People read this blog for a variety of reasons. Some like the in-depth coverage of housing issues unfettered by bias and bullshit. Some like the entertaining cartoons and HELOC abuse stories of woe. Some like the market information and cogent analysis of current trends in the OC market. This last group usually has one question in mind: is it a good time to buy a house? The answer to that question is an unequivocal maybe. There is no perfect time [Read More...]
Last fall B of A and other major banks increased their filings of Notices of Default. Since then I have been predicting a spring surge of REO that would snuff out the spring rally. Right on schedule in January, Notices of Trustee Sale and the number of REO acquired increased, and it looked like the REO would hit the market in time for the spring selling season. Then lenders changed their collective minds. In February, lenders abruptly curtailed their acquisition [Read More...]
The OC Housing News profiles properties for sale each day and presents current market data on each city in Orange County. If you really want to know what’s happening in the OC Housing market, you need to read the OC Housing news and subscribe to the our monthly newsletter. Redfin is the most popular real estate search site in Southern California. They track the most popular listings based on the number of views each receives. Below are some of the [Read More...]
A Garden Grove Ponzi An ordinary house in an ordinary neighborhood with an extraordinary amount of mortgage equity withdrawal. This house was purchased on 6/28/1999 for $260,000 with a $195,000 first mortgage, a $39,000 second mortgage, and a $26,000 down payment. On 6/13/2001 they refinanced with a $282,000 first mortgage. On 8/30/2005 they opened a $200,000 HELOC. On 9/8/2006 they refinanced with a $462,000 first mortgage and a $66,000 HELOC. Total property debt was $528,000. Total mortgage equity withdrawal was [Read More...]
The OC Housing News profiles properties for sale each day and presents current market data on each city in Orange County. If you really want to know what’s happening in the OC Housing market, you need to read the OC Housing news and subscribe to the our monthly newsletter. Redfin is the most popular real estate search site in Southern California. They track the most popular listings based on the number of views each receives. Below are some of the [Read More...]
The OC Housing News profiles properties for sale each day and presents current market data on each city in Orange County. If you really want to know what’s happening in the OC Housing market, you need to read the OC Housing news and subscribe to the our monthly newsletter. Redfin is the most popular real estate search site in Southern California. They track the most popular listings based on the number of views each receives. Below are some of the [Read More...]
Garden Grove Overview Median home price is $330,000. Based on a rental parity value of $454,000, this market is under valued. Monthly payment affordability has been improving over the last 9 month(s). Momentum suggests improving affordability. Resale prices on a $/SF basis declined from $235/SF to $231/SF. Resale prices have been weak for 12 month(s). Price momentum suggests weak prices over the next three months. Median rental rates declined $31 last month from $$1,948 to $$1,916. Rents have been slowly [Read More...]
The OC Housing News profiles properties for sale each day and presents current market data on each city in Orange County. If you really want to know what’s happening in the OC Housing market, you need to read the OC Housing news and subscribe to the our monthly newsletter. Redfin is the most popular real estate search site in Southern California. They track the most popular listings based on the number of views each receives. Below are some of the [Read More...]
Homebuilders are optimistic by nature. I have been to many economic forecasts, and homebuilder economists always tell their audience the demand for homes will far outpace the supply. There is always a chronic shortage of housing according to homebuilding economists, and homebuilders must step up to meet this need. Homebuilders are like any other seller prone to hear what they want to hear and pay for economists to tell them the same. Unfortunately, homebuilder economists have been consistently wrong. Homebuilders [Read More...]
Hope springs eternal. People are prone to believe what they want to believe, and with a little bullshit from the the National Association of realtors buyer sentiment toward housing has barely declined at all since the housing bubble catastrophically burst six years ago. Take a careful look at the chart below, and marvel over the foolish optimism of potential homebuyers. Most homebuyers over the last 10 years are currently either underwater or the value of their home is worth less [Read More...]
Astute Observations