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 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

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!

California Tax Credit For Home Buyers Is Almost Out of Money

The California tax credit for home buyers has been a big success it is almost out of money. The federal tax credit finished on April 30, 2010 to qualify for up to $8,000 in federal tax breaks. California started their tax credit May 1, 2010. It has been so successful that the amount of money set aside for the tax credit is almost gone. 80 percent of the home buyers tax credit funds or set asside  has been claimed by buyers.



The tax credit is issued on a first come first served basis and about 5,630 homeowners have filed for the credit. The program allow home buyers to seek up to $10,000 in tax breaks, spread over three years. The homes must have closed after April 30, 2010.

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 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

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!

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!

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!

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!

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!