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

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!

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!

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!