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. 6 JOCELYN Ct Aliso Viejo, CA 92656 $307,000 5 REX Ct #24 0.13 miles 3 bd / 2.5 ba 1,286 Sq. Ft. $249,900 22681 OAKGROVE #414 0.24 miles 2 bd / [Read More...]
The US has a consumer based economy. If people stop spending then the economy. I’m not saying that it’s right I’m just reporting the facts. I don’t have a problem with Strategic Default, I just don’t want to their mistake and the bank’s mistake again. These loans shouldn’t have a federal guarantee…since past behavior usually repeats its-self in the future. Foreclosed Americans find way back to homeownership By Jilian MincermNEW YORK | Wed May 16, 2012 3:00pm EDT Reuters (Reuters) [Read More...]
As banks keep supply of the shadow inventory of homes off the market rents have increased. This is a free market and the home builders and landlords have noticed this fact and have started building and financing multifamily housing. It will be interesting to see what happens to rents with these new family houses hit the market place. In addition, Fannie Mae and Freddie Mac have endorsed and pushed this new REO to rental plan which will further be pressure [Read More...]
In a nutshell the shadow inventory, the amount homes in the foreclosure pipeline or delinquent is shrinking. The owners are not paying their loans, but banks either face difficulty or unwilling to foreclose of on these homes. Why? The banks don’t to flood the market with homes and push down home prices even further. It’s really just that simple. Foreclosures Fall…And That’s a Bad Thing? Published: Tuesday, 15 May 2012 | 12:53 PM ET By: Diana Olick CNBC Real Estate [Read More...]
Shadow inventory hasn’t been making headlines for the last several weeks. This article brings it back to the fore front. Shadow inventory is still out there and still can affect prices. IR, preformed analysis on the Orange County shadow inventory concluded it would take 9 years to clear it out and took a lot of heat for it. Now this article is stating 16 years for the New York market. Please note the New York is a judicial market and [Read More...]
Principal reductions reward bad behavior. If you give it one mortgage holder they all going to want it. Even though the mortgage holder can afford it, they are going to want the same reward has their neighbor. This is called moral hazard. If the federal government pushes this policy it’s going to open up a big slippery slope. It will probably cause and another, but more expensive bailout of the banking system. Will Mortgage Principal Reductions Work? By Keith Gumbinger [Read More...]
This article doesn’t explain the reason rents are raising. Rents are increasing because banks are keeping vacant homes off the market. In fact banks, Fannie, and Freddie all gearing up for the REO to rental program and I predict it this program will put pressure on increasing rents. Rents soar as foreclosure victims, young workers seek housing By Alejandro Lazo, Los Angeles Times May 5, 2012, 8:09 p.m. A nation still struggling to clear up one housing debacle has run [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. 1 TULARE Aliso Viejo, CA 92656 $325,000 8 SAPHIR Way 0.14 miles 2 bd / 2 ba 1,200 Sq. Ft. $344,900 94 LA MIRAGE Cir 0.14 miles 2 bd / 2 [Read More...]
The big but is re-default rates. Like Esther Cho articles, but she leave out, not on purpose, the re-default rate on loan modifications. They are very high and the HAMP 2.0 is new, so you won’t see the higher rates. This problem in occurring in the FHA program. Delinquency Rate Reaches Lowest Level Since 2009: TransUnion 05/09/2012 By: Esther Cho After declining during the 2012 first quarter, the national mortgage delinquency rate is at its lowest level since the first [Read More...]
Question for the Reader: Was the Hardest Hit Fund HHF established by the Treasury? If yes, then this is a taxpayer bailout. I pay my mortgage, IR pays his rent, where is our bailout? In California, GSE-Backed Loans to Accept Funds for Reducing Principal By: Esther Cho May 8, 2012 Due to one important adjustment, Fannie Mae and Freddie Mac can soon start accepting funds to be applied towards reducing principal balances in California. Different from simply writing off principal [Read More...]
I don’t want to give anybody free rides, but it reminders me of debtors prison in Victorian Eng. If you can’t get your transcriptions then how do you get a job? Bailout number # 1687 is coming. Colleges Withhold Transcripts From Grads in Loan Default Dave Lindorff March 30, 2012 More than ten years ago, Pedro Rodriguez, a talented keyboard musician, came from his colonial homeland of Puerto Rico to go to Temple University. From a low-income family, he depended [Read More...]
The drop in homeownerhip rates is not due to the economy situation. A lot of home owners received loans that were based on trying to get the renter into a home, not what the renter could afford. Now that these affordability loan products have ballooned and coming due, many of these people are becoming renters again. Tumbling Homeownership Marks a Return to Normal By Chris Farrell on May 04, 2012 For anyone who owns a home, the past six years [Read More...]
Modifications were publicized as a way to lower delinquencies on these Freddie Mac loans. However, now that banking cartel has received their settlement,s the preferred way for banks to deal with the loan owners is through short sales, which are initiated by the seller. The banks are now trying to withhold more shadow inventory off the market. Freddie Mac mortgage modifications down as fewer loans go delinquent By Jon Prior May 3, 2012 • 12:31pm HousingWire Mortgage servicers modified roughly [Read More...]
Will the experts predict there will be a turn around in home values, first you need a recovery in the employment situation. The number of people and income growth are linked the value of homes. It’s not population, it’s income. The 86 million invisible unemployed By Annalyn Censky@CNNMoneyMay 4, 2012: 10:39 AM ET NEW YORK (CNNMoney) — There are far more jobless people in the United States than you might think. While it’s true that the unemployment rate is falling, [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. 25192 MAMMOTH Cir Lake Forest, CA 92630 $619,000 25092 MAMMOTH Cir 0.12 miles 4 bd / 2.75 ba 3,055 Sq. Ft. $540,000 21831 ZUNI Dr 0.21 miles 4 bd / 3 [Read More...]
