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Housing price bottom delayed to at least 2013

Dec 27th, 2011 by IrvineRenter 

The following headlines suggest the market will not bottom in 2012:

I am not the only market observer who has come to this conclusion.

Home Address ... 90 LEHIGH AISLE #58 Irvine, CA 92612
Asking Price .......  $449,000

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Strategic default is the banker’s stigma of convenience

Dec 26th, 2011 by IrvineRenter 

Bankers foster the idea that strategic default on a primary residence is immoral. Bankers want borrowers to continue to repay loans even when it is not in the borrower's best financial interest to do so. I and many others have argued borrowers have a greater moral duty to do what's in the best financial interest of their family. Obviously, bankers disagree.

Home Address ... 1229 ABELIA Irvine, CA 92606
Asking Price .......  $319,900

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Increasing borrowing costs will lower house prices

Dec 23rd, 2011 by IrvineRenter 

Borrowing costs are likely to increase in 2012 for a variety of loans. The lower conforming limit will push many borrowers to either the FHA or the jumbo market where borrowing costs are higher. The FHA may also raise its borrowing costs again to cover the inevitable losses from the ongoing decline in home prices. Further, the new rules on conforming mortgages will push up costs on loans which do not conform.

Home Address ...    44 BLUE HERON Irvine, CA 92603
Asking Price .......     $13,900,000

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OC Republican John Campbell successfully lobbies for more government handouts

Dec 21st, 2011 by IrvineRenter 

The loan limit on FHA loans is now $729,750. The venerable FHA which was founded to provide loans for low to middle income Americans is now being used to subsidize the mortgages and the house prices of high wage earners in places like Irvine.

Home Address ... 76 VINTAGE Irvine, CA 92620
Asking Price .......  $499,000

 

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Lower conforming limit causes 84% decline in loan volume

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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realtors admit they blew it, revised data coming 12-21

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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Mortgage delinquencies expected to rise into 2012

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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