Sunday, December 13, 2009

Few Get Loan Modification

Very few homeowners have been able to get loan modification. The Orange County Register this morning had an article stating Mortgage relief reaches few homeowners. Just over 31,000 that is just a few homewoners received permanent loan modifications since March under the Obama administration's mortgage relief plan.

Among the big lenders, who received TARP monies, Bank of America had the worst record. The nations largest lender had only completed 98 modifications for the 160,000 borrowers who had signed up by the end of November.

The weak results mean Obama admisistration is not going to hit its long term target of helping 3 million borrowers with loan modifications. 31,000 comparied to 3,000,000 is less than one tenth of what Obama thought was possible. I guess that we could say that only a few get loan modifications.

The more borrowers the program can't reach, the more foreclosed homes or short sales that will spill onto the market. Which pulls down the real estate market. The Treasury Department will step up its pressure on the banks to do something with the loan modification situation.

The article went on to say that the administration's focus is to "get as many of those eligible homeowners as posible into permanent modifications," said Phyllis Caldwell, chief of Treasury's homeownership preservation office. Could we do worse than having a focus and a department who fails this badly. How could you do worse?

When the poor progress was clear last summer, the Treasury Department set a goal of enrolling up to 500,000 borrowers by November 1, 2009.

Under the program, eligible borrowers who are behind or at risk of default can have their mortgage interest rate reduced to as low as two percent for 5 years.

It is a major failing of the Obama administration that only a few people get a loan modification when they ask for it.

Tim Lorenz
Instant MLS Listings & Free Market Analysis
"We have actually closed many short sales!"

949-282-2521




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

Monday, December 7, 2009

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 7.3 percent, for new homes it is up 5.4 percent and for resale condos up 8.5 percent. The sales volume is up for resale homes 11.3 percent and up 12.0 percent on condos and up 12.5 percent for new homes.


Mission Viejo Zip Code 92691 sales prices are down 8.4 percent and the sales volume is down 10.5 percent.

Mission Viejo Zip Code 92692 sales prices are down 1.6 percent and the sales volume is up 20.4 percent.

Aliso Viejo sales prices are down 2.6 percent and the sales volume is up 17.6 percent.

Laguna Niguel sales prices are down 4.8 percent and the sales volume is up 46.7 percent.

Rancho Santa Margarita sales prices are up 10.8 percent and the sales volume is up 36.8 percent.

San Clemente Zip Code 92672 sales prices are up 15.7 percent and the sales volume is up 14.8 percent.

San Clemente Zip Code 92673 sales prices are down 8.4 percent and the sales volume is up 17.9 percent

Tim Lorenz
Instant MLS Listings & Free Market Analysis
"We have actually closed many short sales!"

949-282-2521




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

Sunday, November 22, 2009

Nicolas Cage's Home Did Not Sell

Nicolas Cage's home on the Balboa Peninsula built in 1913, cottage style did not sell. Nicolas Cage tried to sell the home and dropped the price 3 times before he took it off the market because the home just did not sell. The original price was 1.9 million.



Nicholas Cage's trust paid 1.7 million for the home in December of 2006 the home was able to secure a renter instead of selling, because it just did not sell.



The home is a 1500 sq ft one story cottage, just a few doors from the sand steps to the Newport Pier. It is a 3 bedroom home that had been remodeled and had a granite kitchen and with maple cabinets. Don't be too sad Nicholas Cage's home that was on Bay Shore Drive sold in January 2008 for $35 million.



Nicholas Cage is selling off many of the homes he had all around the world at this time many of them at a loss others that did not sell. He also suffered losses in two homes that were in New Orleans to foreclosure.



Tim Lorenz
Instant MLS Listings & Free Market Analysis
"We have actually closed many short sales!"



949-282-2521




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

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 1.9 percent, for new homes it is up 15.4 percent and for resale condos up 7.5 percent. The sales volume is up for resale homes .1 percent and ever or 0.0 percent on condos and down 18.7 percent for new homes.



Mission Viejo Zip Code 92691 sales prices are down 10.7 percent and the sales volume is up 17.6 percent.

Mission Viejo Zip Code 92692 sales prices are down 1.0 percent and the sales volume is up 28.3 percent.

Aliso Viejo sales prices are down 13.8 percent and the sales volume is even or 0.0 percent.

Laguna Niguel sales prices are down 14.6 percent and the sales volume is up 39.7 percent.

Rancho Santa Margarita sales prices are down 2.6 percent and the sales volume is up 11.4 percent.

San Clemente Zip Code 92672 sales prices are down 6.9 percent and the sales volume is up 64.0 percent.

San Clemente Zip Code 92673 sales prices are down 10.6 percent and the sales volume is even or 0.0 percent



Tim Lorenz
Instant MLS Listings & Free Market Analysis
"We have actually closed many short sales!"


949-282-2521


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

Thursday, November 19, 2009

Tim's Rant

I'm sorry but I just have to get this off of my chest in what I call Tim's rant. What kind of a nation are we becoming? I grew up in a free nation that we respected each other's freedoms. Now, we have people who want us to live the way they think is good for us. STAY OUT OF MY FREEDOMS!!!!!


I told you I got up this morning and can't quite figure out why and how we got here thus Tim's rant. Yes, as I grew up I road a bicycle without a helmet, we could travel in the back of a pickup truck, we helped our neighbor without the State or Fed. help.



Now, besides all of the above there are movements to tax us calling it something else, like the pocket mouse removal on land here in California. When you pay the fee on so you can build no one traps the mouse no one does anything we just pay the state. How about the lotto in California.



We were told that if we had a lotto we would not have to worry about school buildings needing repair anymore. The money would go to education. Not true, oops I would get in trouble the money does go to education. DOES IT? The department of education has a budget so any money that flows into there department that is more than the amount to run education is pushed out to the general fund. No money actually goes to education and we still have schools that are in worse repair than before the lotto. Net result we are worse off.



Who is running the State of California and the Federal Government? Have we lost our minds? We turned off water to grow food in the great central valley of California and that was to help a 3 inch fish. No proof that the water pumps were causing the demise of the fish. We want to help them from going extinct. Since the shut off they these fish are still decreasing in number and people and food aren't that important. How does that add up?  The Federal Government is running the water into the ocean and not to the land causing a dust bowl.



So, a solution the Metropolitan Water District will cough up $350,000 to a San Diego project over a 25 years period and desalinate water. Sounds good right. No we can't do that either critics don't like that it is a private company and want the government that is broke to fund the project and build it. Environmentalists worry about the impact of highly salty brine and what will come of it. So they want alternatives. So for the nation at large you will not be getting the produce from California.



We must be the most distracted people in the world and don't know or care about how our freedoms are being taken away everyday. We are trying to take on too much from a government who cannot tell the truth. We need to actually take action and use our laws against those who made them and lied to us. If they have misused funds and gotten kickbacks while convincing us that the sky will fall if we are not being cared for by them we need to take action. If not vote out everyone.  I told you I was on a RANT.



We look at California the state is broke and today there is discussion that TVs take too much energy so they have set standards that reduce the power that a TV can use by about 50 percent. Not based on science or manufacturing standards or what is possible but what they believe it should be. That standard is only until 2012 then they want it to be a 3rd of what it now takes. Leave my enjoyment of TV alone.  Oh yea, 52 inch sets are exempt.  Why?  None of it makes sense.  So, people will purchase larger TVs or go out of state to purchase them leaving the retailers here in California without the usual sales. 



Where does this stop? Then we are going to be told by the feds which cars we can buy and what kind of health care we can purchase. Since the government cannot tell the truth and or run a business well, why are we doing this.



This is Tim's rant of the day.



Tim Lorenz
Instant MLS Listings & Free Market Analysis
"We have actually closed many short sales!"


949-282-2521

Sunday, November 15, 2009

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 4.2 percent, for new homes it is up 3.6 percent and for resale condos up 4.6 percent. The sales volume is up for resale homes 5.7 percent and up 8.8 percent on condos and down 19.6 percent for new homes.



Mission Viejo Zip Code 92691 sales prices are down 9.0 percent and the sales volume is up 15.4 percent.

Mission Viejo Zip Code 92692 sales prices are up 3.3 percent and the sales volume is up 33.3 percent.

Aliso Viejo sales prices are down 13.8 percent and the sales volume is even 0.0 percent.

Laguna Niguel sales prices are down 8.0 percent and the sales volume is up 39.7 percent.

Rancho Santa Margarita sales prices are down 26.6 percent and the sales volume is down 7.6 percent.

San Clemente Zip Code 92672 sales prices are up 7.0 percent and the sales volume is up 135.3 percent.

San Clemente Zip Code 92673 sales prices are down 9.0 percent and the sales volume is up 4.3 percent

Tim Lorenz
Instant MLS Listings & Free Market Analysis
"We have actually closed many short sales!"


949-282-2521




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

Sunday, November 8, 2009

Mission Viejo Area Market Report

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 3.6 percent, for new homes it is up 4.4 percent and for resale condos up 8.8 percent. The sales volume is up for resale homes 10.4 percent and up 10.2 percent on condos and down 6.9 percent for new homes.

Mission Viejo Zip Code 92691 sales prices are down 10.0 percent and the sales volume is up 21.3 percent.
Mission Viejo Zip Code 92692 sales prices are up 5.4 percent and the sales volume is up 29.6 percent.
Aliso Viejo sales prices are down 10.6 percent and the sales volume is down 4.6 percent.
Laguna Niguel sales prices are down 16.7 percent and the sales volume is up 47.8 percent.
Rancho Santa Margarita sales prices are down 22.4 percent and the sales volume is down 2.4 percent.
San Clemente Zip Code 92672 sales prices are up 3.8 percent and the sales volume is up 116.7 percent.
San Clemente Zip Code 92673 sales prices are down 12.3 percent and the sales volume is up 2.2 percent


Tim Lorenz
Instant MLS Listings & Free Market Analysis
"We have actually closed many short sales!"


949-282-2521


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