Is There Such a Thing as a ‘Short’ Short Sale? Yes…If You Have the Right Lender
One of the great oxymorons of the real estate industry is the Short Sale, which has become famous for being anything but short. I've been promised 60 days only to have it become 5 months. I've had a bank tell me it would likely take 6 months, only to have it take a year. I also am leery of an…
Read more...The Home I Rent Was Foreclosed – When Do I Have to Move?
The foreclosures are abundant in Orange County and the impact is felt by many - including tenants. With the sharp increase in investment purchases during the boom, many of the properties currently in foreclosure are tenant occupied. What Happens When the Home You Are Renting Forecloses? Tenant rights have been addressed in recently weeks under the 'Helping Families Save Their Homes Act'. On May 20th, 2009, Obama signed the new law that extends the rights of a tenant to stay in the forecl…
Read more...Microscope on the Market – Wagon Wheel
Wagon Wheel Wagon Wheel is small community in Trabuco Canyon located off Oso Parkway not far from the south gate of Coto de Caza. The homes were built in the mid 90's by Kaufman & Broad who subsidized the original mello roos bonds making it known in part, for it's very reasonable tax rate. H…
Read more...Foreclosures Will Be on the Rise
No crystal ball needed here - we are about to see a sharp increase in foreclosures in the coming months. The foreclosure report for the month of March was recently released by Foreclosure Radar. During the final months of 2008, many lending institutions participated in a voluntary moratorium on…
Read more...Loan Modifications May Not Be the Answer
This may not be the most politically correct piece that I'll write but that's never been my goal here on OC Voice. So here goes.... One of my clients sent me a link to an article published online on CNBC about 'Mortgage Re-Defaults Rising with No Sign of Slowing'. The article states that, "..…
Read more...Foreclosures Making it Tough for the Traditional Seller
Even in a tough market for sellers, there are still those that must sell due to personal circumstances. Whether it's a divorce, job relocation, or financial strain - there are still homeowners with equity, that find themselves in the position of having to sell and in this market, that can pose som…
Read more...CNN Money Predicts the 10 Worst Housing Markets – 8 Out of 10 in California
This morning I came across an article on CNNMoney.com. They predicted the top 10 worst housing market for 2009 across the country and California had the unfortunate distinction of having 8 out of 10 spots. Ranked as number 6 for the worst real estate markets in the country was the Santa Ana - Anaheim area. The Median sales price for 2008 was stated at $532,140. The prediction for '09 was a 23.7% decline. The prediction for 2010 was a 3.5% decline. If these predictions are accurat…
Read more...Tracking the Bust and the Misconception of ‘MEDIAN’
This week Jonathon Lansner did his recap of the Dataquick report on the Orange County real estate market. Where are we today? And what does it really mean? The Median Sale Price as reported by Dataquick for a home in the OC was $400,000 - which brings us back to May of 2003 if you're tracking the bust backwards. Lansner states, "That means that 53% of the 1996 to 2007 profit has evaporated." I found some other interesting tidbits on the DQNews site to report: 44.2% of sales in Ora…
Read more...It’s a Buyer’s Market – Or Is It?
I did some research for a client tonight and the findings are important to share with readers here. If you are a serious buyer or seller, this information is telling. Please stick with the tedium of the stats because the story it tells is meaningful. This particular buyer is looking in Mission Viejo between $450,000 and $550,000. He wants a single family residence. With that criteria, I hit the MLS looking for a picture of where we really are. As many of you know, I'm the last pe…
Read more...Further Evidence of the Short Sale Debacle
I had this conversation on Twitter today and had to share it as further evidence of the common problems we see in the marketplace when it comes to the handling of Short Sales. In case you are not familiar with Twitter, it's a social media and micro-blogging platform. The banks aren't improving th…
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Linsey Planeta
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