Orange County CA Foreclosures
California Home Buyer Recovery Timeline – do you agree???
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 )OCYPN & Habitat For Humanity Schedule Mission Viejo Property Rehab
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 )Fighting Foreclosure in Orange County
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 shaun@mortgagecrisisremedies.com. And breath a lot easier.
Read Full Post | Make a Comment ( None so far )How Short Sales and Foreclosures Can Affect You
It’s the law of the universe. Every action triggers a reaction. And this law certainly comes into play in the world of foreclosures and short sales. If you’re an Orange County homeowner who’s gonna go through with one or the other, it’s best to know what’s in store for you when the dust settles.
Derek Beisner, a certified mortgage specialist with New American Funding, cites the following as among the most important potential affects of a short sale or foreclosure action. Derek points out that guidelines in this area are always subject to change. But as of this posting, these are some possibilities consumers definitely should be aware of.
- With a short sale, the lending institution has the legal right to 1099 the seller for the difference between what the house sold for and what was owed on the property. Bear in mind that this has been changed to a non-taxable 1099 for the years 2010 to 2012.
- In a foreclosure situation, a buyer must wait 3 years from the foreclosure date to get an FHA loan. Securing ownership of a property also will require a minimum credit score of 620 and a letter of explanation documenting the reason for foreclosure.
As with any other important undertaking, it’s best to get the input of an expert before plunging into a short-sale. Derek advises speaking to a CPA or Real Estate attorney well in advance of taking action. 
After all the foreclosure or short sale dust settles, your credit definitely will need some major repair work. The good news is that credit repair is very do-able. Derek recommends three fundamental steps:
- Establish new credit.
- Know your credit score.
- Consult a credit repair specialist to get things back on track.
If you would like to learn more about Orange County short sales and foreclosures, Derek will be delighted to help. You can reach him 949-637-9939 or derek@derekbeisner.com.
Read Full Post | Make a Comment ( None so far )Orange County Foreclosure Help – TEN Dimensions Team
Pull Yourself Out of Foreclosure Chaos
The prospect of foreclosure typically whips up a whirlpool of financial and emotional woes for homeowners facing this very stressful scenario. More often than not, folks caught in the swirl of foreclosure chaos feel overwhelmed, out of control, and hopelessly trapped. 
Fortunately, we at Weeks Team understand the excruciating trials and tribulations that those confronting the foreclosure beast experience. That’s why we’ve put together a powerful team of Orange County short sale specialists who can help you pull yourself out of foreclosure chaos. As you’ll see, each member of this carefully-selected team is an expert in his or her particular field. As such, they have the knowledge and skill to guide you to your best course of action, whether that means bankruptcy, loan consolidation, or short selling your home.
Orange County’s Premier Foreclosure Help Team:
Cindy Logan – Short Sale Investor
949-433-7187
www.reinvestorsolutions.com/clogan/
Cindy@Investthebestway.com
Shaun Smith – Foreclosure Delay Specialist
Phone: 949-241-0218
Fax: 866-798-4192
www.mortgagecrisisremedies.com
shaun@mortgagecrisisremedies.com
John Harris – Debt Settlement
Phone: 949-202-7305
Fax: 949-270-7557
www.usdebteliminators.com
john@usdebteliminators.com
Mike Langle – Title, Liens, and Related Issues
Phone: 949-300-5373
www.Title365.com
Mike@Langgle.com
Steve Fink – Real Estate Attorney
Phone: 949- 637-0871
www.falawyers.com
sfink@falawyers.com
The Weeks Team is Ready to Help
If you or somebody you know is struggling with a mortgage or with house payments, call the Weeks Team at 888-281-7665 x2. We’ll be happy to direct you to the right TEN Dimensions team member who can provide a speedy solution to and welcome relief from your foreclosure woes. Or if you would like to receive our package of resources, feel free to email us your address or that of a friend or family member who can benefit from our services. We look forward to helping in any way we can.
Read Full Post | Make a Comment ( None so far )Orange County CA Economic Update – Gary Watts says…..
Hi everyone,
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 )More on Mission Viejo Real Estate Foreclosures
Get a Leg Up on Mission Viejo Real Estate Foreclosures
No doubt about it. Real Estate Foreclosures are helping to heat up the marketplace throughout the country. And one of the most popular foreclosure hotspots is Mission Viejo. There are many reason for the undeniable appeal of this fair city. Among them are high quality of life, an acclaimed school system, abundant recreation, safety, stunning architecture, and plenty of good ‘ol sunshine. Now factor in the great price of a foreclosure property, and Mission Viejo becomes downright irresistible. 
Alright, you want to grab one of these amazing Mission Viejo foreclosures. Great. But there are a couple of things you should know to plunge into the market at full power.
Move at Lightspeed
There are plenty of foreclosure properties available. But they go fast, folks. One nanosecond late, and you could miss the deal of a lifetime. On an average, these properties are snapped up within 7 days of being listed. That’s no surprise, since these homes generally on the market at about 10% below market value. So don’t sit around waiting for one to fall into your lap. You’ve gotta get up and get out there if you want to grab those deals. We’re talking lightspeed.
Be Prepared
A lending institution expects all relevant documents to be in order at the time you make your offer, NOT when your meticulously crafted offer is accepted. Your agent will know more about what to have and when to have it. Just make sure you’re ready. Because if you aren’t, the local bank can choose from plenty of other eager buyers who are.
Grab a Great Deal in a Great City
No doubt about it. Mission Viejo Real Estate foreclosures offer great deals in a great city. Act fast and go in prepared, and you tremendously improve your chances of snapping one up. If you’d like to learn more about these buying opportunities, I’m ready to help. Just contact me at 949.338.7408 or angie@askangie.com. Or follow me @AngieWeeks or @WeeksTeam.
Read Full Post | Make a Comment ( None so far )What’s a Hud home? How do I buy a HUD property?
Its interesting, we’ve been doing real estate for years now and haven’t had to answer the “How do I buy a HUD home?” question. We don’t see that many come around. Today, however, we found a 2/1/1 in Mission Viejo for 160K!
What exactly is a HUD home?
Of course, you know HUD stands for US Dept of Housing and Urban Development. The listing agent, Barbara Kerr with Realty Execs, explained HUD homes as properties with FHA loans that had been foreclosed on. Because FHA is a government backed loan, these properties go back to HUD when owners abandon the property or go through foreclosure.
How do I buy a HUD property?
Not just anyone can get their hands on one. HUD homes have a special key to enter; they don’t have normal lockboxes and supra keys us Realtors typically use. Interesting… *thought* there could be less competition for our buyers on these properties because this is an additional hoop to jump through. Of course, we checked the details on the website – we need to have a Name and Address Identifier number with HUD in order to make a bid. It appears the required NAID # is issued to our broker, not us. So, we’ve been in touch with Darrell our fabulous broker to see about getting all set up
Barbara, the nice & helpful *yay, rare!* listing agent, said she gives a class on it, I told her I would like to attend. I’ll blog more after that…We’re always learning something in real estate!
Having capability to offer on HUD properties will help both our investor and first time buyer clients – double win!!
Read Full Post | Make a Comment ( None so far )Good news about Short sale taxes, and Mortgage PMI from an expert ;)
Hi everyone!
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 )Orange County CA Foreclosures Are a Great Investment
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 )
