May 2012

Found 24 blog entries for May 2012.

With OC Real Estate market really picking up the last few months, more and more home buyers are relizing that they may have needed to start earlier than the Spring Sales Season to find that next home. As stated in the Real Estate Industry the term location, location, location means a great deal. In this day and age the Schools and School Districts are largely one of the biggest draws for home purchasers, so I say the term is now changing to Schools, Schools, Schools. We are very blessed here in Orange County with many exceptional schools and districts throughout. A great tool to use and find the ratings for schools is the site www.greatschools.org this will give you one of the most comprehensive rating system, with much criteria to fully understand the

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When Traveland in Irvine closed earlier this year, it looked like the end of an era.

The family-oriented, Old West-style recreational vehicle mall – one of the first of its kind in the country – was disbanded after a nearly 40-year run when the Irvine Co. decided not to renew Traveland's lease.

Article Tab: mcmahon-ceo-motorhome-lon Brent McMahon, CEO of McMahon's RV, isn't shy about having his picture on top of a 32-foot Hurricane motor home. He has relocated to 20 acres between the 22 and I-405 freeways on the former site of Sunset Ford in Westminster, after he and many other dealers lost their space when Traveland, a long-time RV mall in Irvine, closed. CINDY YAMANAKA, THE ORANGE COUNTY REGISTER MORE PHOTOS » ADVERTISEMENT

With $4-a-gallon gasoline and a struggling

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Southern California consumers felt a double dose of pain in March with rising gasoline and grocery prices contributing to a 1% jump in inflation, the highest one-month increase in a year, the government reported today. Year over year, local prices were up 2%.

Nationwide, the Consumer Price Index increased 0.3% in March and 2.7% year over year.

In the Orange County-Los Angeles-Riverside area, the price of a gallon of unleaded gasoline rose 10% in March following a 14.7% increase in February, according to the government. The year-over-year price has gone up double digits 16 months straight.

Gasoline prices have eased a little in recent weeks. Orange County motorists are paying an average $4.23 a gallon for unleaded gasoline today, down from $4.38 a

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One key factor tracked in the O.C. home inventory report from Steve Thomas of ReportsOnHousing.com is market time — a comparison of the supply of homes for sale vs. new purchase deals inked in past month. Where were the biggest changes in the past year?

 

The latest report says that as of May 24 …

  • The most improved O.C. town, in terms of change in market time in months in the past year is Villa Park with a drop of 14.75 months to 2.86 months in the time to theoretically sell all for-sale homes at the current buying pace. Latest inventory? 22 residences listed on brokers’ MLS systems with 8 new escrows opened in previous 30 days.
  • Next was Corona Del Mar with a drop of 7.69 months to 3.72 months. Latest inventory? 116 listed and 26 new escrows.
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To avoid another real estate bubble, many lenders have tightened their mortgage requirements.  According to a report by the Federal Reserve, a majority of banks are less likely to offer loans to people with a FICO score of 620 and a 10 percent down payment than they were in 2006.  Lenders were also less likely to do so even for those with a score of 720.  The good news though is there are some tactics that consumers can employ to raise their scores.

Making sense of the story

  • First, it is worth noting that median credit scores are rising, as people reduce debt and spend less in tight economic times.  Some 18 percent of Americans now have scores of 800 to 850, while 15 percent are below 550, according to FICO data.
  • Often lenders
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Existing-home sales rose to 4.62 million (seasonally adjusted annualized rate) in April from a downwardly revised March rate of 4.47 million, the National Association of Realtors (NAR) reported Tuesday. Economists had forecast the April sales pace would be 4.66 million.

The median price of an existing home climbed 10.1 percent to $177,400 from $161,100 in April 2011, the strongest year-to-year gain since January 2006. The median price in April reached its highest level since July 2010 when it was $182,100.

The inventory of homes for sale in April rose to 2.54 million, the highest level since last November, bringing the months’ supply of homes on the market to 6.6.

The 10.0 percent yearly gain in the sales rate was the strongest since October when

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The future of housing finance in the U.S. will be a key issue facing the winner of the upcoming presidential election. That’s what a panel of industry experts told several thousand Realtors® gathered at a symposium, Housing Policy in 2013: Challenges, Opportunities and Solutions, during the REALTORS® Midyear Legislative Meetings & Trade Expo this week.

The National Association of Realtors® supports a comprehensive reform strategy for the secondary mortgage market to help maintain a level of certainty in the marketplace and not further disrupt the still fragile housing market recovery.

“As leading advocates for homeownership, Realtors® want to make sure that everyone who wants to own a home and is able to afford one can do so,” says NAR President Moe Veissi.

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While Orange County had 119,700 unemployed workers in April, the county’s 7.4% unemployment rate was third lowest in the state, according to the state Employment Development Department.

Lowest unemployment rates
County Rate
Marin 6.5%
San Mateo 6.8%
Orange 7.4%
San Francisco 7.4%
Santa Barbara 7.7%
Santa Clara 8.2%

Marin County just north of San Francisco had the lowest unemployment at 6.4% followed by San Mateo, another Bay Area county, with 6.8%.

Orange County was one of the first in the state to go into recession in the spring of 2007 when the sub-prime mortgage industry imploded.

But it also was one of the first to come out of the downturn, thanks in large part to the diversity of its economy.

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FULLERTON – For decades, David G. Jones built a successful career in financial services, even launching a financial firm.

But Jones, 70, always felt like a "second-rate" professional because he never earned a college degree. On Saturday, after spending more than 20 years compiling college credits, Jones received his diploma during this weekend's graduation ceremonies at Cal State Fullerton.

"I just wanted to do this to prove to myself that I could," said Jones, a history major, as he lined up Saturday to hear his named called.

"Now that I have my degree, it feels amazing," said the Rowland Heights resident. "I want to serve as an example to my grandchildren of how important it is to go to college."

Jones is among the 10,359 students graduating

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Orange County employers are partying like it’s pre-recession 2006 and will create 26,500 new jobs this year, the best in Southern California, according to a Cal State Long Beach forecast released today.

That is the most jobs since the Orange County economy tanked in 2007 on the heels of the subprime mortgage implosion.

“It’s very upbeat,” said Lisa Grobar, one of the Cal State Long Beach economists who prepared the regional Southern California forecast. “Orange County will be the fastest-growing in the region through 2014.”

That is the most positive projection for Orange County of all the local economists, in part because it is based on the quarterly average job growth for the first three months of 2012 compared to the previous forecasts based on

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