Dec 19th, 2011
by IrvineRenter
In Los Angeles and Orange Counties, the conforming loan limit dropped from $729,750 to $625,000 on October 1, 2011. Many market bulls claimed this would have no effect on sales. In November sales of houses with loans between $625,000 and $729,750 declined 84% as compared to last November. So much for having no impact.
Home Address ... 25 WILD Trl Irvine, CA 92618
Asking Price ....... $622,990
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Dec 16th, 2011
by IrvineRenter
The NAr finally came clean and admitted they misreported housing sales data for the last 5 years.
Home Address ... 3492 PECAN St Irvine, CA 92606
Asking Price ....... $599,000
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Dec 15th, 2011
by IrvineRenter
Mortgage delinquency rates will likely decline in 2012 as lenders foreclose and remove the loan from the delinquency pool. Unfortunately for lenders, the delinquency rate is expected to rise for the first quarter of 2012 as declining prices and a weak economy prompts more borrowers to strategically default.
Home Address ... 9 PENNY Pnes Irvine, CA 92604
Asking Price ....... $569,000
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Dec 14th, 2011
by IrvineRenter
In a recent report Chapman University's Anderson Center for Economic Research said, “More problematic is the inventory of unsold homes. Not only are there still too many unsold housing units in the market, there are a large number of homes in the foreclosure process that will keep the supply of resale housing units at an elevated level.”
Home Address ... 42 IDYLLWILD #55 Irvine, CA 92602
Asking Price ....... $399,900
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Dec 13th, 2011
by IrvineRenter
The median home price for single-family detached homes, excluding condos and new construction, was down a whopping 9% over the last 12 months. As a sign that prices are still far too high, sales volumes are still more than 20% off their historic norms. The housing market will not bottom until prices get low enough to entice buyers to clean up the mess the banks made. The distressed properties must be taken from those who cannot afford them and resold to buyers who can. Foreclosure and short sale are the most likely paths forward as loan modifications have generally failed miserably. In the meantime, prices continue to fall.
Home Address ... 104 MILLBROOK Irvine, CA 92618
Asking Price ....... $650,000
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Dec 12th, 2011
by IrvineRenter
Irvine Renter is writing his entertaining and insightful market analysis at a new website, OC Housing News.
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Dec 9th, 2011
by IrvineRenter
12/10 NOTE: Had to do a DB restore to yesterday morning so we've lost all comments since then. -zovall
The Mortgage Bankers Association released a report comparing strategic default to a virus that is spreading across the land.
Home Address ... 16 FAITH Irvine, CA 92612
Asking Price ....... $1,599,000
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