OC BEACH

Sparks flames out: a lesson on positive real estate cashflow

CORONA DEL MAR, NEWS Tagged with: 3 - realtors

May 092012

David Richard Sparks is going to prison. I first wrote about this realtor last June in Orange County realtor lied to clients, stole their money, and admitted to massive Ponzi scheme. According to his confession, he forged bank documents, used non-existent escrow companies, provided bogus status updates and falsely reported significant profits. Victims said if they did not want to reinvest their money with him, Sparks made up excuses for why he could not give it back. He’s quite a piece [Read More...]

Pimco fund manager who sold at the peak just bought a house

HUNTINGTON BEACH, NEWS Tagged with: Market Bottom

May 072012

Timing the housing market is important. Pundits make predictions all the time, and mostly they are wrong. It’s rare to find an analyst who has the foresight to see a change in the market and the courage to act on their insights. Mark R. Kiesel, a Pimco fund manager, is one such analyst. Back in 2006, he posted For Sale and Still Renting on Pimco’s site (no longer there), a detailed analysis of the housing bubble and the reason for [Read More...]

Forcing second mortgage loss recognition brings reality back to bank reporting

CORONA DEL MAR, NEWS Tagged with: 3 - Federal Reserve, Bailouts

Apr 262012

Forcing second mortgage loss recognition brings reality back to bank reporting

For the last four years the health of the American banking system has been an illusion. In 2008 our insolvent banks were deemed too-big-to-fail, and regulators began allowing banks to market their assets to a fantasy valuation rather than fair-market value. Once insulated from loss recognition, lenders embarked on a policy of amend-extend-pretend with delinquent borrowers. Never before have so many been allowed to squat in luxury for so long. The policy of mark-to-fantasy bank accounting was necessary to make [Read More...]

Two good reasons to keep renting

HUNTINGTON BEACH, NEWS Tagged with: 3 - Landlords-Renters

Apr 132012

I still rent. I own investment properties, but I still rent my primary residence. In all likelihood, the properties at the mid to high price points common in Irvine will continue to come down over the next few years, so there is little urgency. I am enticed by the low interest rates and the historically low cost of ownership, but there are advantages to renting that shouldn’t be overlooked. There are two good reasons to rent in today’s market: (1) [Read More...]

HELOC Abuse at twenty-six year low

CORONA DEL MAR, NEWS Tagged with: 3 - HELOC Abusers, Mortgage Equity Withdrawal

Apr 122012

Back in August of 2010, I noted that HELOC abuse had hit a record low. Since then, it has declined even further. A recent report from Fannie Mae puts mortgage equity withdrawal at a 26-year low. I guess when owners have no equity, it’s much harder to raid the piggy bank. Our national economy has become completely dependent upon loan owners. What will it take for us to kick the habit? 85 Percent of Refinancing Homeowners Maintain or Reduce Mortgage [Read More...]

Dana Point HELOC abuse bargain property

DANA POINT

Apr 022012

HELOC abuse creates distressed properties Many distressed properties are a result of people who overborrowed at the peak. Many others come from people who borrowed themselves into oblivion. The owner of today’s featured property paid $335,000 on 10/30/1989. I don’t have their original loan data, but they likely put 20% down ($67,000) and borrowed $268,000. On 8/27/1998 they borrowed $287,500 and $35,000 on new first and second mortgages. On 8/11/1999 they borrowed $53,465 on a new stand-alone second. On 10/16/2001 [Read More...]

Another view of what’s “normal” in housing

DANA POINT, NEWS

Mar 312012

Another view of what's "normal" in housing

One thing most real estate market observers do agree on is that our current market conditions are not normal or healthy. But what is a “normal” market anyway? Real Estate Recovery: Are We There Yet? March 28, 2012 The first few months of 2012 have seen some pretty encouraging stats, but after years of nothing but bad news about the housing market, it can be hard to gauge what “normal” is anymore. According to new measure from real estate website [Read More...]

San Clemente prices down 9.4%

SAN CLEMENTE

Mar 282012

San Clemente Overview Median home price is $566,000. Based on a rental parity value of $517,000, this market is fairly valued. Monthly payment affordability has been worsening over the last 2 month(s). Momentum suggests worsening affordability. Resale prices on a $/SF basis increased to $275/SF to $275/SF. Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months. Median rental rates declined $33 last month from $2,216 to $2,183. Rents have been rising [Read More...]

Current trends in the OC housing market: 3-24-2012

FULLERTON, GARDEN GROVE, HUNTINGTON BEACH, IRVINE, NEWPORT BEACH, ORANGE

Mar 242012

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...]

Huntington Beach prices diving below rental parity

HUNTINGTON BEACH

Mar 192012

Huntington Beach Overview Median home price is $456,000. Based on a rental parity value of $582,000, this market is under valued. Monthly payment affordability has been improving over the last 10 month(s). Momentum suggests improving affordability. Resale prices on a $/SF basis declined from $318/SF to $311/SF. Resale prices have been weak for 12 month(s). Price momentum suggests weak prices over the next three months. Median rental rates increased $0 last month from $$2,458 to $$2,458. Rents have been slowly [Read More...]

Have mortgage interest rates bottomed?

CORONA DEL MAR, NEWS

Mar 182012

Treasurys plunge as traders, Fed bet on economic strength; mortgage rates may creep up By Associated Press, Published: March 14 WASHINGTON — The bond market is betting on a stronger economy. Prices for U.S. Treasury debt plunged for the fifth straight trading session Wednesday, and the yield on the benchmark 10-year note spiked to its highest level since October. Money poured out of bonds and into stocks after rosy words on Tuesday from the Federal Reserve gave traders confidence that [Read More...]

Current trends in the OC housing market: 3-17-2012

ANAHEIM, FULLERTON, GARDEN GROVE, HUNTINGTON BEACH, IRVINE, NEWPORT BEACH, ORANGE

Mar 172012

Current trends in the OC housing market: 3-17-2012

Newport Coast resale prices spike higher

NEWPORT COAST

Mar 162012

Newport Coast Overview Median home price is $1,406,000. Based on a rental parity value of $971,000, this market is over valued. Monthly payment affordability has been worsening over the last 3 month(s). Momentum suggests worsening affordability. Resale prices on a $/SF basis increased to $545/SF to $579/SF. Resale prices have been rising for 1 month(s). Price momentum suggests unchanging prices over the next three months. Median rental rates declined $666 last month from $4,766 to $4,100. Rents have been rising [Read More...]

Current trends in the OC housing market: 3-10-2012

ANAHEIM, FULLERTON, GARDEN GROVE, HUNTINGTON BEACH, IRVINE, NEWPORT BEACH, ORANGE

Mar 102012

Current trends in the OC housing market: 3-10-2012

Huntington Beach triplex. 5% cap rate

HUNTINGTON BEACH

Mar 082012

Huntington Beach Overview Median home price is $460,000. Based on a rental parity value of $582,805, this market is under valued. Monthly payment affordability has been improving over the last 9 month(s). Momentum suggests improving affordability. Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months. Resale prices that are falling generally causes payment affordability to increase. Rents have been slowly rising for 12 month(s). Price momentum suggests slowly rising rents over [Read More...]

Are the Ponzis taking over?

DANA POINT, NEWS Tagged with: 3 - Ponzis-Posers

Feb 252012

When I was young and much more liberal than today, people told me I would become conservative when I got older. I didn’t think it would happen. But when I look at how far the pendulum has swung to the bailout-and-take-care-of-me side, I wonder if we haven’t lost our way. Consumers outnumber producers, and everyone wants a free ride. Enough already. The ‘Take Care of Me’ Society is Wrecking the USA By MAUREEN MACKEY, The Fiscal Times January 28, 2012 [Read More...]

High-end loan owners strategically defaulting in large numbers

NEWS, SAN CLEMENTE Tagged with: Strategic Default

Feb 212012

Loan owners with big incomes believed house prices were going up forever. They bought houses they could barely afford because they believed the additional cost of ownership over renting would provide them with a return on their investment. Buying a house was part utility through providing shelter and part investment through capturing rapid appreciation. Of course, the actions of buyers willingly overpaying for houses drove prices higher in a self-fulfilling prophesy. Like all Ponzi schemes, it went on until the [Read More...]

Hottest Listings in Orange County 2-18-2012

CYPRESS, DANA POINT, FOUNTAIN VALLEY, FULLERTON, LAKE FOREST, WESTMINSTER

Feb 182012

Hottest Listings in Orange County 2-18-2012

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 most viewed property listings in Orange County. Check them out. 9291 PARLIAMENT Ave Westminster, CA 92683 — $389,900 Competing Listings $419,500 15932 COMMONWEALTH Pl 0.11 miles 3 bd / 1.75 ba 1,291 Sq. Ft. $457,000 9281 JASMINE Ave 0.31 miles 4 bd / 1 ba 1,390 Sq. Ft. $385,000 [Read More...]

Renters and home owners are ripped off by banksters and loan owners

CORONA DEL MAR, NEWS Tagged with: 3 - Landlords-Renters

Feb 152012

Home owners and loan owners are different. Both experience changes to their net worth from fluctuations in the resale prices of houses, but beyond that, people who own property don’t benefit from the various bailouts designed to keep loan owners paying their mortgages. Most people who own a loan erroneously think of themselves as home owners. They are not. They are money renters who hold title only as long as they continue to pay the rent on the money they [Read More...]

Hottest Listings in Orange County 1-28-2012

CORONA DEL MAR, IRVINE, LAGUNA HILLS, LAKE FOREST, NEWS, TUSTIN, WESTMINSTER

Jan 282012

Hottest Listings in Orange County 1-28-2012

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 most viewed property listings in Orange County. Check them out. See what everyone else finds so interesting. 335 FLYERS Ln Tustin, CA 92782 — $375,000 Competing Listings $639,900 53 DEL CAMBREA 0.82 miles 3 bd / 2.25 ba 1,683 Sq. Ft. $595,000 33 SPARROWHAWK 0.83 miles 3 bd / [Read More...]

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