WHAT IS HAPPENING WITH ORANGE COUNTY FORECLOSURES?
The market is stabilizing and the current activity is reflective of that. Interest rates are again at historic lows, thanks in part to Europe’s troubles, but who knows how long they will stay that way. If you are in the market for a refinance, you should be thinking about it right now.
Investor’s have made it clear, that they are fairly comfortable buying property right now and housing demand should only increase as households grow and pent up demand continues. There were 1,347 Notices of Default recorded in May, and that was down 17% from April. Foreclosure held at 730 and that as down by 8.4% from April.
It should be noted that Notices of Default are down 48% from May ’09. That is very
The following numbers are for closed transactions only for the month of May, the latest full month available. Expect these numbers to be big, but not as big as the June numbers will be as homebuyers scrambled to close their transactions before the tax credit expired. (It has been extended for closings ONLY, not new contracts, until September.) The total number of sales was 3,257. This was up 22% from the previous month of April and up 22.1% from May ’09.
There were 2,015 single-family resale, 942 condominiums and 300 new homes. There was a 240% increase in new homes from the previous month due largely to buyer incentives offered by the builders.
The median price for all properties was $450,000, and for a
Attorney General Jerry Brown is warning homeowner’s o be wary of scam artists offering o short cut the system or promising results that are not reflective of a true short sale. His office offers the following tips:
1) With limited xceptions, only licensed real estate agents or attorneys can engage in short-sale negotiations with a homeowner’s lender.
2) Licensed agents eeking up front fees from homeowners for short sales must first submit an advance fee contract to the Department of Real Estate and receive a no-objection letter.
3) Surcharges and hidden fees just to place an offer on a home are illegal.
4) Misrepresenting the market value of a property to a homeowner’s lender by only submitting offers on the