July 2010

This is a statistical report for Active for Sale and Sold homes and condos in Irvine. Today, there are 238 detached single family homes for sale, with a median price of $849,000 and an average price per square foot of $433 . These homes are priced from a low of $319,000 for a 2 bedroom, [...]

If we look at SHADOW INVENTORY for Southern California we will find over 160,000 properties!  These are homes that either have a notice of default filed (missed at least 3 mortgage payments), are scheduled for auction (the next step from NOD), and are bank owned.  What incentive do you have if the value of the [...]

Home sales rise in the spring as buyers rushed to take advantage of tax credits worth as much as $8,000. To qualify, buyers had to sign purchase contracts by April 30. Newly signed contracts plunged by 30% in May from the previous month, when the tax credit expired. Sales fell in most parts of the [...]

 “Depressed home prices were originally thought to be a 3 to 5 year problem. Unfortunately for many owners, builders, investors, and speculators, it’s beginning to look like a 25-year problem.” The housing market, whose collapse pulled the economy into recession in late 2007, is stalling again! In major markets across the country, home sales are [...]

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®). 30-Year Mortgage Rates tied last week’s record low. News Facts: 30-year fixed-rate mortgage (FRM) averaged 4.57 percent with an average 0.7 point for the week ending July 15, 2010, unchanged from last week when it averaged 4.57 percent. Last year at this [...]

Market Conditions Summary for Irvine, California… There were 69 single family homes and 136 condos, new listings for sale in the city of Irvine, California under $950,000 during the month of June 2010. As for single family residences there were 63 that closed escrow during that period with an average listing price of $693,661 that [...]

Government-owned mortgage-finance titan Fannie Mae announced last week it would lock out borrowers from getting a new loan for seven years if they default on a mortgage they could afford to pay. The move represents the latest effort by the mortgage industry to prevent a new wave of losses that could result if more borrowers [...]