Tim Lorenz . Instant MLS Listings!: 2010

Sunday, September 12, 2010

Area Market Report for Mission Viejo - 9/12/2010

Mission Viejo Realtor Area Market Report - 9/12/2010

This weeks market report for Mission Viejo and surrounding areas from Mission Viejo Realtor shows that Orange County Median Prices for the resale homes were up 5.0 percent, for new homes it is up 29.3 percent and for resale condos up 5.6 percent. The sales volume is down for resale homes 18.4 percent and down 12.0 percent on condos and down 25.2 percent for new homes.

Mission Viejo Zip Code 92691 sales prices are up 6.0 percent and the sales volume is up 9.6 percent.
Mission Viejo Zip Code 92692 sales prices are up 8.9 percent and the sales volume is down 30.7 percent.
Aliso Viejo sales prices are down 5.8 percent and the sales volume is up 9.9 percent.
Laguna Niguel sales prices are up 13.9 percent and the sales volume is down 8.8 percent.
Rancho Santa Margarita sales prices are down 3.5 percent and the sales volume is up 16.9 percent.
San Clemente Zip Code 92672 sales prices are down 15.1 percent and the sales volume is down 51.2 percent.
San Clemente Zip Code 92673 sales prices are down 16.9 percent and the sales volume is down 6.3 percent

If you are considering selling your home we are interested in helping you sell it Tim Lorenz. If you do not know what to do because you are behind in your mortgage and want some help Call Us we will sit down with you and explain the process.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

The Real Estate Market Is Slow

Another piece of evidence of a Slow real estate market is the report that Orange County is on track to have the fewest mortgages taken out in over a decade. Wow, that really is another piece of evidence of a slow market. We can see a slow down in the purchases but with interest rates so low I would have thought that we would have had people flocking to the refi market. Buyers I thought would have kept coming after the tax credit for the low interest rates and the low prices of homes. But they are not!

What is causing the drop in mortgages in the county?

Fear of the market the homeowner is confused. It seemed to be going up when the buyers were getting a tax credit and now is looking slow and week.

Fear of losing their jobs. The economy is slow and the jobs market is very bad. Many are out of work or taken jobs that earn less than their previous job.

Lack of confidence in the overall economy, therefore, they do nothing stay the coarse and look for a direction before doing anything.

Tighter lending standards.

I am not sure what is going on but I do know this is evidence of a slow real estate market.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Tax Credit Help or Harm

Today I read an article in the Orange County Register by Jonathan Lansner quoting Steve Thomas on this topic, tax credit help or harm. The article was "Tax credits did more harm tan good, some say"

They show that the Federal Reserve's San Francisco regional summary on regional economic conditions that's done 8 times a year say that the West Coast housing market "weakened somewhat" over the summer. They went on to say in the Fed U.S. 12th District for their July report demand for housing "appeared to deteriorate somewhat".

Steve Thomas was quoted as saying, "The latest tax credit may have done more damage than good... The pumped-up pending sales figures ultimately led to pumped up closed sales figures. Reports of a year-over-year rise in demand, sales and the median sales price enticed many sidelined homeowners to place their homes on the market at unrealistic prices. They mistakenly thought that the market was turning along with home appreciation. With the end of the tax credit, demand, the number of new pending deals over the prior month, dropped significantly from its end of April peak of 3979 pending sales. Demand now totals 2893 pending sales, a 27 percent drop for its height."

All of this is true. However, when you give an incentive to purchase a product, in this case a home. Those who would be purchasing a home move their purchase up in time. That will cause a drop after the incentive. We just took those who were going to be in the market to get in sooner. It great affect but it did not stimulate for the long run only the short run. We should get back to a sluggish market that we would have had if nothing was done.

The market cannot run faster unless consumer confidence is back and people do not have a fear of the market. Was the tax credit a help? It helped those who sold during the tax credit. Or did it harm us? It may have harmed those who thousht the market was increasing in value.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Sunday, July 25, 2010

Corona del Mar home listed for $49.6 Million

A Corona del Mar Mansion home was listed for $49.6 million.

The mansion Portabello a Corona del Mar 20,000 sf mansion is back on the market with a significantly reduced price listed at $49.6 million. The home sits on to of a bluff in Corona del Mar overlooking the ocean. The home has its own bowling alley, theater, soda bar, two pools, and an outdoor grotto.

Four years ago the home was on the market at $75 million dollars the home sits on 3 Corona del Mar lots and has over 325 feet of ocean front.

It is quite the home and I wish Jon McMonigle good luck selling this magnificant home.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Real Estate Has Taken a Down Turn

Why has real estate taken a down turn????
Many have been asking and reporting on, "what is causing the current down turn in real estate". There is no doubt that the trend is down when considering the number of sales in the market place. The federal tax break did play a big part in the current trends in real estate.

It is common that when you stimulate the market with incentives we get people to make ta decision they may not have otherwise have made. Others make a decision to purchase a home due to the tax break a few months eariler than they would have comfortably done. So the buyers are pushed eariler in the year than would have been usual.

Therefore the number of homes sold have dropped nationally by 5.1 percent. In California, last month's house sales decreased by 11 percent. Since there are fewer buyers now that they moved up their time frame and purchased eariler in the year.

In California the good news is that year over year we are still ahead of 2009. Lets hope the buyers that are out there now are purchasing on the great interest rates and the great low costs of homes.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Area Market Report for Mission Viejo

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 4.8 percent, for new homes it is up 23.6 percent and for resale condos down 2.0 percent. The sales volume is up for resale homes 1.9 percent and up 7.4 percent on condos and up 122.3 percent for new homes.

Mission Viejo Zip Code 92691 sales prices are up 6.2 percent and the sales volume is up 88.1 percent.
Mission Viejo Zip Code 92692 sales prices are up 4.7 percent and the sales volume is up 13.8 percent.
Aliso Viejo sales prices are up 9.7 percent and the sales volume is up 19.6 percent.
Laguna Niguel sales prices are up 19.4 percent and the sales volume is up 1.0 percent.
Rancho Santa Margarita sales prices are down 11.3 percent and the sales volume is up 45.2 percent.
San Clemente Zip Code 92672 sales prices are down 8.8 percent and the sales volume is even 0.0 percent.
San Clemente Zip Code 92673 sales prices are down 3.4 percent and the sales volume is down 1.7 percent

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Sunday, July 18, 2010

La Tierra Update

La Tierra Market Update

La Tierra is a tract of homes that Mark Paulson and Tim Lorenz with Keller Williams Realty has worked in for over 7 years, as a specialist in the area; this home development will be reported on monthly so that you can get an accurate update and feeling of what is happening in this specific area of Rancho Santa Margarita, CA.

Active Listings

None

In Escrow Accepting Backup Offers

9 Telliz 3bd 2.50bath 1960sf $539,999

41 Sendero 4bd 2.75bath 2261sf 599,000

Sold and Closed

26 Sendero 3bd2.50bath 2045sf $525,000 4/26/10

37 Sillero 3bd 2.50bath 2045sf 560,000 6/11/10

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Paragon Rancho Santa Margarita Update

Paragon - Rancho Santa Margarita - California

Market Update RSM

The Paragon is a tract of homes that Mark Paulson and Tim Lorenz with Keller Williams Realty have worked in for over 7 years, as a specialist in the area; this home development will be reported on monthly so that you can get an accurate update and feeling of what is happening in this specific area of Rancho Santa Margarita, CA

Active Listings

None

In Escrow Pending

33 Segada 4bd 2bath 3,027sf $839,000

Sold and Closed

6 Arado 4bd 4bath 3,240sf $800,000 3/25/10

27 Segada 5bd 4.5bath 3,290sf 839,900 4/16/10

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Serabrisa Rancho Santa Margarita

Serabrisa - Rancho Santa Margarita

This is a tract of homes that Tim Lorenz with Keller Williams Realty has worked in for over 7 years, as a specialist in the area; this home development will be reported on monthly so that you can get an accurate update and feeling of what is happening in this specific area of Rancho Santa Margarita, CA

Active

      165 Pasto Rico 2bd 2.5bath 1200 sf $269,900

      189 Pasto Rico 2bd 2 bath 1003 sf    294,900

      115 Pasto Rico 2bd 2 bath 1033 sf
290,900

      83 Pasto Rico 2bd 2 bath 1033 sf    299,900

    233 Pasto Rico 3bd 3 bath 1426 sf      325,000

     194 Pasto Rico 2bd 2 bath 1032 sf     299,900

      113 Pasto Rico 3bd 3 bath 1426 sf    289,900

In Escrow Taking Backup Offers

     133 Pasto Rico 2bd 2.5bath 1350 sf $264,560

      243 Pasto Rico 2bd 2.5bath 1200 sf 260,000

      110 Pasto Rico 3bd 3 bath 1426 sf    325,000

       20 Pasto Rico 2bd 2.5bath 1325 sf   270,000

      121 Pasto Rico 2bd 2.5bath 1033 sf   290,000

In Escrow Pending

      39 Pasto Rico 2bd 2.5bath 1033 sf   $250,000

Sold and Closed

      155 Pasto Rico 2bd 2 bath 1186 sf $279,000 5/16/10

      260 Pasto Rico 2bd 2 bath 1050 sf   290,000 5/18/10

      84 Pasto Rico 2bd 2.5bath 1200 sf   325,000 5/25/10

      286 Pasto Rico 2bd 2.5bath 1033 sf   316,000 5/28/10

      318 Pasto Rico 2bd 2.5bath 1150 sf   316,000 6/18/10

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Market Report for Mission Viejo Area

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 7.2 percent, for new homes it is up 37.3 percent and for resale condos down 4.5 percent. The sales volume is up for resale homes 9.2 percent and up 15.7 percent on condos and up 123.4 percent for new homes.

Mission Viejo Zip Code 92691 sales prices are up 10.7 percent and the sales volume is up 68.9 percent.
Mission Viejo Zip Code 92692 sales prices are down 3.0 percent and the sales volume is up 18.5 percent.
Aliso Viejo sales prices are up 5.9 percent and the sales volume is up 24.7 percent.
Laguna Niguel sales prices are up 14.6 percent and the sales volume is up 20.0 percent.
Rancho Santa Margarita sales prices are down 14.5 percent and the sales volume is up 6.4 percent.
San Clemente Zip Code 92672 sales prices are down 10.0 percent and the sales volume is up 14.3 percent.
San Clemente Zip Code 92673 sales prices are down 4.2 percent and the sales volume is down 1.8 percent

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Real Estate Statistics Are Your Friend

Real estate statistics are a valuable tool infact they are your friend in that they can help predict where the market is going and accurately tell us where it has been. Assuming that the data is accurate. Two weeks ago I reported that 13 percent of the homes sold in Orange County were foreclosure sales. This week I will tell you that 7.69 percent of the homes in Orange County are 90 days or more late.

If you do not look closely you may believe that things are getting better. That would not be a good conclusion. Because there are significantly more homes that are owned than are sold in a given month. Therefore, the percentage 13 percent is larger than 7.69 percent the later is a much larger number and potentially more dangerous to the market.

The way to look at this is to look at apples to apples. May 2010 we have 7.69 percent of the homes that are 90 or more days late, while last year May 2009 6.05 percent of the home in Orange County were in delinquency. So we are not getting better but getting worse. In California this year 10.63 percent are 90 days or more late, while last year that were at 8.79 percent delinquent. Again getting worse not better.

Yet, if we look at the percentage for the foreclosure rate in Orange County we have 2.23 percent and last year it was 2.28 percent. That is not as bad as it was gettin better.

Could it be that the banks are not foreclosing as fast or doing more short sales or loan modifications? I would think that would work into the reality of the market. Overall there is little change in the market the homeowner is still in trouble and the help has not come in any meaningful way.

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 4.9 percent, for new homes it is up 23.0 percent and for resale condos even 0.0 percent. The sales volume is up for resale homes 4.6 percent and up 15.0 percent on condos and up 81.5 percent for new homes.

Mission Viejo Zip Code 92691 sales prices are up 7.2 percent and the sales volume is up 60.9 percent.
Mission Viejo Zip Code 92692 sales prices are down 10.2 percent and the sales volume is even 0.0 percent.
Aliso Viejo sales prices are up 3.3 percent and the sales volume is up 35.3 percent. L
Laguna Niguel sales prices are up 11.1 percent and the sales volume is up 9.5 percent.

Rancho Santa Margarita sales prices are down 13.4 percent and the sales volume is up 3.8 percent.

San Clemente Zip Code 92672 sales prices are down 7.5 percent and the sales volume is up 44.1 percent.

San Clemente Zip Code 92673 sales prices are down 9.1 percent and the sales volume is down 6.1 percent

If you are considering selling your home we are interested in helping you sell it Tim Lorenz. If you do not know what to do because you are behind in your mortgage and want some help Call Us we will sit down with you and explain the process.

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 7.4 percent, for new homes it is up 18.2 percent and for resale condos up 4.0 percent. The sales volume is up for resale homes 6.2 percent and up 13.6 percent on condos and up 41.9 percent for new homes.

Mission Viejo Zip Code 92691 sales prices are up 11.6 percent and the sales volume is up 23.1 percent.
Mission Viejo Zip Code 92692 sales prices are up 12.0 percent and the sales volume is up 11.1 percent.
Aliso Viejo sales prices are up 3.8 percent and the sales volume is up 33.3 percent.
Laguna Niguel sales prices are up 13.7 percent and the sales volume is up 12.2 percent.
Rancho Santa Margarita sales prices are down 7.0 percent and the sales volume is up 11.8 percent.
San Clemente Zip Code 92672 sales prices are up 3.6 percent and the sales volume is up 27.8 percent.
San Clemente Zip Code 92673 sales prices are down 4.3 percent and the sales volume is up 30.0 percent

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Tuesday, June 29, 2010

Short Sales and Allowable Fees a Buyer May Pay For the Seller

As a short sale real estate agent I know that there is a real consern about the allowable fees a buyer may pay for the sellers. Until recently there has been confusion amongst the various government lending agencies as to what is allowed for the buyer to pay in the way of allowable fees for the seller in a short sale transaction and when. As short sales have increased the need for clarification has grown. Government agencies have always had very strict guidelines about what a buyer is allowed to pay with most guidelines putting the extra costs unto the seller. Without equity in the property the strict guidelines have made it difficult for short sale escrows when the borrower is requested to pay for the seller fees. At one point earlier in the year the local HUD offices were saying it was allowed on FHA loans for the borrower to pay customary fees while HUD Washington said nothing was allowed. Finally, we have received clarity surrounding the policies from the government agencies and have been told the steps that need to be taken.
Effective as of June 24th, 2010 on FNMA, FHLMC, FHA and VA loans the following guidance has been released.

1) Allowable fees paid by the buyer include: short sale processing fees (also referred to as short sale negotiation fees, buyer discount fees, and short sale buyer fees), payment to a subordinate lien holder and payment of delinquent taxes or delinquent HOA fees.
2) The Servicer who is agreeing to the pre-foreclosure or short sale must be provided with written details of the fees or payments and has the option of renegotiating the payoff amount to release its lien.
3) The borrower (buyer) must be provided with written details of the additional fees or payments and the additional necessary funds to complete the transaction must be documented.
4) All parties (buyer, seller and servicer) must provide their written agreement/concurrence of the final details of the transaction that includes the additional fees or payments.
5) The HUD-1 Settlement Statement must include all fees and payments included in the transaction.

While the lenders will still have the right to disallow fees paid by the borrower on behalf of the seller, that are determined excessive, we now know all agencies recognize the need to facilitate the short sale transaction.

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 9.5 percent, for new homes it is up 16.0 percent and for resale condos up 6.9 percent. The sales volume is up for resale homes 6.3 percent and up 16.4 percent on condos and up 48.3 percent for new homes.

Mission Viejo Zip Code 92691 sales prices are up 15.0 percent and the sales volume is up 16.7 percent.
Mission Viejo Zip Code 92692 sales prices are up 12.0 percent and the sales volume is up 21.1 percent.
Aliso Viejo sales prices are down 0.2 percent and the sales volume is up 49.4 percent.
Laguna Niguel sales prices are down 7.9 percent and the sales volume is up 22.1 percent.
Rancho Santa Margarita sales prices are down 5.7 percent and the sales volume is up 21.6 percent.
San Clemente Zip Code 92672 sales prices are up 8.0 percent and the sales volume is up 21.6 percent.
San Clemente Zip Code 92673 sales prices are down 2.4 percent and the sales volume is up 67.6 percent

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Thursday, June 24, 2010

Market Report for Mission Viejo Area

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 8.4 percent, for new homes it is up 21.1 percent and for resale condos up 15.7 percent. The sales volume is up for resale homes 13.1 percent and up 24.3 percent on condos and up 24.3 percent for new homes.

Mission Viejo Zip Code 92691 sales prices are up 15.8 percent and the sales volume is up 17.8 percent.
Mission Viejo Zip Code 92692 sales prices are up 6.3 percent and the sales volume is up 52.3 percent.
Aliso Viejo sales prices are up 12.3 percent and the sales volume is up 79.7 percent.
Laguna Niguel sales prices are down 4.6 percent and the sales volume is up 20.5 percent.
Rancho Santa Margarita sales prices are up 0.7 percent and the sales volume is up 45.3 percent.
San Clemente Zip Code 92672 sales prices are even 0.0 percent and the sales volume is up 18.8 percent.
San Clemente Zip Code 92673 sales prices are down 2.9 percent and the sales volume is up 70.0 percent

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

The Short on Short Sales; Whats Best for you?

Whats best for you, in regarding short sale, foreclosure and loan modification? Here is a simplified look at all three, highlighting the differences and benefits of short sales as compared to the other options.

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

What's Best for You!

This is a sample of one of the flyers we use in our e-mail blasts to our past clients and sphere of influence. It will usually go out to about 1,180 at each blasts.

We believe that it should be easy to read and simple to understand.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Tuesday, June 15, 2010

Buyers Are Saving Money on Mortgages

Buyers are saving money on morgages because interest rates for home loans that are at a 50 year low. With the cost of financing so low it makes very good sense to finance a home with a 15 year fixed rate loan. Yes, the payments are higher, which does affect qualifying for the loan. However, the interest savings are great over the term of the loan combined with the monthly payment ending in one-half the time.

If a buyer was putting 20% down or more and requesting a $417,000 conforming loan today's interest rates would be approximately 4.50% on a 30 year loan and 3.875% on a 15 year loan. The buyer would pay approximately one point.

4.500% (30) $2,112.88 Monthly Payment
3.875% (15) $3,058.44 Monthly Payment

The difference in the two payments is $985.56. If the buyer felt comfortable with the 30 year payment then stretching a little to make the higher payment is a prudent financial decision. In 15 years the savings to the buyer is $210,116.88. With the 30 year loan the total interest paid over the life of the loan is $343,635.99. By adding the total interest to the original principal balance the total cost to pay off the loan over 30 years is $760,635.99. By comparison, the 15 year loan total interest is $133,519.71 for a total cost over the life of the loan of $550,519.71. That is a savings of $210,116.88.

Most first time homebuyers are just trying to get into a home and qualify for the loan. The 15 year loan is not an option in most cases. However, for the baby boomer looking ahead to retirement, when the 15 year loan is paid off the 30 year loan will still have 15 years to go at $2,112.88 monthly payment.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Sunday, June 13, 2010

Three Face Fraud Charges in Foreclosure Rescue

Another three face Charges in a foreclosure Rescue scam, Gregory Flores manager of All Fund Morgage in Anaheim, as well as Sheri Gale loan officer and Amy Hall former loan processor. Flores, Gale and Hall engaged in a scheme to defraus homeowners and lenders between May 2003 and June 2006 in Orange, Riverside and San Bernardino counties.

The three convinced homeowners to sell or refinance homes convincing them they could save them from foreclosure. Instead they would get cash out loans based on false information.
They would convince the homeowner to add others to the ownership of their homes in order to qualify for a loan. Homes were also sold to straw buyers. Often without the homeowners knowledge.
They made false statements on the income of the straw buyers.Homeowners lost title to their homes, while the straw buyers owed the lenders hundreds of thousands of dollars that they could not repay.
Flores could face up to 30 years and Hall and Gale could face a maximum of 20 years.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Homeowners Who Refinanced Will Get Help

Senate bill (SB 1178) would prohibit lenders from seeking repayment of loan on short sale and foreclosed homes, this California law will help homeowners who refinanced their homes. The California Senate reversed itself and passed a measure expanding mortgage protections to homeowners who have refinanced by a vote of 30-4.

The law had been the if you borrowed money to purchase a home you did not have to worry about any liability ont he mortgage other than the property itself. If the homeowner did refinance the home did not get a similar protection. SB1178 corrects this situation and both will be treated the same.

There is no protection for any cash that may have been have been taken out by the homeowner. They would still have to pay back the cash out portion of the loan.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Market Report for Mission Viejo area

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 11.2 percent, for new homes it is up 35.4 percent and for resale condos up 11.3 percent. The sales volume is up for resale homes 8.4 percent and up 18.0 percent on condos and up 81.8 percent for new homes.

Mission Viejo Zip Code 92691 sales prices are up 10.3 percent and the sales volume is up 10.9 percent.
Mission Viejo Zip Code 92692 sales prices are up 18.2 percent and the sales volume is up 38.2 percent.
Aliso Viejo sales prices are up 11.9 percent and the sales volume is up 47.4 percent.
Laguna Niguel sales prices are down 11.4 percent and the sales volume is up 22.0 percent.
Rancho Santa Margarita sales prices are down 7.7 percent and the sales volume is up 62.7 percent.
San Clemente Zip Code 92672 sales prices are up 4.6 percent and the sales volume is up 31.3 percent.
San Clemente Zip Code 92673 sales prices are down 0.8 percent and the sales volume is up 16.7 percent

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-874-2247

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

The Lending Industry and the Government

There is a war going on between the U.S. government and the lending industry. Due to the financial collapse of FNMA and FHLMC the government was required to step in and take over these two housing giants. FNMA just required an additional $11.8 billion dollars of new capital to keep them afloat. The U.S. government is trying to stem these losses by making all of the lenders buy back loans that were sold to these two agencies. If government auditors can find any discrepancy in the file they issue a repurchase agreement to the lender who in turn needs to use their capital to buy the loan back. In response to the increased buyback requests from the government lending institutions are pressuring their underwriters to make sure not one piece of documentation is missing from a loan file prior to the closing of the loan. This often results in conditions that don't make any sense to the borrowers and agents and can cause major upset prior to closing not to mention closing delays.

In 2009 Bank of America was requested to buy back $425 billion of home loans from FNMA and FHLMC. In 2010 the number is supposed to double. In the first quarter of 2010 Wells Fargo set aside $2.6 billion in reserves just to pay the legal bill for fighting the government and their buyback requests. The pendulum has swung from lenders making practically every loan four years ago to the extreme opposite making getting a home loan a very harrowing experience for the buyers, to say the least.

Is there anything you as agents can do to help make the borrower's experience less daunting? Absolutely there is. Have all of your clients be thoroughly pre-approved prior to putting them in your car. Unfortunately there are many versions of what a pre-approval entails. We cross pre-approve borrowers for REO and short sale properties. We see regularly the poor job and lack of documentation that made up the pre-approval. We have a lender that asks for supporting documentation from the buyer only to find out they don't qualify at all. Had we not asked to cross qualify the client that escrow would have collapsed shortly.

So what can be done to make sure the very best of efforts is being put forth?

One, call the lender that issued the pre-approval letter and ask, "Did you collect income and asset documentation and review it with an underwriter to determine the accuracy of the qualification?"

Two, allow time for the lender to take these steps in order to better prepare everyone. We are still asked to write pre-approval letters by talking to the client on the phone when the purchase contract is being written as everyone is in a hurry.

This process doesn't cut it in today's difficult lending environment. Remember, if the borrower did not submit income and asset documentation to the lender for review then the pre-approval letter in your hand isn't worth the paper it is written on.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Sunday, June 6, 2010

Median Home Sale Price is Up

Orange County's medisn home sale price is up and at a 21 month high. The median price is up showing at $440,000 for the home sale price.

This Year the median home selling price was 12.8 percent above the pervious year and 32 percent above 2007. The low point in the cycle was hit in January 2009 at $370,000. We are currently above that mark by 19 percent.

Sales volume is also up with 3,056 homes sold, up 12.8 percent compared to a year ago. New homes have increased there volume by and are now accounting for 6 percent of the total of the homes sold in Orange County.

We are definetly showing a trend toward a positive outcome in our area. If you were waiting for the positive sign before you bought or sold. You just got that message. So give us a call so we can help you with all of your real estate needs.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-874-2247

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Market Report for Mission Viejo Area

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 15.7 percent, for new homes it is up 34.9 percent and for resale condos up 13.5 percent. The sales volume is up for resale homes 7.0 percent and up 18.9 percent on condos and up 61.2 percent for new homes.

Mission Viejo Zip Code 92691 sales prices are up 25.8 percent and the sales volume is up 15.9 percent.
Mission Viejo Zip Code 92692 sales prices areup 11.1 percent and the sales volume is up 34.0 percent.
Aliso Viejo sales prices are up 18.0 percent and the sales volume is up 46.4 percent.
Laguna Niguel sales prices are down 6.2 percent and the sales volume is up 25.0 percent.
Rancho Santa Margarita sales prices are down 11.8 percent and the sales volume is up 33.3 percent.
San Clemente Zip Code 92672 sales prices are down 0.5 percent and the sales volume is up 20.0 percent.
San Clemente Zip Code 92673 sales prices are up 4.6 percent and the sales volume is up 2.6 percent

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Jesse James and Sandra Bullock Home

Did you here that the home owned by Jesse James and Sandra Bullock is for sale. The home is an ocean front home in Sunset Beach it is one of the beaches that is the closest thing to a private beach you can have in Orange County. The home is not on the Multiple Listing Service and is shown by appointment only and has a price tag of $6.75 million.

It is a shame Jesse James and Sandra Bullock who are going through a break up have to sell this two story ocean front home. The home sits on a corner lot and was rebuilt (remodeled in 2002). The home has an extensive security system with multiple cameras.

The entire great room overlooks the beach, and the glass enclosed pool.

If you are looking for the luxury home call us.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Listing on Westfield in Laguna Niguel

28165 Westfield Drive, LN $565,000

Attractive single story, 3 bedroom home with city lights view. This home features hardwood floors, French doors, fireplace, recessed lighting, and beautiful granite countertops in secondary bath. Exterior highlights are a private lap pool, in ground spa and covered patio area. Some cosmetic maintenance needed, but a wonderful home with great amenities!

Special Features:

SQ. FT. = 1,862 (estimated)2 Car attached GARAGE
Year Built = 1981
Private Lap pool and spa
Covered Patio
Fireplace in living Room

Additional Photos

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Over 40 Years Experience Representing South Orange County Home Buyers, Sellers,

Investors and Relocations!

Friday, June 4, 2010

There Are Realtors That Succeed at Short Sales

Short Sale Realtor's Successes

These are the properties that we have listed an sold lately Via Coyote, Polk Circle, Encantadi Canyon were sold and closed all short sales. Westfield Dr., and Coral Reach are short sales that we have just listed.

In addition, we have short sales that are under contract and are waiting to close. If you were wondering if you knew of a Realtor who can close short sales, we are that team. We can handle your problem property.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Tuesday, June 1, 2010

Compare the Real Estate Markets in Southern California

Housing Inventory Snapshot May 31, 2010

Average List Price Median List Price Average Days On Market

Los Angeles County, CA

Single Family under $600K $347,240 $345,000 88

Single Family over $600K $1,298,394 $899,000 112

Condo/Townhome under $400K $233,138 $229,000 99

Condo/Townhome over $400K $607,337 $524,950 100

Orange County, CA

Single Family under $1M $581,787 $569,000 87

Single Family over $1M $3,020,931 $1,950,000 136

Condo/Townhome under $600K $323,481 $318,000 91

Condo/Townhome over $600K $1,126,997 $895,000 135

Riverside County, CA

Single Family under $700K $229,851 $199,000 132

Single Family over $700K $1,545,416 $1,099,000 234

Condo/Townhome under $150K $101,536 $100,000 126

Condo/Townhome over $150K $236,533 $219,900 103

San Bernardino County, CA

Single Family under $700K $220,535 $180,000 113

Single Family over $700K $1,307,869 $1,100,000 133

Condo/Townhome under $200K $108,144 $104,000 115

Condo/Townhome over $200K $284,464 $239,990 140

MORTGAGE. National Averages (May 31, 2010)*

30-year fixed Rate - 4.92% APR - n/a%

15-year fixed Rate - 4.33% APR - n/a%

5/1 ARM Rate - 3.79% APR - n/a%

* Mortgage rates were collected from publicly available sources (yahoo.com) on the date stated. The accuracy of the information and the availability of these rates are not guaranteed by the publisher. Rates are provided for informational purposes only and are subject to change without notice. Actual market interest rates may vary.

** There are not enough listings in this category to compile comparative analysis.

*** MLS doesn't provide access to this data.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Sunday, May 30, 2010

The Market Report for the Mission Viejo Area

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 14.8 percent, for new homes it is up 39.9 percent and for resale condos up 16.6 percent. The sales volume is up for resale homes 10.1 percent and down 29.1 percent on condos and up 76.0 percent for new homes.

Mission Viejo Zip Code 92691 sales prices are up 25.3 percent and the sales volume is 22.2 percent.
Mission Viejo Zip Code 92692 sales prices are down 3.8 percent and the sales volume is up 51.0 percent.
Aliso Viejo sales prices are up 6.4 percent and the sales volume is up 31.9 percent.
Laguna Niguel sales prices are down 9.4 percent and the sales volume is up 32.4 percent.
Rancho Santa Margarita sales prices are down 8.2 percent and the sales volume is up 51.7 percent.
San Clemente Zip Code 92672 sales prices are down 17.9 percent and the sales volume is up 58.3 percent.
San Clemente Zip Code 92673 sales prices are down 1.5 percent and the sales volume is down 2.4 percent

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Distressed Sales in Orange County

Even though public auctions for foreclosed properties is increasing the standard sales (equity sales) are more frequently purchased than all of the distressed sales in Orange County. The buyers are not as interested in purchasing the short sale or the foreclosed property. The better deals that are not sold with a lot of damage is the standard sale they close in a shorter amount of time with less unknown. That is why we are seeing more standard sales and less distressed sales in Orange County.

We are expecting more foreclosures and short sales in the coming months of this year. So this statistic may not hold up.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Grand Opening of Central Park West Irvine

Now this is something to note Lannar had a grand opening on May 22, 2010 in Irvine for a project called Central Park West an urban-style project, but they sell no homes. I find this really interesting that with a crowd of 2,200 people that turned out and a $10,000 incentive from the state of California for new construction that no homes sold at Lannar's grand opening.

It is very curious that between 400 and 500 registration cards were filled out. I do not know what to think of that kind of failure. If I had 2,000 people show up at an open house I would certainly sell the home. So is it design or is it price? Or just fear in the community to purchase at this time.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

CoreLogic is a First American Spiningoff

Tuesday the mega firm First American is the second largest title company and is spinningoff its real estate data and consumer data business CoreLogic. CoreLogic is the largest despository of real estate and consumer data. This is all to happen on Tuesday.

The hope of First American and CoreLogic is that spiningoff the data company will increase the value of both companies stock. The current market of the combined companies is 4 billion. The suprise to me is that CoreLogic is valued at 2.5 billion while First American is valued at 1.5 billion. I would have guessed it would have been the other way around.

The belief is that it will grow in value faster separate than together. CoreLogic will be combining real estate data and consumer data in new ways. They are in a unique position of having both.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Sunday, May 23, 2010

The Distressed Properties Market in Orange County

The Orange County market is currently showing a 25% market share for single family, and 39.1% market share of homes that are distressed properties. The number of distressed home sales is dropping and that is a very good sign. It does appear that the lower end of the market has stabilized or at least has hit bottom.

There does seem to be a lid on appreciation due to the distressed properties which must work there way out of the market. A lot of distressed properties does not cause the market to have an up tick in the appreciation here in Orange County.

Rancho Santa Margarita has 56.3%, Portola has 60%, Ladera Ranch 52.3% are some of the highest areas in South Orange County with a lot of distressed properties. If we look at the value of the homes we see that the homeowners in distress approach the 50% mark in properties below $500,000. That price range is 43% of the entire active inventory and 63% of demand, the hottest price range.

Nation wide we see that over 7.3 million homes are in distress loans that are 30 days or more in a delinquent. The distressed properties market in the nation and in Orange County is still all too well.

If you need an expert in selling a home that is behind in payments call Tim Lorenz and the Elite Home Sales Team.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

The Weekly Mission Viejo Area Market Report

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 17.4 percent, for new homes it is up 32.8 percent and for resale condos up 16.6 percent. The sales volume is up for resale homes 9.7 percent and down 11.1 percent on condos and up 18.7 percent for new homes.

Mission Viejo Zip Code 92691 sales prices are up 22.5 percent and the sales volume is 33.3 percent.
Mission Viejo Zip Code 92692 sales prices are down 2.1 percent and the sales volume is up 38.3 percent.
Aliso Viejo sales prices are down 0.1 percent and the sales volume is down 5.5 percent.
Laguna Niguel sales prices are down 3.8 percent and the sales volume is up 38.1 percent.
Rancho Santa Margarita sales prices are down 3.7 percent and the sales volume is up 65.4 percent.
San Clemente Zip Code 92672 sales prices are down 16.9 percent and the sales volume is up 10.3 percent.
San Clemente Zip Code 92673 sales prices are down 9.0 percent and the sales volume is down 11.9 percent

If you are considering selling your home we are interested in helping you sell it Tim Lorenz and the Elite Home Sales Team. If you do not know what to do because you are behind in your mortgage and want some help Call Us we will sit down with you and explain the process.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Challenges in Condominium Financing

In order to obtain financing for buyers on condominiums, lenders generally require a Homeowner's Association Certification to evaluate the financial feasibility of the development. When processing a loan on an existing condominium development most of the concerns are in the following areas:

1) Is there litigation in the development?
2) What percent of the homeowners are delinquent on their HOA monthly dues?
3) How many investors own units in the development?

FHA, VA, FNMA and FHLMC all have major issues with litigation and request a more in depth review of the association's budgets in those cases. The allowable maximum HOA delinquency rate is 15% for FHA and exceptions can be made to 20% on FNMA/FHLMC loans. The investor ratio to occupancy is 50% for FHA and 51% conventional.

We have two types of HOA Certifications, full and limited. A full certification asks all three questions above but a limited certification asks only if there is litigation in the development. This means in many cases we request only the limited certification and the delinquency and investor ratios are not furnished by the HOA. Therefore, the delinquency ratio and the investor ratio not considered in the underwriting of the loan file.

When financing with FHA and VA a full certification is always required. A limited certification is used on conventional loans when the buyer has a 20% down payment on a primary home and 25% down on a second home. On investor financing a full certification is always required.

If you have any questions contact Tim Lorenz your Mission Viejo Realtor

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Wednesday, April 28, 2010

Fannie Mae Changing Rules on Waiting Period After Short Sale & Deed in Lieu

FNMA(Fannie Mae) has recently announced the minimum waiting period to obtain a new mortgage after a short sale or deed in lieu foreclosure is being reduced thus relaxing their rules. Effective, July 1, the wait will go from a minimum four to five years to two years. FNMA wants to encourage solutions for homeowners and to avoid foreclosure.

A minimum 20% down payment is required to qualify for the two year minimum payment. With 10% down the four year minimum will remain in place and less down will be longer. Foreclosures remain at a five year waiting period.

Extenuating circumstances, such as a job loss or a divorce, allows a two year minimum with 10% down. FNMA expects borrowers to reestablish their credit as well. Foreclosures and short sales generally have the same effect on a borrower's credit score. Three active revolving or installment debt credit trade lines for a twelve month payment history will be required. There should be no lates in that two year period. Nontraditional credit (utility bills, rent payments ... etc) will not be allowed.

FHA, with 3.5% down, is considering changes in their guidelines which currently requires a minimum of three years after a short sale or deed in lieu foreclosure. This could be a good thing

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

www.markandtim.com

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Sunday, September 12, 2010

Sunday, July 25, 2010

Sunday, July 18, 2010

Sunday, July 11, 2010

Sunday, July 4, 2010

Tuesday, June 29, 2010

Sunday, June 27, 2010

Thursday, June 24, 2010

Tuesday, June 15, 2010

Sunday, June 13, 2010

Sunday, June 6, 2010

Friday, June 4, 2010

Tuesday, June 1, 2010

Sunday, May 30, 2010

Sunday, May 23, 2010

Wednesday, April 28, 2010

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