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| Anita Street Beach Sunset |
SALES ARE INCREASING, FORECLOSURES FALL
The number of California homes that went into foreclosure fell to a four-year low last quarter, the result of a more stable housing market as well as policy changes in the mortgage servicing industry. Notices of Default are down 17%.
A lot of theories are being floated as to why the numbers are down. Bank policy changes. Legal challenges. Politics. Holding back temporarily so as not to flood the market. The fact of the matter is that no one really knows, outside of lending and servicing industry insiders. One thing is certain: Homeowner distress spreads fastest when home price declines are steepest. And it now appears likely that, barring some some new economic shock, the worst of the price declines may be behind us.
LAGUNA BEACH MARKET: For September 2011 there have been 22 closed sales priced from $497,900 to $4.050,000. In escrow there are 74 properties and active listings are at a low of 309 homes.
*Source: SOCALMLS, DataQuick 9/30/11
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS FOR 2011 FROM 01/01/11:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,332 w/Bank Conditions = 413
In Escrow Listings = 847 w/Bank Conditions = 484
Sold from 01/01/11 = 3,204 w/Bank Conditions = 1074
*SoCalMLS 09/30/11
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR AUGUST 2011 COMPARED TO AUGUST 2011:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $2,500,000 - minus 38.7%
Capo Beach - 92624 - 9- $575,000 - 15.7%
Corona del Mar - 92625 - 14 - $1,713,000- minus 22.6%
Costa Mesa - 92626 - 33 - $479,000 - minus 10.0%
Costa Mesa - 92627 -21- $450,000 - minus 13.8%
Dana Point - 92629 - 18 - $640,000 - minus 24.1%
Laguna Beach - 92651 - 18 - $1,023,000 - minus 25.6%
Laguna Niguel - 92677 -59 - $647,000 - minus 2.3%
Newport Beach - 92660 - 35 - $1,250,000 - minus 3.8%
Newport Beach - 92661- 4 - $1,800,000 - minus 39.2%
Newport Beach - 92663 - 10- $1,288,000 - minus 19.5%
Newport Coast - 92657 - 16 - $1,700,000 - minus 2.9%
San Clemente - 92672 - 23- $583,000 - 1.2%
San Clemente - 92673 - 30 - $670,000 - 1.1%
*Not as many minus % compared to last year's average sale prices. DataQuickNews 09/01/2011
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ZIP Codes: 92662, 92625, 92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673
Approximate Location Boundaries: Coastal Communities of South Orange County
Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente. From "Castles to Cottages" there is a home here for everyone. Pamela Horton and Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
The number of California homes that went into foreclosure fell to a four-year low last quarter, the result of a more stable housing market as well as policy changes in the mortgage servicing industry. Notices of Default are down 17%.
A lot of theories are being floated as to why the numbers are down. Bank policy changes. Legal challenges. Politics. Holding back temporarily so as not to flood the market. The fact of the matter is that no one really knows, outside of lending and servicing industry insiders. One thing is certain: Homeowner distress spreads fastest when home price declines are steepest. And it now appears likely that, barring some some new economic shock, the worst of the price declines may be behind us.
LAGUNA BEACH MARKET: For September 2011 there have been 22 closed sales priced from $497,900 to $4.050,000. In escrow there are 74 properties and active listings are at a low of 309 homes.
*Source: SOCALMLS, DataQuick 9/30/11
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS FOR 2011 FROM 01/01/11:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,332 w/Bank Conditions = 413
In Escrow Listings = 847 w/Bank Conditions = 484
Sold from 01/01/11 = 3,204 w/Bank Conditions = 1074
*SoCalMLS 09/30/11
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR AUGUST 2011 COMPARED TO AUGUST 2011:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $2,500,000 - minus 38.7%
Capo Beach - 92624 - 9- $575,000 - 15.7%
Corona del Mar - 92625 - 14 - $1,713,000- minus 22.6%
Costa Mesa - 92626 - 33 - $479,000 - minus 10.0%
Costa Mesa - 92627 -21- $450,000 - minus 13.8%
Dana Point - 92629 - 18 - $640,000 - minus 24.1%
Laguna Beach - 92651 - 18 - $1,023,000 - minus 25.6%
Laguna Niguel - 92677 -59 - $647,000 - minus 2.3%
Newport Beach - 92660 - 35 - $1,250,000 - minus 3.8%
Newport Beach - 92661- 4 - $1,800,000 - minus 39.2%
Newport Beach - 92663 - 10- $1,288,000 - minus 19.5%
Newport Coast - 92657 - 16 - $1,700,000 - minus 2.9%
San Clemente - 92672 - 23- $583,000 - 1.2%
San Clemente - 92673 - 30 - $670,000 - 1.1%
*Not as many minus % compared to last year's average sale prices. DataQuickNews 09/01/2011
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ZIP Codes: 92662, 92625, 92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673
Approximate Location Boundaries: Coastal Communities of South Orange County
Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente. From "Castles to Cottages" there is a home here for everyone. Pamela Horton and Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
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