09/02/2009
U.S. officials want Bank of America to pay $500 million to end a tentative pact that has the government sharing its losses on certain assets. If the banks wants to end the arrangement the government feels that an appropriate fee was required. The Treasury and the Federal Reserve are asking the b
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09/02/2009
The FDIC has assumed most of the risk on $80 billion in loans and other assets used in agreements with buyers of failed banks. The FDIC anticipates it will have to cover about $14 billion in future losses. The FDIC has agreed to absorb losses on more than 50 deals – referred to as “loss shares.
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09/02/2009
The Federal Reserve’s board of governors has asked the Manhattan Chief U.S. District Judge to delay enforcement of her August 24 decision that the identities of borrowers in 11 lending programs much be made public. The case has now been sent to the U.S. Board of Appeals. The Fed has appealed t
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09/02/2009
According to Forbes Magazine, six of the costliest ZIP codes to buy in reside in Orange County and 22 of the top 500 are also in Orange County. Some of Orange County housing still ranks among the most expensive in the country, despite the substantial price drop we have been experiencing during t
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09/02/2009
At the end of July there were 8,346 outstanding foreclosure auction notices in Orange County, which is an increase of 12% from June and more than double the year ago total. Some of the data may be skewed because of the mortgage modification plan but in place by the Obama administration. An unk
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09/02/2009
