There where less than 50 homes and condos for sale Brea. This lack of inventory is unprecedented. This lack of inventory and ultra mortgage rates have temporary increased home values.
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Proprietary OC Housing News home purchase analysis
250 ECHO CANYON Pl Brea, CA 92821
$629,900 …….. Asking Price
$217,000 ………. Purchase Price
1/26/2012 ………. Purchase Date
$412,900 ………. Gross Gain (Loss)
($17,360) ………… Commissions and Costs at 8%
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$395,540 ………. Net Gain (Loss)
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190.3% ………. Gross Percent Change
182.3% ………. Net Percent Change
197.3% ………… Annual Appreciation
Cost of Home Ownership
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$629,900 …….. Asking Price
$125,980 ………… 20% Down Conventional
3.60% …………. Mortgage Interest Rate
30 ……………… Number of Years
$503,920 …….. Mortgage
$115,914 ………. Income Requirement
$2,291 ………… Monthly Mortgage Payment
$546 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$157 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
============================================
$2,994 ………. Monthly Cash Outlays
($360) ………. Tax Savings
($779) ………. Equity Hidden in Payment
$147 ………….. Lost Income to Down Payment
$177 ………….. Maintenance and Replacement Reserves
============================================
$2,180 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$7,799 ………… Furnishing and Move In at 1% + $1,500
$7,799 ………… Closing Costs at 1% + $1,500
$5,039 ………… Interest Points
$125,980 ………… Down Payment
============================================
$146,617 ………. Total Cash Costs
$33,400 ………. Emergency Cash Reserves
============================================
$180,017 ………. Total Savings Needed
The property above is available for sale on the MLS.
Contact us for a comparative market analysis, a cost of ownership analysis, or information on how you can make an offer today!
Cost of Ownership Analysis
Are you ready to make an offer, but you are worried the cost of ownership is really more than you can afford? Don't make a mistake that might cost you the family home, your life savings, and your good credit! Get the advice of a seasoned professional. Contact us at info@ochousingnews.com today!
We produce detailed reports showing the cost of ownership based on the most likely transaction price and current financing terms. You will know how much you will spend each month in out-of-pocket expenditures and the true monthly cost of ownership factoring in tax deductions, loan amortization, and opportunity costs on your down payment. In addition, we show you how this cost compares to a rental of equal quality to make sure buying is the right decision for your situation.
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Nearby Foreclosures
Gain a competitive advantage over other buyers. By locating distressed properties -- before they hit the MLS -- you can discover where tomorrow's REOs and short sales will appear. Most of these properties are not listed on the MLS, but they will be soon. Research properties in advance and get a jump on your competition. Don't miss out on another deal because you couldn't act quickly. Use this tool to your advantage! The red properties are already bank owned. As soon as REO asset managers prepare them for sale, they will be on the MLS. Get ready! The green and blue properties have owners who are not paying their mortgages. They may be offered as short sales, or they may go through foreclosure and become REO. Either way, they will also likely be available on the MLS soon. Find your next home! Be prepared to offer on these properties by researching them in advance or risk losing out to buyers who are have done their homework. Start your research today! To find distressed properties, enter your desired location and press search. Scroll through list by pressing "next."Comparative Market Analysis
Are you ready to make an offer, but you are worried you will either (1) underbid and miss the property or (2) overbid and pay too much? Don't make a mistake and miss your dream home, or worse yet, overpay for it! Get the advice of a seasoned professional. Contact us at info@ochousingnews.com today!
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See for yourself right now!
Reports are available for properties in the Southern California MLS coverage area, and are generally delivered within 24-72 hours. If you wish to receive multiple properties, please contact us at info@ochousingnews.com, and we will prepare the reports for you.
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$539,000 563 ASPEN St |
0.52 miles 4 bd / 2.5 ba 2,085 Sq. Ft. |
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$490,000 661 BUTTONWOOD Dr |
0.54 miles 4 bd / 3.5 ba 2,446 Sq. Ft. |
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$559,777 659 North CITRUS Pl |
0.67 miles 4 bd / 3 ba 1,954 Sq. Ft. |
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$525,000 868 ETHELINDA Way |
1.17 miles 3 bd / 2 ba 1,793 Sq. Ft. |
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$485,000 220 VALVERDE Ave |
1.42 miles 4 bd / 3 ba 2,105 Sq. Ft. |
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$673,990 170 West ELM St |
1.5 miles 4 bd / 2.5 ba 2,472 Sq. Ft. |
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$539,900 1409 LAS LOMAS Dr |
1.57 miles 4 bd / 3 ba 2,243 Sq. Ft. |
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$425,000 1931 CRISTI Ln |
1.95 miles 3 bd / 1.75 ba 1,820 Sq. Ft. |
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$680,000 3562 NORMANDY Way |
1.97 miles 4 bd / 3 ba 2,215 Sq. Ft. |
| Range: | $425,000 – $680,000 |
| Average: | $258/Sq. Ft. |
This home at $258/Sq. Ft.: $544,980
Nearby Similar Sales
Closest homes similar to 250 ECHO CANYON Pl, which sold within the past six months:
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$517,000 266 ECHO CANYON Pl Sold on Jun 29, 2012 |
0.02 miles 4 bd / 2.5 ba 2,112 Sq. Ft. |
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$507,500 281 BROOKSHIRE Pl Sold on Jun 14, 2012 |
0.04 miles 4 bd / 2.75 ba 1,954 Sq. Ft. |
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$600,000 876 GRAND Cyn Sold on Jun 29, 2012 |
0.06 miles 3 bd / 2.5 ba 2,340 Sq. Ft. |
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$545,000 705 North DRIFTWOOD Ave Sold on Jun 25, 2012 |
0.22 miles 4 bd / 2.5 ba 2,356 Sq. Ft. |
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$550,000 313 BUTTONWOOD Dr Sold on Mar 29, 2012 |
0.24 miles 4 bd / 1.75 ba 2,020 Sq. Ft. |
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$470,000 665 DRIFTWOOD Ave Sold on May 19, 2012 |
0.28 miles 4 bd / 2 ba 2,277 Sq. Ft. |
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$333,000 269 MOUNTAIN Ct Sold on May 18, 2012 |
0.3 miles 4 bd / 2.5 ba 1,900 Sq. Ft. |
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$191,000 374 Buttonwood Dr Sold on Jul 30, 2012 |
0.36 miles 4 bd / 2 ba 1,882 Sq. Ft. |
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$405,000 430 BUTTONWOOD Dr Sold on Jun 22, 2012 |
0.41 miles 4 bd / 2 ba 2,178 Sq. Ft. |
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$470,000 1440 PONDEROSA Ave Sold on Jul 13, 2012 |
0.47 miles 4 bd / 2 ba 1,842 Sq. Ft. |
What Housing Recovery? Distressed Sales Still High, Shadow Inventory Massive
Housing markets seemed to have turned a corner, with Tuesday’s Case-Shiller data adding to the optimism. Home prices have risen for a second consecutive month for the first time since the summer of 2010, but much of this is a consequence of the falling percentage of distressed sales, while prices are still more than 31% of their peaks and may take years to recover. With 11.4 million, or 23.7%, of all residential properties with a mortgage under water, and a shadow inventory worth $246 billion, according to CoreLogic, a true housing recovery is far away.
Tuesday’s Case-Shiller release, with data through June 2012, showed home prices continuing to recover. Both the 10- and 20-city composites finally recorded annual gains (0.1% and 0.5% respectively), prompting index Chairman David Blitzer to say:
“We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change. The market may have finally turned around.”
The report was met with optimism, as it came after improved existing and new home sales, which Wells Fargo’s analysts suggest indicate markets may be “bottoming in July.” Morgan Stanley/Smith Barney’s people also acknowledged the “improving U.S.-housing fundamentals,” while Barclays’ research team now expects home prices to rise 3% on an annual basis in 2012.
There are several reasons to remain skeptical, though, that this recovery will both be swift and will fuel economic growth that will help pull the U.S. farther from the edge of a new recession. Goldman’s economics research team understands that much of the improvement in housing markets can be attributed to a fall in the percentage of distressed transactions, which accounted for 50% of sales in 2009 and has now fallen to 25%. (Read Steve Schaefer‘s piece, Why The U.S. Housing Recovery May Be Due For A Stumble for more on this).
The typical foreclosure discount is on the order of 27%, according to John Campbell, chair of Harvard University‘s economics department. Thus, a falling percentage of distressed sales mean a lower percentage of discounted transactions. The number of distressed sales also affects the size of the foreclosure discount, which in May was reported to be about 20%, according to Goldman. A falling rate of distressed sales provides a double-whammy then, reducing the discount and the number of discounted transactions.
While the number of distressed sales vis-à-vis regular sales has fallen quite dramatically since March 2009, its decline was more moderate from May 2011 to May 2012, when it went from 31% to 25%. The historical average, though, is far away, at about 5%. While Goldman expects the percentage of distressed sales to slowly tend toward this average, they understand this could take many years:
“In our view, returning to a more normal proportion of distressed sales will take several years, given the large number of borrowers with negative equity, the large current delinquency and foreclosure inventory, and the long current foreclosure timelines.”