The big news this week was the implosion of the Treasury market for 10-year Notes. The yield on these has a strong impact on mortgage interest rates. Mr. Mortgage discussed this in his recent entry, 5-28 - Potential Consequences of 5.5% Mortgage Rates. He walks you through all the implications of the mortgage meltdown. He then followed up with 5-29 - ‘The Day After’ the Interest Rate Spike. The bond markets rallied and the spike may be reversed, or this may be the end of low interest rates. The next two weeks will be critical.
You can find IrvineRenter on Twitter. I figured out how to get the IHB posts to automatically feed into it. So if you are into Twitter, you can follow the IHB there as well.
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Prices are still falling, and wise owners with equity are getting out while there is still some bubble equity left. There are not many of these people, but their movement against the masses of the kool aid intoxicated will give them greater profits than those that “wait and see.”
Asking Price: $299,567
Address: 119 Fallingstar, Irvine, CA 92614
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Do housing market prices in California swing like a pendulum? It appears that way, but the forces behind the movements are entirely caused by people rather than forces of nature.
Asking Price: $492,000
Address: 4 Pendelton, Irvine, CA 92620
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Move-up housing is not an equity appreciation play as most people think. True move-up housing is cashflow savings technique that will be in vogue again in a few years.
Today we have another condo in Orangtee rolling back to 2003 pricing.
Asking Price: $299,000
Address: 294 Lemon Grove, Irvine, CA 92618
Did you see the weekend post, HELOC Abuse San Clemente Style? Kelli Hart has a follow up on South Coast Homes.
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Not every neighborhood in Irvine is well planned. In fact, the section of El Camino Real between Yale and Jeffrey is rather poorly planned, and the property values suffer there as a result.
Asking Price: $559,000
Address: 4882 Flagstar Circle, Irvine, CA 92604
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Once an owner has extracted every penny of equity and “put” the property to the bank, they don’t care anymore because they think, “I Got Mine.”
Asking Price: $450,000
Address: 51 Lakeshore #20, Irvine, CA 92604
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Our popular tour to surrounding communities in search of HELOC abuse continues in Huntington Beach. So far we have seen $3,367,500 HELOC Abuse from Hollywood, $5,000,000 HELOC abuse from Laguna Beach, $7,000,000 HELOC abuse in Newport Coast and 18 different properties in Huntington Beach. Today we will examine the sleepy beach community of San Clemente.
Asking Price: $798,000
Address: 121 W Avenida San Antonio San Clemente,
CA 92672
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