Local Real Estate Market News and Information

Bank of America Corp. imposed a nationwide moratorium on foreclosures and the sale of foreclosed homes after it came under intense pressure from a government-run housing-finance giant worried about documentation problems, people familiar with the situation said.          The bank called a stop as concern mounted from legislators and state prosecutors about procedures used by [...]

  California’s total assessed property values — an indicator of real estate health and key to government coffers — fell for the second straight fiscal year. The state’s Board of Equalization says total values — from assessments by state and county officials — dropped $78 billion (1.8%) to $4.37 trillion for fiscal 2010-2011. It’s only [...]

1. 28 Teak Bridge, Northwood $719,000 4 bed, 3 bath 2.8 Tioga Place, West Irvine $835,000 5 bed, 2.75 bath 3. 38 Apple Valley (N), Northpark $693,000 3 bed, 2.5 bath 4. 28 Willowhurst, West Irvine $825,000 5 bed, 2.5 bath 5. 5 Parma, West Irvine $778,000 5 bed, 3 bath 6. 60 Cape Cod, [...]

Lenders seized fewer homes in July for a third straight month, repossessing nearly 10% fewer homes than in June. Meanwhile, default notices filed against homeowners who have missed three or more house payments increased 9% last month from June’s levels. Both numbers, however, were down significantly from a year ago, apparently as lenders either seek [...]

On Saturday, we looked at the newest effort by the Obama administration to address the threat of foreclosures from borrowers who are underwater, or who owe more than their houses are worth. If it works well, the program could deal with the risks of strategic default, from homeowners who could afford to make their payments [...]

Each of the “big-four” banks, Bank of America, Wells Fargo, JPMorgan Chase and Citigroup released quarterly earnings reports for Q210 in July, reporting a total increase of $9.5bn in nonperforming or foreclosed properties from the same quarter last year. Each bank categorized the foreclosed properties into different definitions, and some include commercial properties. Bank of [...]

Investors and individual home purchasers who buy repo properties got a bit more discount during the month of May 2010. According to the latest housing market reports, the average discount offered by repo homes to buyers is 27%. This figure is in comparison with the same month of 2009. May also showed that people who [...]

Currently there are 321 Condos currently Active for Sale in Irvine, and 105 of these listing are Short Sales, representing about 1/3 of the available inventory.  These Short Sale listings range in price from $130,000 for a 1 bedroom, 1 bath on up to $1,499,000 for a 3 bedroom, 4 bath, 2,677 square foot high [...]

The realtor who is working for my former landlord’s lender came by yesterday and offered us money if we’d move out within 30 days. Should we take it? If the lender offered me 30 days and $500, I’d probably just call off the negotiations as not serious. And I’d hope that you’d do the same. [...]

More than 1 million U.S. households could lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans. Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to [...]