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 market is healing,” Yun said recently at the National Association of Real Estate Editors conference in Denver.
Several factors triggered Yun’s enthusiasm: Strong demand among buyers, higher sales, lower number of homes for sale, and a level of foreclosures that – while high – has steadily decreased over the past two years.
Distressed sales – foreclosed and underwater homes – account for a fourth of the market this year, compared to a third last year, he said. By next year, they’re expected to account for 15%.
“This time next year, there could be a 10% price appreciation. I would not be surprised to see that,” Yun said.
Orange Overview
| Median home price is $399,000. Based on a rental parity value of $520,000, this market is under valued. |
| Monthly payment affordability has been improving over the last 2 month(s). Momentum suggests unchanging affordability. |
| Resale prices on a $/SF basis increased to $239/SF to $241/SF. |
| Resale prices have been weak for 12 month(s). Price momentum suggests weak prices over the next three months. |
| Median rental rates increased $50 last month from $$2,106 to $$2,157. |
| Rents have been slowly rising for 12 month(s). Price momentum suggests slowly rising rents over the next three months. |
| Market rating = 6 |
Proprietary OC Housing News home purchase analysis 
1473 North CLEVELAND St Orange, CA 92867
$479,900 …….. Asking Price
$264,500 ………. Purchase Price
11/24/1998 ………. Purchase Date
$215,400 ………. Gross Gain (Loss)
($21,160) ………… Commissions and Costs at 8%
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$194,240 ………. Net Gain (Loss)
============================================
81.4% ………. Gross Percent Change
73.4% ………. Net Percent Change
4.4% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$479,900 …….. Asking Price
$16,797 ………… 3.5% Down FHA Financing
3.80% …………. Mortgage Interest Rate
30 ……………… Number of Years
$463,104 …….. Mortgage
$127,787 ………. Income Requirement
$2,158 ………… Monthly Mortgage Payment
$416 ………… Property Tax at 1.04%
………… Mello Roos & Special Taxes
$120 ………… Homeowners Insurance at 0.3%
$482 ………… Private Mortgage Insurance
$125 ………… Homeowners Association Fees
============================================
$3,301 ………. Monthly Cash Outlays
($329) ………. Tax Savings
($691) ………. Equity Hidden in Payment
$21 ………….. Lost Income to Down Payment
$80 ………….. Maintenance and Replacement Reserves
============================================
$2,382 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$6,299 ………… Furnishing and Move In at 1% + $1,500
$6,299 ………… Closing Costs at 1% + $1,500
$4,631 ………… Interest Points
$16,797 ………… Down Payment
============================================
$34,026 ………. Total Cash Costs
$36,500 ………. Emergency Cash Reserves
============================================
$70,526 ………. 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 # K12076744 from our database. Please check back soon.
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$569,000 805 North ORANGE St |
0.78 miles 4 bd / 2 ba 1,909 Sq. Ft. |
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$525,000 2057 North SILVERWOOD St |
0.79 miles 4 bd / 2 ba 1,886 Sq. Ft. |
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$569,000 1040 East MEATS Ave |
0.82 miles 3 bd / 2.5 ba 2,112 Sq. Ft. |
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$649,900 132 East MAYFAIR Ave |
0.92 miles 4 bd / 1.5 ba 2,033 Sq. Ft. |
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$469,900 715 East CUMBERLAND Rd |
0.97 miles 4 bd / 3 ba 2,062 Sq. Ft. |
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$689,000 729 East SYCAMORE Ave |
1.25 miles 3 bd / 2.5 ba 2,350 Sq. Ft. |
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$499,900 312 East WOODVALE Ave |
1.34 miles 4 bd / 2.25 ba 2,088 Sq. Ft. |
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$520,000 2635 East SERRANO Ave |
1.4 miles 4 bd / 3 ba 2,358 Sq. Ft. |
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$1,149,000 155 North CLEVELAND St |
1.57 miles 3 bd / 2.5 ba 2,303 Sq. Ft. |
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$749,000 2306 East VISTA CANYON Rd |
1.75 miles 4 bd / 2.5 ba 2,400 Sq. Ft |
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OCC: 11.1% of mortgages are not current
The rate of delinquent mortgages fell to a three-year low in first-quarter 2012, according to a report from the Office of the Comptroller of the Currency (OCC).
The OCC Mortgage Metrics Report for the First Quarter of 2012 showed that percentages of mortgages between 30-59 days delinquent and mortgages between 60-89 days delinquent both fell to their lowest levels since the OCC began publishing mortgage performance reports in Q1 2008.
The percentage of mortgages that were current and performing increased to 88.9 percent, the highest level seen in three years. The percentage of mortgages 30-59 days delinquent decreased by 17.3 percent from Q4 2011 and 3.8 from Q1 2011. The percentage of mortgages that were seriously delinquent was 4.5 percent, down 10.4 percent from the previous quarter and 6.2 percent year-over-year.
The percentage of mortgages in the process of foreclosure at the end of the first quarter increased by 1.8 percent from the previous quarter and 2.3 percent year-over-year. However, the number of newly-initiated foreclosures decreased from the previous quarter by 1.8 percent and from the same period in 2011 by 8.1 percent. The report also showed that the while the number of foreclosures in process increased slightly (0.6 percent) from the previous quarter, it decreased 3 percent from the same time in 2011.
The report attributed the improved performance to several factors, including strengthening economic conditions during the quarter, seasonal effects, servicing transfers, and the ongoing effects of home retention programs and home forfeiture actions.
Servicers implemented 352,989 new home retention actions-modifications, trial-period plans, and payment plans-during the quarter, nearly twice the number of completed foreclosures but still a 23.3 percent decrease from the previous quarter and a 36.7 percent decrease year-over-year. While servicers have been emphasizing alternative solutions to foreclosure, retention actions have fallen with delinquency rates as servicers run out of options to help homeowners who have not already received assistance.
Of the more than 2.5 million loans modified by servicers from 2008-2011, 50.7 percent were either current or had been paid off by the end of 2012’s first quarter. Another 7.1 percent of modified loans were 30-59 days delinquent, while 15.1 percent were seriously delinquent. Nearly 11 percent were in the foreclosure process, and 6.3 percent had completed the process of foreclosure. Modifications made more recently that focused on reduced payments and increased affordability outperformed earlier loans.
HAMP-modified loans also outperformed others-68.2 percent of HAMP modifications implement since Q3 2009 remained current compared to 53.4 percent of other modifications made during the same period. The better performance reflects HAMP’s emphasis on reduced payments, income verification, and affordability, traits that nearly all performing loans had in common.
Mortgages serviced for Fannie Mae and Freddie Mac made up 59 percent of mortgages in reporting servicers’ portfolios. The performance of these mortgages remained relatively consistent over the last year, with the percentage of current and performing mortgages at the end of the quarter at 93.7 (a slight increase from 93.2 percent at the same time last year). The portfolio of GSE mortgages tends to perform better because it contains prime loans.
I am sick of NAR I don’t read anything they put out.