Orange County CA Foreclosures
Happy Memorial Day!! We hope you have a nice and relaxing long weekend planned Here’s an interesting email we received about homebuyer recovery from the folks at FirstTuesday.us and Barry Zanck, one of our preferred lenders. What do you think?
California Home Buyer Recovery
2005-2009 California economic development stagnates.
2007-2009 The Great Recession
2009-2010 The Federal Reserve takes direct control of long-term interest rates – all new mortgages are Fed funded by bonds.
2009-2016 The Lesser Depression, characterized by persistent slow job growth and low demand from home buyers, while dominated by speculators.
2010-2015 Home sales remains on a “bumpy plateau” recovery approximating their 2010 numbers. The state’s homeownership rate drops below 55% (state’s historic point of stability) to near 50%. Collectively, short sales, foreclosures sales and REO resales remain high.
2012-2013 The most likely bottom for home sales volume to users, followed by an extremely gradual sales volume recovery for lack of user demand. Apartment construction begins to rise noticeably in response to tenant demand.
2014-2015 Prior low pricing and low interest rates spark a bounce in home sales volume. This bounce is short-lived, as the Federal Reserve raises rates to control the pace of recovery and prevent momentum buying. Property prices keep pace with the rate of consumer inflation. Speculators holding SFRs acquired two or three years earlier begin to dump them
2014-2016 Home sales stabilize. Shortsales, foreclosures, bankruptcies and REOs remain high. 300,000-400,000 new jobs are created annually for a return to the December 2009 peak level. Generation Y begins to come of age and buy homes.
2016-2017 Full recovery mode for employment, home sales, then pricing. SFR construction rises, though no where near Boom-time heights.
2017-2018 Interest rates rise again.
2018-2020 Excess inventory of vacant homes finally returns to pre-recession levels. Generation Y begins to pick up homebuying activity en masse. Homeownership in California is at 50%.
2020-2025 Negative equity homeowners who refused to strategically default finally work their way out of debt and return to a stable financial status, the poorer for it.
2025+ Home prices return to peak levels of 2006. The lessons of the Great Recession forgotten, and home sales hedonism returns. The mistakes of the past are repeated and the cycle continues.
We agree that we are probably at the bottom right now, as we’re already seeing an uptick in California homebuyer interest, and a decrease in inventory. We disagree that interest rates will stay low until 2017…..although wouldn’t that be nice???! We also agree (unfortunately) that the lessons of the past will be forgotton by 2025, and the market will again cycle. It always does!
What do you think? Please comment below or tweet us @angieweeks or @weeksteam. Should you be interested in buying ‘at the supposed bottom’, please call us at 877-230-3211, and we’re happy to show you homes over this Memorial weekend!Read Full Post | Make a Comment ( None so far )
Orange County Young Professionals Network is very excited to be working with Jennifer Chung and the folks over at Habitat OC to improve our community
We’ve set a date to rehab a property in Mission Viejo!!
Date: Friday, January 21st
Time: 7am – 3pm
Place: address to be provided upon sign up; we know it’s a property Mission Viejo that needs our help!
Orange County Realtors of ALL ages…..would you like to join us? If you’ve never worked with Habitat check out http://www.habitatoc.org or read a post or two we’ve written over the years. They are a wonderful organization who focuses on putting roofs over deserving heads and educating about homeownership.
For more details tweet @weeksteam or @angieweeks, like OCYPN on Facebook, or email Angie@askangie.com. Hope to see you at the build!Read Full Post | Make a Comment ( None so far )
The present foreclosure stats tell a grim story. Hard-working folks are losing their homes in alarming numbers. Fortunately, people facing foreclosure in Orange County are not as defenseless as they think. That’s why I’ve started this informative new blog series — Fighting Foreclosure. It’s all about helping people discover the options and resources they have when facing the prospect of losing their home.
The series kicks off with some valuable information from Shaun Smith, a specialist in foreclosure delay in Orange County. According to Shaun, the first thing you should understand is that banks don’t actually carry out the foreclosure action. They appoint a trustee to do the dirty work, including getting your home sold at auction. Now here’s the really crazy part. Unlike other states, California has no judicial-monitoring system in place to oversee trustee actions. So guess what? In order to expedite the process and maximize both bank and personal benefits, trustees invariably commit violations. Sometimes a lot of them. And who loses? Of course — the beleaguered homeowner.
Shaun’s service, Mortgage Crisis Remedies, combats these abuses and basically buys the homeowner time so they can remedy their non-performing loan. That could mean everything from continuing with a loan modification, short sale, or walking away with the cleanest possible credit record.
How does Shaun’s service accomplish all of this? By conducting in-depth investigations to discover trustee violations, then offering the trustee the choice of either delaying the home sale or facing sanctions that would result in loss of license. And guess what? That’s right. In a supreme act of self-preservation, the trustee invariably postpones the sale — usually by 1-4 months. This gives the homeowner leverage to bring the bank back to the negotiating table. In a nutshell, Shaun ensures that all legal requirements are met before the house is sold. A judge sure isn’t going to do it.
If you’d like to learn more about foreclosure delay in Orange County, Shaun or any team member on our TEN Dimensions team will be happy to help. Reach out to him at 949.241.0218 or firstname.lastname@example.org. And breath a lot easier.Read Full Post | Make a Comment ( None so far )
Just got back from OCAR’s annual meeting held at the beautiful Aliso Viejo golf course. I thought I would record a video update for you
I know you have comments, let ‘em fly!!Read Full Post | Make a Comment ( None so far )
Thought you’d enjoy this real estate update from Suze Orman – feel free to post questions below!Read Full Post | Make a Comment ( None so far )
The Orange County real estate market is suffering. Last month alone, there were over 2400 Orange County foreclosures on the market. And while that spells bad news for sellers trying to make a huge profit on their homes, its great news for buyers looking to cash in on the falling home prices in the area.
When banks foreclose on a property, their goal is to recoup as much of their money as possible, and to do it quickly. Sitting on a home for months does the bank no good – especially when they have thousands of Orange County CA foreclosures to deal with. That’s why right now is a great time for buyers to get into the market. Not only can you already find reduced home values in general, but if you choose an Orange County bank-owned home then you will most likely pay an even further reduced price.
Since there are tons of Orange County foreclosures on the market right now, it’s really in your best interest to get the help of an Orange County realtor to help sort through which properties hold the best potential and value for your future. You’ll want to make sure you know exactly what you’re getting – so CALL a REALTOR TODAY!
You can also get a list of all Orange County foreclosures, Orange County CA REO homes (real-estate-owned), and Orange County CA auction homes to get you started. Just shoot me an email at Angie@AskAngie.com with your contact info and I will be glad to get a list to you.Read Full Post | Make a Comment ( None so far )