June 2012 Archives » North OC Housing News

Current trends in the North Orange County housing market: 6-30-2012

Jun 302012

The OC Housing News profiles properties for sale each day and presents current market data on each city in Orange County. If you really want to know what’s happening in the OC Housing market, you need to read the OC Housing news and subscribe to the our monthly newsletter. 1725 South GARDEN Dr Anaheim, CA 92804 $250,000 2122 West MIDWOOD Ln 0.11 miles 3 bd / 2 ba 1,156 Sq. Ft. $399,900 10052 FLANNER Ave 0.27 miles 4 bd / 1.75 ba 1,156 Sq. Ft. $379,900 9642 KATELLA Ave 0.51 miles 3 bd / 3 ba 1,280 Sq. Ft. $259,900 9972 GUINIDA Ln 0.63 miles 3 bd / 1.75 ba 1,169 Sq. Ft. $369,900 1800 West LULLABY Ln 0.74 miles [Read More...]

Obamacare puts an additional 3.8% capital gains in real estate transactions for high AGI people

Jun 292012

It’s easiest to think of the new tax this way, it’s the Orange County OC Beach tax. It increase the capital gains tax an additional 3.8% on real estate for individuals earning more than $200,000 AGI or $250,000 per couple. This tax is not called capital gains, it called a Medicare Tax, I guess to keep it separate from the capital gains tax. There Is No Obamacare Tax On Most Home Sales. Really. 4/02/2012 @ 9:57AM It is the unfounded rumor that never dies: You will have to pay a 3.8 percent federal health care tax on the sale of your house. For all but a handful of taxpayers, this is not true. It is wrong. It is urban myth. [Read More...]

NAr puts Baghdad Bob to shame

Jun 282012

NAr’s cHEIF eCONOMIST Yun is predicting a 10% INCREASE in home values within 12 months. Even with a normal economy that would be hard to achieve. And it’s all just basic analysis and it doesn’t even factor major threats like jobs, economy, budget cuts, mortgage rates increases, appraisals, and shadow inventory. This is just bluster to try and re-inflate the housing market. Realtor guru: 10% home-price jump possible June 26th, 2012, 8:06 am · · posted by Jeff Collins National Association of Realtors Chief Economist Lawrence Yun said he “would not be surprised” if U.S. home prices jumped 10% by June of next year. If true, that would be significant after three or four years of falling home prices. “The [Read More...]

The housing bust is nowhere near over: David Rosenberg

Jun 272012

The good economist realize the housing bust in not over, but we are in the middle. DAVID ROSENBERG: The Housing Bust Isn’t Over, We’ve Got 2 Or 3 More Years Of Pain Matthew Boesler| Jun. 26, 2012, 9:27 AM Gluskin Sheff chief economist David Rosenberg was on BloombergTV this morning talking about the U.S. housing market Rosenberg said that although home prices do appear to be carving out a bottom, there are major issues that will put downward pressure on prices for a while yet. On shadow inventories and foreclosures, Rosenberg told Bloomberg: I estimate that there is between two and three million excess housing units on the market for sale when you count in all the shadow inventory, so [Read More...]

Once the HAMP 2.0 program ends the refi boom will be over

Jun 262012

IF mortgage rates increase, you won’t see a large refinance activity for many years. Mortgage refi boost may be short-lived By Jon Prior June 25, 2012 • 11:01am The refinancing surge on government-backed mortgages may run out in August, bank analysts said Monday. Fannie Mae and Freddie Mac borrowers already began rushing to an expanded Home Affordable Refinance Program implemented by many banks in March. But on June 11, the Federal Housing Administration allowed loans endorsed before May 31, 2009, to refinance under a cheaper mortgage insurance premium structure than was implemented in November 2010. The results were immediate. The Mortgage Bankers Association refi index increased 19% during the week ending June 8. It was the highest point since early [Read More...]

Mortgage modifications have a 50% failure rate

Jun 252012

Image if you only received 50% of your mail. Many Borrowers Fall Behind Again After Mortgage Modifications By ANN CARRNS | New York Times – Thu, Jun 21, 2012 2:21 PM EDT More than half of delinquent borrowers who received mortgage modifications were behind on payments again 18 months later, according to a new analysis from the credit reporting company TransUnion. Yet the study also found that borrowers who receive modifications are more likely to continue paying other debt, like auto loans or credit cards, that they obtained after falling behind on their mortgages. The findings come from an analysis of about 5 million mortgages originated before 2008. The loans, from borrowers with similar credit scores, had become at least four months [Read More...]

Bank credit downgrade could affect residental lending

Jun 242012

The economic downturn means banks have been downgraded. It’s over due, but it will affect lending in the residential mortgage market. There has been some talk of sub-prime or similar lending coming back, but I”m sure these downgrades will affect any future plans. Why the credit downgrades will make banks riskier By Stephen Gandel, senior editorJune 22, 2012: 12:27 PM ET Fortune — There’s plenty of irony in the Moody’s downgrade of big U.S. banks. But here’s the biggest one: The lower ratings, which acknowledge that banks aren’t as safe as we thought they were, might actually make the banks riskier. In one sense, the downgrades will do something that regulations have yet to accomplish. They’ll limit the banks’ ability to [Read More...]

Current trends in the North Orange County housing market: 6-23-2012

Jun 232012

The OC Housing News profiles properties for sale each day and presents current market data on each city in Orange County. If you really want to know what’s happening in the OC Housing market, you need to read the OC Housing news and subscribe to the our monthly newsletter. 2774 West BAYLOR Ave Anaheim, CA 92801 $270,000 2556 West GREENACRE Ave 0.59 miles 4 bd / 1.5 ba 1,301 Sq. Ft. $379,500 2936 ACADEMY 0.79 miles 3 bd / 1.75 ba 1,136 Sq. Ft. $325,000 7770 ADAMS Way 0.79 miles 3 bd / 1.5 ba 1,168 Sq. Ft. $389,500 7944 CAMELLIA Dr 0.8 miles 3 bd / 2 ba 1,224 Sq. Ft. $390,000 225 South HAMPTON St 0.86 [Read More...]

For a recovering housing market, mortgage delinquencies have increased

Jun 222012

This increased is being fueled by three factors 1) failed modification, 2) strategic defaults, and 3) economic drag. Loan owners are getting more pessimistic on housing and this is being reflective on the delinquency rates. Delinquency Rate Increases Again, Overdue Mortgages=5,569,000: LPS 06/20/2012 By: Esther Cho Lender Processing Services, Inc. (LPS) offered a peak into mortgage performance in May 2012 and revealed the delinquency rate increased for the second month in a row after declines. The total delinquency rate, which includes all loans 30 days or more past due but not yet in foreclosure, was 7.20 percent, a 1.1 percent increase from the month before in April. Compared to May 2011, the delinquency rate is still down significantly by [Read More...]

Banks get another backdoor bailout

Jun 212012

This is very simple. When a bank originates a loan, then it’s responsible for the quality or errors on the note is sold to a 3rd party. Most the time the 3rd party is Fannie or Freddie, which have quality agreements. If errors or ever fraud is discovered then banks might forced to purchase back the loan at face value. Now, it seems, Fannie and Freddie at not enforcing this policy, which means the bank are let off the hook and no longer held responsible. FHFA Seeks to Limit Buybacks Afflicting BofA to PNC: Mortgages By Clea Benson – Jun 19, 2012 7:33 AM PT The Federal Housing Finance Agency, the regulator of Fannie Mae and Freddie Mac, plans to [Read More...]