July 2012 Archives » 2/4 » North OC Housing News

Buying trends in the North Orange County housing market: 7-21-2012

Jul 212012

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. 1804 East TYROL Pl Anaheim, CA 92805 $310,000 2110 East VERMONT Ave 0.18 miles 3 bd / 1.75 ba 1,288 Sq. Ft. $375,000 1232 East TOPAZ Ave 0.39 miles 3 bd / 1.5 ba 1,224 Sq. Ft. $309,900 1031 South AVOCADO St 0.46 miles 3 bd / 3 ba 1,600 Sq. Ft. $349,900 512 South REVERE St 0.53 miles 3 bd / 1.75 ba 1,313 Sq. Ft. $279,000 1812 East SANTA ANA [Read More...]

The homeowner rate continues to shrink for several reasons

Jul 202012

As loan owners get foreclosed and evicted that one reason. However, younger families are not purchasing homes, but renting. And adult children are moving in back with their families after college. In fact Texas was the only state in 2011 that an increase in the number of households. Homeownership Rate Likely to Continue Falling: Capital Economics 07/17/2012 By: Esther Cho For the first quarter of 2012, the Census Bureau reported the homeownership rate dropped to 65.4 percent, which was a yearly (66.4 percent) and quarterly drop (66.0 percent). Even more significant was the fact that the drop was a 16-year low from when the rate was 65.1 percent in 1996. According to Capital Economics, the low homeownership rate is likely [Read More...]

Orange County apartments rents now at all time high

Jul 192012

It it wasn’t for the rental rates increase home values would probably be negative for the year. More “supply” is coming on line in 2013, but lets see if it gets released to the public. O.C. apartment rents hit record high July 18th, 2012, 12:01 am · · posted by Jeff Collins Angela Stidham saw her rent jump $150 a month when her family moved to a new apartment last fall. As a result, the mother of three had to cut her cable TV service. “It’s always been a sacrifice,” said Stidham, 35, of Los Alamitos. “Things got to go. We’re not making more money.” Stidham isn’t the only one juggling the family budget since rent hikes resumed 21 months [Read More...]

More Doubts on the housing recovery

Jul 182012

I think this spring was very artificial like bump in 2009 due to the tax credit. Analysis: In the U.S. housing market, recovery or Lost Decade? By Michelle Conlin and Leah Schnurr Sun Jul 15, 2012 8:04am EDT What some of Wall Street’s forecasts for a recovery may be underestimating are tectonic shifts in the U.S. economy that make the housing market a different place from a decade ago. Record levels of student debt, 15 years of flat incomes and the fact that nearly half of homeowners are effectively stranded in their houses look likely to weigh on prices into the indefinite future. Several housing experts have said the market is in danger of drifting for years. In a bleaker [Read More...]

Lawmakers want to lower FHA up front premiums if you attend “credit class”

Jul 172012

There is something ironic that the federal government is requiring “credit class”. This has happened before when FHA lowered the conforming loan limits in Orange County from $729,000 to $625,000. The lawmakers then push the conforming limits back up to $729,000. In fact, IR did a post on this over a year ago and loan originations fell 80% when the conforming limit was lowered This could easily pass. This article is in front of the crowd. FHA Mortgage Insurance To Fall For First-Time Buyers? Author Dan Green Filed Under Mortgage Market Headlines Earlier this year, the FHA raised upfront mortgage insurance premiums to 1.75% of the amount borrowed, due at closing; and raised annual mortgage insurance premiums to as high [Read More...]

Well Fargo settles lawsuit, ends mortgage broker assisted

Jul 162012

Wells Fargo settled a big law and also decided to end mortgage brokered or otherwise called wholesale lending. Now, if you want a loan then you MUST go to Wells Fargo directly. This is very significant because Well Fargo is underwriting 1/3 of the home mortgage loans. Wells Fargo Settles U.S. Allegations of Home-Loan Bias By Tom Schoenberg, Hugh Son and Dakin Campbell – Jul 12, 2012 11:58 AM PT Wells Fargo & Co. (WFC), the largest U.S. mortgage lender, will pay $125 million and set up a $50 million assistance fund to settle U.S. allegations that it discriminated against minority borrowers. The bank will also stop using outside brokers to create mortgages, according to a statement today from Wells [Read More...]

The third round of Federal Reserve printing of US dollars could be closer

Jul 152012

If the US Federal Reserve prints more dollars its sends chaos in a unstable system. It could cause inflation or it cause ultra low rates, it too difficult to predict. Calls for QE3 grow as economy wanes By Hibah Yousuf @CNNMoneyInvest July 10, 2012: 7:09 PM ET NEW YORK (CNNMoney) — Is more stimulus on the way from the Federal Reserve? Wall Street sure thinks so. In fact, nearly two-thirds of the 30 investment experts surveyed by CNNMoney agree that the Fed’s latest move to extend its so-called Operation Twist policy was warranted. The same group also thinks the central bank may reconsider a third round of asset purchases, a policy known as quantitative easing or QE3, if the economy [Read More...]

trends in the North Orange County housing market: 7-14-2012

Jul 142012

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. 7880 East SAMANTHA Cir Anaheim, CA 92807 $680,000 20766 COTTONWOOD Rd 0.26 miles 4 bd / 3 ba 2,238 Sq. Ft. $560,000 5955 VIA DEL TECOLOTE 0.38 miles 4 bd / 1.75 ba 2,022 Sq. Ft. $474,999 – 0.41 miles 4 bd / 2 ba 1,529 Sq. Ft. $450,000 7639 East NORTHFIELD Ave 0.46 miles 4 bd / 3 ba 1,864 Sq. Ft. $425,000 7709 East CAMINO TAMPICO 0.48 miles 4 [Read More...]

Rule would force lenders to maintain an extra reserve account

Jul 132012

The lenders are complaining that it will increase loan costs and lead to higher mortgage rates. The consumer groups say it will lead to a more financially sound banking system. House panel concerned premium capture rule could raise mortgage costs By Jon Prior July 10, 2012 • 12:52pm A House subcommittee heard renewed concerns Tuesday over a rule forcing mortgage bond securitizers to set aside even more in a cash reserve account than the 5% required under the proposed risk-retention rule. The premium capture cash reserve account, which was not required under the Dodd-Frank Act, could raise mortgage interest rates lenders charge to borrowers by 1 to 4 percentage points, according to Moody’s Chief Economist Mark Zandi and industry panelists. [Read More...]

REO shadow inventory grows

Jul 122012

This shadow inventory doesn’t even delinquent loan owners that behind on their payments, but not yet into foreclosure. May Foreclosure Starts Nearly Triple Sales: LPS 07/09/2012 By: Esther Cho In May, foreclosure starts outnumbered foreclosure sales by a near 3-1 ratio, according to a report from Lender Processing Services (LPS). Even though foreclosure starts and sales saw similar monthly increases in May, 11.6 percent and 10 percent respectively, the actual number of foreclosure starts was significantly higher than foreclosure sales. Foreclosure starts numbered 202,707 while foreclosure sales totaled 73,439. Also, foreclosure inventory maintained historically high levels at 4.14 percent. LPS Applied Analytics SVP Herb Blecher said the situation is more nuanced when looking at the breakdown between states that apply [Read More...]