Interest rates for home loans are at 50 year lows. 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 ma... 06/15/2010

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... 06/13/2010

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.  06/13/2010

This weeks market report for San Clemente 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 sal... 06/13/2010

    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 pri... 06/13/2010

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 ... 06/06/2010

This weeks market report for San Clemente 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 sa... 06/06/2010

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! 06/03/2010

DisEven 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.   05/30/2010

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... 05/30/2010

This weeks market report for San Clemente 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 ... 05/30/2010

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 distre... 05/23/2010

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. W... 05/23/2010

This weeks market report for San Clemente 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 ... 05/23/2010

This weeks market report for San Clemente and surrounding areas shows that Orange County Median Prices for the resale homes were up 18.8 percent, for new homes it is up 20.0 percent and for resale condos up 18.0 percent.  The sales volume is up  for resale homes 10.6 percent and up 13.1 percent on condos and up 44.2 percent for new homes.  Mission Viejo  Zip Code 92691  sales prices are up 49.4 percent and the sales volume is 44.1 percent. Mission Viejo  Zip Code 92692  sales prices are up 2.2 percent and the sales volume is up 25.6 percent. Aliso Viejo  sales prices are down 4.3 percent and the sales volume is up 19.0 percent. Laguna Niguel  sales prices are down 9.2 percent and the sales volume is up 50.9 percent. Rancho Santa Margarita  sales prices are down 1.3 percent and the sales... 05/16/2010

This weeks market report for San Clemente and surrounding areas shows that Orange County Median Prices for the resale homes were up 18.8 percent, for new homes it is up 20.0 percent and for resale condos up 18.0 percent.  The sales volume is up  for resale homes 10.6 percent and up 13.1 percent on condos and up 44.2 percent for new homes.    Mission Viejo  Zip Code 92691  sales prices are up 49.4 percent and the sales volume is 44.1 percent. Mission Viejo  Zip Code 92692  sales prices are up 2.2 percent and the sales volume is up 25.6 percent. Aliso Viejo  sales prices are down 4.3 percent and the sales volume is up 19.0 percent. Laguna Niguel  sales prices are down 9.2 percent and the sales volume is up 50.9 percent. Rancho Santa Margarita  sales prices are down 1.3 percent and the sal... 05/10/2010

We hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date. Housing Inventory Snapshot April 27, 2010   Average List Price Median List Price Average Days On Market Los Angeles County, CA Single Family under $600K $345,322 $342,900 91 Single Family over $600K $1,314,120 $899,500 112 Condo/Townhome under $400K $236,602 $230,000 100 Condo/Townhome over $400K $604,680 $499,999 98 Orange County, CA Single Family under $1M $584,865 $572,900 86 Single Family over $1M $3,007,610 $1,899,000 131 Condo/Townhome under $600K $323,025 $319,900 92 Condo/Townhome over $600K $1,110,716 $870,000 127 Riverside County, CA Single Family under $700K $232,174 $199,000 135 Single Family over $700K $1,... 05/10/2010

The Veterans Administration will no longer accept HUD/FHA approved condo projects. This change is due to FHA condo approval requirements no longer conform to VA condo approval policy requirements. This became effective March 22, 2010.  Condominiums previously accepted by VA, based upon HUD/FHA acceptance will continue to be acceptable to VA however, the VA's web site must be reviewed to validate the project is listed. If the condo project is not listed then the VA project approval process will be required.   In order check to see if a condo project is approved by VA go to the VA web site at www.homeloans.va.gov. Under Appraisal Functions you will see Registered Builders, Condo's and Planned Unit Development (PUDs) and click on it. You will then see Condo/PUD Reports on the left and cli... 04/18/2010

This weeks market report for San Clemente and surrounding areas shows that Orange County Median Prices for the resale homes were up 19.4 percent, for new homes it is down 1.8 percent and for resale condos up 19.0 percent.  The sales volume is up  for resale homes 4.2 percent and up 18.3 percent on condos and up 18.3 percent for new homes.   Mission Viejo  Zip Code 92691  sales prices are up 30.1 percent and the sales volume is 10.4 percent. Mission Viejo  Zip Code 92692  sales prices are up 5.5 percent and the sales volume is up 4.2 percent. Aliso Viejo  sales prices are up 5.2 percent and the sales volume is up 40.0 percent. Laguna Niguel  sales prices are down 7.4 percent and the sales volume is up 49.2 percent. Rancho Santa Margarita  sales prices are up 11.2 percent and the sales vo... 04/18/2010

The California Department of Real Estate say it has been alerted to cases of fraudulent short sales.  The Department of Real Estate is issuing warnings about fraudulent short sales.  As reported in The Orange County Register today by Kelli Hart. Short sales using straw buyers.  The majority of this type of sale is by an unlicensed person who wants to flip the property.  In some cases they use a short sale facilitator who looks for homes that are on the verge of foreclosure and persuades the lender to accept a low offer.  This is usually done using straw buyers, questionable or self-interested broker price opinions or appraisals and by failing ot disclose that a sale at a higher price has previously been negotiated. Secret payments to a junior lein holder outside of escrow without the k... 04/11/2010