SOUTHLAND HOME SALES PICKING UP WITH A CHANGE SEEN IN THE COASTAL REAL ESTATE MARKET
CORE TREND: The core trends of Southern California's 2008 housing market were on prominent display in December: Low-cost inland foreclosures sold briskly, builders had their worst month in decades, expensive markets remained in wait-and-see mode and lenders continued to hold back on making 'jumbo' home loans.
HOME SALES: Outpaced last year for the fifth consecutive month in November, when 55% of buyers in the resale market chose repossessed homes. The abundance of discounted foreclosures helped push the median sale price down a record 35% from a year ago.
LENDERS: The most active lenders to Southland home buyers right now are Countrywide, Bank of America and Wells Fargo.
FICO SCORES: So this is how FICO scores are weighted by lendrs for loan qualification purposes...
35% by Payment History
30% by Balances Owed
15% by Length of Credit History
10% by New Credit
10% by Types of Credit in Use
How calculated FICO scores effect loan rates:
720 - 850 Excellent, A-paper credit, the "good-guy" rates available;
680 - 719 Good, not much of a compromise on rates;
620 - 679 OK or Fair, clearly in range for FHA consideration;
580 - 619 Low, bottom of the range for FHA consideration, "alternate credit" comes heavily into play;
500 - 579 Poor, truly nothing can be done without credit rehabilitation.
*DataQuik 01/27/09, NLB Financial 01/27/09
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS AS OF 01/31/09 FOR:
Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,185, w/Bank Conditions = 477
In Escrow Listings = 385, w/Bank Conditions = 235
Sold from 01/01/08 = 3,061, w/Bank Conditions = 1,172
*MLS 01/31/09
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR DECEMBER 2007 COMPARED TO DECEMBER 2008:
% Change is from the same month last year.
City - # Sold - Median Sale Price - % change from 2007:
Balboa Island - 92662 - 0 - N/A - N/A
Capo Beach - 92624 - 3 - $840,000 minus 25.3%
Corona del Mar - 92625 - 8- $2,240,000 - minus 27.4%
Costa Mesa - 92626 - 22- $473,000 - minus 16.4%
Costa Mesa - 92627 - 32 - $433,000 - minus 20.6%
Dana Point - 92629 - 18 - $920,000 - minus 23.3%
Laguna Beach - 92651 - 23 - $1,275,000 - minus 14.4%
Laguna Niguel - 92677 - 34 - $700,000 - minus 3.4%
Newport Beach - 92660 - 9 - $1,528,000 - minus 58.9%
Newport Beach - 92661- 3 - $910,000 - minus 68.3%
Newport Beach - 92663 - 5 - $1,608,000 - minus 6.4%
Newport Coast - 92657 - 8 - $3,600,000 - minus 10.6%
San Clemente - 92672 - 18 - $653,000 - minus 8.7%
San Clemente - 92673 - 26 - $769,000 - minus 21.4%
*DQNews/LATimes, 01/29/09
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Approximate Location Boundaries: Coastal Communities of South Orange County
Location Characteristics: Commonly called the "California Riviera" for its beautiful beaches and mild climate!
ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673
