Guide To Orange County Real Estate Blog 
Orange County CA Foreclosure Statistics - July 2010
Friday, September 3rd, 2010 at 5:39am. 5 Views, 0 Comments.
There were 20,513
Orange
County CA foreclosure homes
and 3,527 new foreclosure filings in July 2010, according to RealtyTrac.com.
The average sales price of an Orange County home was $545,409 while the
average sales price of a foreclosure home was $426,293, a $119,116
savings.
Orange County CA
Foreclosure Activity and Home Price Index
Home price appreciation was 0.00% in JUly with 3,527 foreclosures.
Orange County CA foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from…
Avoiding Foreclosure Of Your Orange County Home
Friday, August 27th, 2010 at 8:54am. 26 Views, 0 Comments.
In our present economic situation, many people are currently facing the loss of their homes. However, because foreclosure is expensive for lenders, mortgage insurers, and investors, the FHA, HUD, Freddie Mac, Fannie Mae, and private companies are being required to work with borrowers who are experiencing money problems. As a result, lenders do have workout options to help you keep your Orange County home. Warning: Do not mistakenly assume that your mortgage situation will correct itself; you must take the steps suggested below to avoid, or at least forestall, foreclosure.
1. ACT NOW! Time is of the essence. Do not ignore letters or calls from your lender. If you do, chances are that action to foreclose will begin quickly.
2. CONTACT YOUR LENDER. When you…
Orange County Real Estate Sales Statistics - July 2010
Friday, August 20th, 2010 at 5:58am. 39 Views, 0 Comments.
Pending
home sales in June edged lower in contrast to the spring surge when
buyers rushed to take advantage of the home buyer tax credit, according
to the National Association of Realtors®.
The Pending Home Sales Index
declined 2.6 percent to 75.7 based on contracts signed in June. Down
from 77.7 in May, and is 18.6 percent below June 2009 when it was 93.0.
The data reflects contracts and not closings, which normally occur with a
lag time of one or two months.
Lawrence Yun,
NAR chief economist, said lower home sales are expected in the short
term. “Over the short term, inventory will look high relative to home
sales. However, since home prices have come down to fundamentally
justifiable levels, there isn’t likely to be any meaningful…
California New Home Tax Credit Still Available
Friday, August 13th, 2010 at 7:34am. 48 Views, 0 Comments.
Orange County home buyers can take advantage of California's New Home Tax Credit through the end of 2010. Qualified buyers get up to $10,000 off their taxes. Buyers must sign a purchase contract between May 1 and Dec. 31 and must close escrow by Aug. 1, 2011.
A qualified principal residence, for purposes of the New Home Credit, must:
- Be a single family residence, either detached or attached. This can be a single family residence, a condominium, a unit in a cooperative project, a house boat, a manufactured home, or a mobile home. A home constructed by the taxpayer is not eligible since the home has not been "purchased."
- Have never been occupied. Sellers must certify that the home has never been occupied in order for a taxpayer to receive an…
Pros and Cons of Specialty Mortgages When Buying an Orange County Home
Sunday, August 8th, 2010 at 9:10am. 54 Views, 0 Comments.
In high-priced housing markets, such as Orange County, it can be difficult to afford a home. That’s why a growing number of Orange County home buyers are forgoing traditional fixed-rate mortgages and standard adjustable-rate mortgages and instead opting for a specialty mortgage that lets them “stretch” their income so they can qualify for a larger loan.
But before you choose one of these mortgages, make sure you understand the risks and how they work.
Specialty mortgages often begin with a low introductory interest rate or payment plan — a “teaser”— but the monthly mortgage payments are likely to increase a lot in the future. Some are “low documentation” mortgages that come with easier standards for qualifying, but also higher interest rates or higher fees.…
5 Property Tax Questions You Need to Ask When Buying Orange County Real Estate
Friday, July 23rd, 2010 at 2:10pm. 114 Views, 0 Comments.
Many first-time buyers of Orange County real estate have budgeted their money down to the last penny and leave no room for error. When looking at your budget and how much monthly payment you can afford, you want to be aware of what the monthly property tax payment will be and make sure you can handle any increase that arises.
Here are 5 property tax questions you want to ask yourself when buying Orange County real estate:
1. What is the assessed value of the property?
Note that
assessed value is generally less than market value. Ask to see a recent copy of
the seller’s tax bill to help you determine this information.
2. How often are properties reassessed,
and when was the last reassessment done?
In general, taxes jump most significantly when a…
Homeownership More Than dollars And Cents
Friday, July 16th, 2010 at 1:46pm. 81 Views, 0 Comments.
Homeownership isn’t for everyone, but for those ready to take on the responsibility the desire to purchase an Orange County home goes much deeper than a dollars-and-cents analysis.
Understandably,job security is top-of-mind for many Americans and renting provides relocation flexibility, but most people don’t want to uproot their families and disrupt established friendships by leaving Orange County. A place they call home. In fact, the typical recent home buyer moved only 19 miles from his or her previous home. According to the 2009 NAR Profile of Home Buyers and Sellers survey, buyers most often cite the desire to own a home as the primary reason for their recent purchase.
Data from the U.S. Census Bureau reports that owners do not…
Flood Insurance Program Extended
Friday, July 9th, 2010 at 1:40pm. 104 Views, 0 Comments.
Last week the Senate past the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), reauthorizing the flood insurance program until September 30 and allowing currently stalled real estate transactions to move forward. The bill is retroactive and covers the lapsed period from June 1, 2010, to the date of enactment of the extension. Any new insurance policy applications or renewals that were signed and submitted during the lapsed period will be effective from the date of application. In the case of waiting periods, the waiting period will start from the date of application. Thousands of property owners seeking flood insurance policies will now be able to close transactions.
Congress Approves Home Buyer Tax Credit Extension
Thursday, July 1st, 2010 at 3:08pm. 105 Views, 0 Comments.
Orange County first-time homebuyers will now have until Sept. 30 to close on their home purchases and be able to take advantage of the $8,000 tax credit under a bill passed by the Senate yesterday.
The bill now goes to President Obama who is expected to sign the bill, which was overwhelmingly approved by the House on Tuesday. The deadline had been June 30.
The billonly helps buyers who were under contract by April 30, the new bill affects deadline for when the closing must take place.
Qualified existing homeowners also have until Sept. 30 to close on new homes and receive a tax credit of up to $6,500.Orange County Foreclosure Statistics - May 2010
Friday, June 25th, 2010 at 1:29pm. 198 Views, 0 Comments.
There were 23,181
Orange
County CA foreclosure homes
and 3,904 new foreclosure filings in May 2010, according to RealtyTrac.com.
The average sales price of an Orange County home was $545,847 while the
average sales price of a foreclosure home was $428,239, a $117,607
savings.
Orange County CA
Foreclosure Activity and Home Price Index
Home price appreciation was 0.00% in May with 3,904 foreclosures.
Orange County CA foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from…
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