These are applications and not completed and funded mortgages, so we will need some time to see if this program works. I was surprised that I saw so many applications. However, it could end up like the other HARP and HAMP programs.
Refinance Activity Dominates, Led By HARP
Karen Lawson 7/6/2012
The number of mortgage applications dropped last week despite record-low mortgage rates and a willing bank of lenders.
The Mortgage Bankers Association (MBA) reports declining purchase and refinance applications for the week ending June 29, 2012.
The MBA’s seasonally adjusted index of mortgage applications, which includes applications for purchase money mortgages and for refinance mortgages, fell 6.7 percent.
Refinance applications continued to account for a lion’s share of the overall mortgage application. Refinances account for 78% of all new loan applications. This figure is down slightly from the week prior and represents the lowest share of refinance applications since the start of June 2012. Purchase activity is picking up, relative to refinances.
One bright spot for refinances is the HARP 2 refinance program. HARP refinance applications are now 24% of all refinance applications, up from 20% just three weeks ago.
Westminster Overview
| Median home price is $368,000. Based on a rental parity value of $478,000, this market is under valued. |
| Monthly payment affordability has been worsening over the last 1 month(s). Momentum suggests unchanging affordability. |
| Resale prices on a $/SF basis increased from $258/SF to $259/SF. |
| Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months. |
| Median rental rates declined $107 last month from $2,090 to $1,982. |
| Rents have been falling for 2 month(s). Price momentum suggests unchanging rents over the next three months. |
| Market rating = 4 |
Proprietary OC Housing News home purchase analysis 
13463 FREEDOM Way #1 Westminster, CA 92683
$499,000 …….. Asking Price
$490,000 ………. Purchase Price
8/4/2009 ………. Purchase Date
$9,000 ………. Gross Gain (Loss)
($39,200) ………… Commissions and Costs at 8%
============================================
($30,200) ………. Net Gain (Loss)
============================================
1.8% ………. Gross Percent Change
-6.2% ………. Net Percent Change
0.6% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$499,000 …….. Asking Price
$17,465 ………… 3.5% Down FHA Financing
3.80% …………. Mortgage Interest Rate
30 ……………… Number of Years
$481,535 …….. Mortgage
$133,493 ………. Income Requirement
$2,244 ………… Monthly Mortgage Payment
$432 ………… Property Tax at 1.04%
………… Mello Roos & Special Taxes
$125 ………… Homeowners Insurance at 0.3%
$502 ………… Private Mortgage Insurance
$146 ………… Homeowners Association Fees
============================================
$3,449 ………. Monthly Cash Outlays
($343) ………. Tax Savings
($719) ………. Equity Hidden in Payment
$22 ………….. Lost Income to Down Payment
$82 ………….. Maintenance and Replacement Reserves
============================================
$2,492 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$6,490 ………… Furnishing and Move In at 1% + $1,500
$6,490 ………… Closing Costs at 1% + $1,500
$4,815 ………… Interest Points
$17,465 ………… Down Payment
============================================
$35,260 ………. Total Cash Costs
$38,100 ………. Emergency Cash Reserves
============================================
$73,360 ………. Total Savings Needed
——————————————————————————————————————————————-
This property is available for sale via the MLS.
Please contact Shevy Akason, #01836707
949.769.1599……
sales@ochousingnews.com…..
We're sorry, but it seems that we're having some problems loading MLS # P826738 from our database. Please check back soon.
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$420,000 7581 BENTON Ave |
0.53 miles 5 bd / 2.5 ba 1,698 Sq. Ft. |
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$399,900 13322 JASPERSON Way |
0.64 miles 4 bd / 2 ba 1,347 Sq. Ft. |
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$283,000 14172 LOCUST St |
0.74 miles 4 bd / 2.75 ba 1,331 Sq. Ft. |
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$320,000 13012 TAOS Pl |
0.88 miles 4 bd / 1 ba 1,700 Sq. Ft. |
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$405,000 - |
1.02 miles 4 bd / 1.75 ba 1,650 Sq. Ft. |
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$485,000 7772 13TH St |
1.07 miles 2 bd / 1 ba 1,500 Sq. Ft. |
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$459,000 6541 STANFORD Ave |
1.09 miles 3 bd / 1.75 ba 1,703 Sq. Ft. |
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$440,000 13702 RIATA St |
1.52 miles 4 bd / 2 ba 1,381 Sq. Ft. |
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$449,900 12302 TOPAZ St |
1.56 miles 4 bd / 1.75 ba 1,700 Sq. Ft. |
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$499,000 7501 LEHIGH Pl |
1.63 miles 3 bd / 2 ba 1,421 Sq. Ft. |
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Wells Fargo Group Reports Housing Gains, Cautions Against Optimism
In a report released Thursday, Wells Fargo’s Economics Group cautioned that although the housing recovery is picking up steam, the good news needs to be placed in the larger context of a weakened market.
The group’s Housing Data Wrap-Up for June 2012 shows that even with the overall economy slowing, the recovery in the housing market seems to be picking up momentum. A mild winter boosted construction in the Northeast and Midwest during what is traditionally a slow season, giving builders more inventory to sell in the spring. In addition, the new construction during the first five months of the year showed modest gains in employment, increased household formations, and resurgent demand for apartments.
New home sales through May ran 18.2 percent above their pace from a year prior, and the Northeast saw a 30.7 percent boost in sales. New home construction has increased with demand-single-family starts are up 20.4 percent in the first five months of the year compared to 2011, and multi-family starts increased 44.6 percent.
Home prices also solidified, with the S&P/Case-Shiller 20-City Home Price Index—- increasing 0.7 percent in April and showing a revised gain of 0.7 percent in March. Prices have increased for three straight months and are up at a 6.2 percent annual rate over that period. While the S&P/Case-Shiller Index shows prices falling 1.9 percent over the past year, the group believes that prices have hit a bottom.
On a regional basis, prices increased in 17 out of 20 markets covered by S&P/Case-Shiller, and no markets hit new lows. Prices came back up fastest in some of the hardest-hit markets, including Phoenix and Miami. The report speculates that those areas probably saw prices overshoot to the downside and are now seeing them rise as investors pursue “bargain-priced” properties. Further evidence of this can be found in the CoreLogic Home Price Index, which shows a price increase of 0.4 percent in May, marking the fifth consecutive month of increases.
Median prices for new and existing homes also improved in recent months, though the group contributes the boost to a changing mix of sales.
With all the good news coming out, the group stressed the need to keep recent improvements in the housing market in perspective.
“Even with the recent gains, new home sales and residential construction remain shadows of their former selves. Residential construction currently accounts for just 2.3 percent of GDP, down from 6.3 percent at the peak and 4.5 percent for a more typical period. The tiny foundation from which the housing recovery is beginning means that even large percentage gains in housing starts will make only a modest contribution to real GDP growth,” the group wrote in its report.