JULY 2009 SALES UP OVER JULY 2008 BY 12%THE MARKET:
Home sales are up compared to the same period a year ago. Whereas, the median price of an existing home declined 19.6%. "The federal tax credit for first-time buyers played a critical role in the purchase decision of many buyers," said C.A.R. President James Liptak. "Nearly 40 percent of first-time buyers said they would not have purchased a home if the tax credit was not offered."
LOAN INFO: Buyers are you thinking that your lender is asking for a lot of information? You are right. Here are the many items that lenders look at these days, even for A++ buyers...Loan size, Loan to Value, Combined Loan to Value, Credit Score, Credit History, Points paid/received, Loan/Program Type, Property Type, Occupancy Type, Residency/Citizenship, Available Assets, Seasoning of Assets, Co-Borrower(s), Debt Ratio, Housing Ratio, Employment Type, Employment History, Documentation Type, Gift Funds, Cash Out, How much Cash Out, Improvements Needed, Length of the Lock.
SELLERS: Please be patient and understanding as your buyers go through what is a very arduous process to obtain a loan.
*C.A.R./Sandstone Financial 8/31/09
------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR: Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,529, w/Bank Conditions = 374
In Escrow Listings = 934, w/Bank Conditions = 493
Sold from 01/01/09 = 2,371, w/Bank Conditions = 807
*MLS 08/31/2009
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2008 COMPARED TO JUNE 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 2 - $1,675,000 - minus 77.2%
Capo Beach - 92624 - 6 - $788,000 - 38.8%
Corona del Mar - 92625 - 12- $1,800,000 - 11.8%
Costa Mesa - 92626 - 27- $526,000 - minus 3.6%
Costa Mesa - 92627 - 29 - $556,000 - minus 0.5%
Dana Point - 92629 - 17 - $783,000 - minus 13.2%
Laguna Beach - 92651 - 30 - $1,175,000 - minus 41.3%
Laguna Niguel - 92677 - 56 - $640,000 - minus 11.2%
Newport Beach - 92660 - 29 - $1,308,000 - 3%
Newport Beach - 92661- N/A - Na/A - N/A
Newport Beach - 92663 - 16 - $1,656,000 - minus 1.1%
Newport Coast - 92657 - 11 - $1,800,000 - minus 28.7%
San Clemente - 92672 - 23 - $672,000 - minus 20.0%
San Clemente - 92673 - 40 - $768,000 - minus 7.0%
*Percentage change is compared to the same month of the prior year. DQNews/LATimes, 08/31/09
ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673Approximate 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 her partner Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
Monday, August 31, 2009
Wednesday, July 29, 2009
AUGUST 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
WHAT'S AHEAD?
THE MARKET: The pace of descent in home price values appears to be slowing due to four consecutive months of improved rates of return, after the steep decline that began in the fall of 2005.While many indicators are showing signs of life in the housing market, we should remember that on a year-over-year basis home prices are still down about 17% on average, so we likely do have a way to go before we see sustained home price appreciation.
FOR THE BUYER:
1. 71% fewer mortgages are available than a year ago.
2. Tight credit standards are in place at 85% of our banks.
3. Buyers with less than 20% need a FICO score of 720.
4. All assets and income will be re-verified at closing.
5. Conforming residential loan amount for OC is $625,500.
6. 2.9% of buyers get an adjustable rate mortgage vs.85% in 2005.
FOR THE SELLER:
1. Foreclosures and short-sales will continue to dominate.
2. Orange County filed 8,427 notices of default in the 1st quarter of 2009. This is up 19% from the 1st quarter of 2008.
3. Listing prices must be competitive for a successful sale.
4. Regardless of sellers' expectations, their house will be appraised conservatively.5. The buyers are still in control of pricing:
FOR THE INVESTOR:
1. If investor puts down less than 20%, it introduces: PMI; higher rates; added approval by insurance companies.
2. Loan rates are usually 0.75% to 1.0% higher than owner-occupied financing.
3. Investor loans are more difficult to get because 40% of foreclosures are investment properties.
4. Investors have to be prepared for rent reductions on their properties.
*CAR, Watts Report 7/29/09
------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,633, w/Bank Conditions = 400
In Escrow Listings = 835, w/Bank Conditions = 437
Sold from 01/01/09 = 1,971, w/Bank Conditions = 693
*MLS 07/29/2009
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2008 COMPARED TO JUNE 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - N/A - N/A - N/A
Capo Beach - 92624 - 3 - $575,000 - minus 21.8%
Corona del Mar - 92625 - 12- $1,180,000 - minus 39.6%
Costa Mesa - 92626 - 32- $500,000 - minus 12.7%
Costa Mesa - 92627 - 33 - $505,000 - minus 8.2%
Dana Point - 92629 - 36 - $785,000 - minus 4.3%
Laguna Beach - 92651 - 32 - $1,265,000 - minus 20.9%
Laguna Niguel - 92677 - 49 - $660,000 - minus 10.8%
Newport Beach - 92660 - 18 - $830,000 - minus 29.8%
Newport Beach - 92661- 1 - $710,000 - minus 71.3%
Newport Beach - 92663 - 6 - $1,775,000 - minus 6.6%
Newport Coast - 92657 - 11 - $1,900,000 - miunus 46.9%
San Clemente - 92672 - 25 - $646,000 - minus 22.9%
San Clemente - 92673 - 39 - $765,000 - minus 17.1%
Percentage change is compared to the same month of the prior year. *DQNews/LATimes, 07/29/09ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672,
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THE MARKET: The pace of descent in home price values appears to be slowing due to four consecutive months of improved rates of return, after the steep decline that began in the fall of 2005.While many indicators are showing signs of life in the housing market, we should remember that on a year-over-year basis home prices are still down about 17% on average, so we likely do have a way to go before we see sustained home price appreciation.
FOR THE BUYER:
1. 71% fewer mortgages are available than a year ago.
2. Tight credit standards are in place at 85% of our banks.
3. Buyers with less than 20% need a FICO score of 720.
4. All assets and income will be re-verified at closing.
5. Conforming residential loan amount for OC is $625,500.
6. 2.9% of buyers get an adjustable rate mortgage vs.85% in 2005.
FOR THE SELLER:
1. Foreclosures and short-sales will continue to dominate.
2. Orange County filed 8,427 notices of default in the 1st quarter of 2009. This is up 19% from the 1st quarter of 2008.
3. Listing prices must be competitive for a successful sale.
4. Regardless of sellers' expectations, their house will be appraised conservatively.5. The buyers are still in control of pricing:
FOR THE INVESTOR:
1. If investor puts down less than 20%, it introduces: PMI; higher rates; added approval by insurance companies.
2. Loan rates are usually 0.75% to 1.0% higher than owner-occupied financing.
3. Investor loans are more difficult to get because 40% of foreclosures are investment properties.
4. Investors have to be prepared for rent reductions on their properties.
*CAR, Watts Report 7/29/09
------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,633, w/Bank Conditions = 400
In Escrow Listings = 835, w/Bank Conditions = 437
Sold from 01/01/09 = 1,971, w/Bank Conditions = 693
*MLS 07/29/2009
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2008 COMPARED TO JUNE 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - N/A - N/A - N/A
Capo Beach - 92624 - 3 - $575,000 - minus 21.8%
Corona del Mar - 92625 - 12- $1,180,000 - minus 39.6%
Costa Mesa - 92626 - 32- $500,000 - minus 12.7%
Costa Mesa - 92627 - 33 - $505,000 - minus 8.2%
Dana Point - 92629 - 36 - $785,000 - minus 4.3%
Laguna Beach - 92651 - 32 - $1,265,000 - minus 20.9%
Laguna Niguel - 92677 - 49 - $660,000 - minus 10.8%
Newport Beach - 92660 - 18 - $830,000 - minus 29.8%
Newport Beach - 92661- 1 - $710,000 - minus 71.3%
Newport Beach - 92663 - 6 - $1,775,000 - minus 6.6%
Newport Coast - 92657 - 11 - $1,900,000 - miunus 46.9%
San Clemente - 92672 - 25 - $646,000 - minus 22.9%
San Clemente - 92673 - 39 - $765,000 - minus 17.1%
Percentage change is compared to the same month of the prior year. *DQNews/LATimes, 07/29/09ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672,
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Monday, June 29, 2009
JULY 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
ON THE HORIZON...SOME GOOD REAL ESTATE NEWS
SALES INFORMATION: In the sales comparables at the end of this article for May 2008 compared to May 2009, for some cities there is a noticeably smaller negative percent of sale prices. This would indicate that sellers are being more realistic in their pricing and acceptance of a sale price at today's market value and not for what they "hope to sell the house for!"
APPRAISAL PROBLEMS: Short sales and foreclosures although still quite strong, are not increasing as rapidly as they were. The primary problem NOW with the distress sale prices is that these sales affect every home's value when it comes to appraisal purposes. In some areas, and most areas in general, appraisal values are lower due to comparable sales of low priced foreclosure and short sale properties. Appraisers often compare as "like for like" a home in good condition to a property that was in very poor condition if the square footage, beds and baths are similar.
The Federal government has mandated that lenders and real estate brokers cannot talk to appraisers directly. In the past, an appraiser could discuss with the listing agent the benefits of one home compared to another. Today that is not allowed and appraisals are coming in with a low price.
LISTING PRICES: It is more important than ever for a seller to accept a reasonable sale price, as there is a chance the appraisal will not confirm the sale price.
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,689, w/Bank Conditions = 415
In Escrow Listings = 829, w/Bank Conditions = 418
Sold from 01/01/09 = 1600, w/Bank Conditions = 590
*MLS 06/29/2009
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2008 COMPARED TO MAY 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - N/A - N/A - N/A
Capo Beach - 92624 - 12 - $530,000 - N/A
Corona del Mar - 92625 - 4- $2,061,000 - minus 10.6%
Costa Mesa - 92626 - 24- $540,000 - minus 0.5%
Costa Mesa - 92627 - 26 - $550,000 - minus 0.7%
Dana Point - 92629 - 20 - $687,000 - minus 33.9%
Laguna Beach - 92651 - 24 - $1,810,000 - minus 32.9%
Laguna Niguel - 92677 - 42 - $668,000 - minus 10.4%
Newport Beach - 92660 - 19 - $1,203,000 - minus 28.1%
Newport Beach - 92661- 4 - $1,375,000 - minus 22.0%
Newport Beach - 92663 - 3 - $1,160,000 - n/a
Newport Coast - 92657 - 6 - $1,734,000 - 2.4%
San Clemente - 92672 - 22 - $580,000 - minus 31.8%
San Clemente - 92673 - 20 - $691,000 - minus 14.7%
Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 06/29/09
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 her partner Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
SALES INFORMATION: In the sales comparables at the end of this article for May 2008 compared to May 2009, for some cities there is a noticeably smaller negative percent of sale prices. This would indicate that sellers are being more realistic in their pricing and acceptance of a sale price at today's market value and not for what they "hope to sell the house for!"
APPRAISAL PROBLEMS: Short sales and foreclosures although still quite strong, are not increasing as rapidly as they were. The primary problem NOW with the distress sale prices is that these sales affect every home's value when it comes to appraisal purposes. In some areas, and most areas in general, appraisal values are lower due to comparable sales of low priced foreclosure and short sale properties. Appraisers often compare as "like for like" a home in good condition to a property that was in very poor condition if the square footage, beds and baths are similar.
The Federal government has mandated that lenders and real estate brokers cannot talk to appraisers directly. In the past, an appraiser could discuss with the listing agent the benefits of one home compared to another. Today that is not allowed and appraisals are coming in with a low price.
LISTING PRICES: It is more important than ever for a seller to accept a reasonable sale price, as there is a chance the appraisal will not confirm the sale price.
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,689, w/Bank Conditions = 415
In Escrow Listings = 829, w/Bank Conditions = 418
Sold from 01/01/09 = 1600, w/Bank Conditions = 590
*MLS 06/29/2009
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2008 COMPARED TO MAY 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - N/A - N/A - N/A
Capo Beach - 92624 - 12 - $530,000 - N/A
Corona del Mar - 92625 - 4- $2,061,000 - minus 10.6%
Costa Mesa - 92626 - 24- $540,000 - minus 0.5%
Costa Mesa - 92627 - 26 - $550,000 - minus 0.7%
Dana Point - 92629 - 20 - $687,000 - minus 33.9%
Laguna Beach - 92651 - 24 - $1,810,000 - minus 32.9%
Laguna Niguel - 92677 - 42 - $668,000 - minus 10.4%
Newport Beach - 92660 - 19 - $1,203,000 - minus 28.1%
Newport Beach - 92661- 4 - $1,375,000 - minus 22.0%
Newport Beach - 92663 - 3 - $1,160,000 - n/a
Newport Coast - 92657 - 6 - $1,734,000 - 2.4%
San Clemente - 92672 - 22 - $580,000 - minus 31.8%
San Clemente - 92673 - 20 - $691,000 - minus 14.7%
Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 06/29/09
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 her partner Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
Wednesday, June 3, 2009
JUNE 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE
SOUTHLAND HOME SALES HOT INLAND, COOL ON COAST
Among the reasons high-end sales remain so sluggish: The "jumbo" mortgages needed to buy such homes have been more expensive and much harder to obtain since August 2007, when the credit crunch hit. Before then, nearly 40% of Southland sales were financed with jumbo loans, then defined as over $417,000.
Last month 10.9% of sales were financed with jumbo loans. The current jumbo loans limits in Orange County are $729,750. The Federal guidelines increase the loan jumbo amount for higher end area.
HOPE FOR DEFAULT BORROWERS: The Obama administration approved new details under its Foreclosure Alternatives Program (FAP) enabling homeowners in default to pursue short sales in cases where the homeowner does not qualify for a loan modification. The program, effective through 2012, requires that prior to proceeding with a foreclosure, lenders must determine if a short sale is appropriate.
FORECLOSURES: Foreclosure resales - homes sold in April that had been foreclosed on in the prior 12 months - accounted for 53.6% of all Southland resales last month. In the South County Coastal Area these sales these sales make up for 36% of sales last month.
WHAT ELSE: Financing with adjustable-rate mortgages is near the all-time low, as is financing with multiple mortgages. Down payment sizes are larger and loan rates are stable. Non-owner occupied buying has risen and is above-average in lower end markets.
*05/26/09 CAR
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09
FOR: Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,716, w/Bank Conditions = 421
In Escrow Listings = 794, w/Bank Conditions = 388
Sold from 01/01/09 = 1183, w/Bank Conditions = 468
*MLS 05/26/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR APRIL 2008 COMPARED TO APRIL 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 5 - $2,200,000 - minus 60.0%
Capo Beach - 92624 - 3 - $1,050,000 - 72.1%
Corona del Mar - 92625 - 4- $2,061,000 - minus 10.6%
Costa Mesa - 92626 - 26- $505,000 - minus 8.2%
Costa Mesa - 92627 - 23 - $488,000 - minus 26.6%
Dana Point - 92629 - 20 - $687,000 - minus 33.9%
Laguna Beach - 92651 - 19 - $1,160,000 - minus 31.2%
Laguna Niguel - 92677 - 30 - $650,000 - minus 13.5%
Newport Beach - 92660 - 18 - $1,054,000 - minus 28.1%
Newport Beach - 92661- 2 - $1,036,000 - minus 78.9%
Newport Beach - 92663 - 6 - $1,075,000 - minus 14%
Newport Coast - 92657 - 7 - $1,799,000 - minus 47.5%
San Clemente - 92672 - 21 - $685,000 - minus 12.2%
San Clemente - 92673 - 27 - $675,000 - minus 16.6%
Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 05/26/09
Among the reasons high-end sales remain so sluggish: The "jumbo" mortgages needed to buy such homes have been more expensive and much harder to obtain since August 2007, when the credit crunch hit. Before then, nearly 40% of Southland sales were financed with jumbo loans, then defined as over $417,000.
Last month 10.9% of sales were financed with jumbo loans. The current jumbo loans limits in Orange County are $729,750. The Federal guidelines increase the loan jumbo amount for higher end area.
HOPE FOR DEFAULT BORROWERS: The Obama administration approved new details under its Foreclosure Alternatives Program (FAP) enabling homeowners in default to pursue short sales in cases where the homeowner does not qualify for a loan modification. The program, effective through 2012, requires that prior to proceeding with a foreclosure, lenders must determine if a short sale is appropriate.
FORECLOSURES: Foreclosure resales - homes sold in April that had been foreclosed on in the prior 12 months - accounted for 53.6% of all Southland resales last month. In the South County Coastal Area these sales these sales make up for 36% of sales last month.
WHAT ELSE: Financing with adjustable-rate mortgages is near the all-time low, as is financing with multiple mortgages. Down payment sizes are larger and loan rates are stable. Non-owner occupied buying has risen and is above-average in lower end markets.
*05/26/09 CAR
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09
FOR: Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,716, w/Bank Conditions = 421
In Escrow Listings = 794, w/Bank Conditions = 388
Sold from 01/01/09 = 1183, w/Bank Conditions = 468
*MLS 05/26/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR APRIL 2008 COMPARED TO APRIL 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 5 - $2,200,000 - minus 60.0%
Capo Beach - 92624 - 3 - $1,050,000 - 72.1%
Corona del Mar - 92625 - 4- $2,061,000 - minus 10.6%
Costa Mesa - 92626 - 26- $505,000 - minus 8.2%
Costa Mesa - 92627 - 23 - $488,000 - minus 26.6%
Dana Point - 92629 - 20 - $687,000 - minus 33.9%
Laguna Beach - 92651 - 19 - $1,160,000 - minus 31.2%
Laguna Niguel - 92677 - 30 - $650,000 - minus 13.5%
Newport Beach - 92660 - 18 - $1,054,000 - minus 28.1%
Newport Beach - 92661- 2 - $1,036,000 - minus 78.9%
Newport Beach - 92663 - 6 - $1,075,000 - minus 14%
Newport Coast - 92657 - 7 - $1,799,000 - minus 47.5%
San Clemente - 92672 - 21 - $685,000 - minus 12.2%
San Clemente - 92673 - 27 - $675,000 - minus 16.6%
Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 05/26/09
Monday, April 27, 2009
MAY 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE
"AN OPTIMIST WILL TELL YOU THE GLASS IS HALF FULL; THE PESSIMIST, HALF EMPTY; AND THE ANALYST WILL TELL YOU THE GLASS IS TWICE THE SIZE IT NEEDS TO BE." Anonymous
Indeed - Last week certainly contained news that could cause you to view the economy in an optimistic or pessimistic light.
HOUSING: Existing Home Sales came in slightly below market estimates - and while the report showed that Existing Home inventory in March fell by a modest 1.6%, at the current sales pace it would take an estimated 9.8 months to sell that inventory of properties, slightly longer than February's 9.7 month reading.
NEW HOME SALES: Builder confidence in the market for newly built, single-family homes rose five points in April to the highest level since October 2008. It was the largest one-month increase recorded since May of 2003.
FORECLOSURE FILINGS: Increased 9% in the first quarter of 2009. default notices, auction sale notices and bank repossessions. One in every 159 U.S. housing units received a foreclosure filing during this quarter a 46% increase compared with March 2008.
WHAT'S NEXT: The path back to economic recovery will go through housing, so these reports will be important to watch in the months ahead.
*04/27/09 Sandstone Financial, CAR
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,768, w/Bank Conditions = 424
In Escrow Listings = 715, w/Bank Conditions = 367
Sold from 01/01/09 = 861, w/Bank Conditions = 354
*In Escrow Status Up 256 Units over April. SOCALMLS 04/30/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MARCH 2008 COMPARED TO MARCH 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 10 - $1,700,000 - minus 44.5%
Capo Beach - 92624 - 9 - $482,000 - minus 84%
Corona del Mar - 92625 - 5- $2,905,000 - 33%
Costa Mesa - 92626 - 29- $498,000 - minus 6.3%
Costa Mesa - 92627 - 23 - $420,000 - minus 32.8%
Dana Point - 92629 - 10 - $575,000 - minus 24.9%
Laguna Beach - 92651 - 14 - $1,143,000 - minus 30.8%
Laguna Niguel - 92677 - 36 - $711,000 - minus 24%
Newport Beach - 92660 - 11 - $850,000 - minus 29%
Newport Beach - 92661- 3 - $1,327,000 - minus 16%
Newport Beach - 92663 - 6 - $1,520,000 - minus 60%
Newport Coast - 92657 - 5 - $2,784,000 - minus 18.3%
San Clemente - 92672 - 16 - $631,000 - minus 23.5%
San Clemente - 92673 - 18 - $750,000 - minus 5.9%
**Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 04/30/09
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 her partner Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
949.633.6667 - Pamela@PamelaHorton.com - www.PamelaHorton.com
Indeed - Last week certainly contained news that could cause you to view the economy in an optimistic or pessimistic light.
HOUSING: Existing Home Sales came in slightly below market estimates - and while the report showed that Existing Home inventory in March fell by a modest 1.6%, at the current sales pace it would take an estimated 9.8 months to sell that inventory of properties, slightly longer than February's 9.7 month reading.
NEW HOME SALES: Builder confidence in the market for newly built, single-family homes rose five points in April to the highest level since October 2008. It was the largest one-month increase recorded since May of 2003.
FORECLOSURE FILINGS: Increased 9% in the first quarter of 2009. default notices, auction sale notices and bank repossessions. One in every 159 U.S. housing units received a foreclosure filing during this quarter a 46% increase compared with March 2008.
WHAT'S NEXT: The path back to economic recovery will go through housing, so these reports will be important to watch in the months ahead.
*04/27/09 Sandstone Financial, CAR
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,768, w/Bank Conditions = 424
In Escrow Listings = 715, w/Bank Conditions = 367
Sold from 01/01/09 = 861, w/Bank Conditions = 354
*In Escrow Status Up 256 Units over April. SOCALMLS 04/30/09
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MARCH 2008 COMPARED TO MARCH 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 10 - $1,700,000 - minus 44.5%
Capo Beach - 92624 - 9 - $482,000 - minus 84%
Corona del Mar - 92625 - 5- $2,905,000 - 33%
Costa Mesa - 92626 - 29- $498,000 - minus 6.3%
Costa Mesa - 92627 - 23 - $420,000 - minus 32.8%
Dana Point - 92629 - 10 - $575,000 - minus 24.9%
Laguna Beach - 92651 - 14 - $1,143,000 - minus 30.8%
Laguna Niguel - 92677 - 36 - $711,000 - minus 24%
Newport Beach - 92660 - 11 - $850,000 - minus 29%
Newport Beach - 92661- 3 - $1,327,000 - minus 16%
Newport Beach - 92663 - 6 - $1,520,000 - minus 60%
Newport Coast - 92657 - 5 - $2,784,000 - minus 18.3%
San Clemente - 92672 - 16 - $631,000 - minus 23.5%
San Clemente - 92673 - 18 - $750,000 - minus 5.9%
**Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 04/30/09
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 her partner Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
949.633.6667 - Pamela@PamelaHorton.com - www.PamelaHorton.com
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