Tag Archive: Orange County California


Did I catch your attention??

You might be asking yourself what the catch is, and I would be lying to you if i said there are none. So, here’s the deal, the city of Anaheim is giving $100,000 dollars toward the purchase of your next home…wow! The best part, as long as you live in the home the loan does not have to be payed back!!!!!!

 Ok, here are the specifics. Eligible parties can not make more than $72,500, and not all housing will apply toward this program. I will use a buyer that I have been working with as an example: the purchaser made a little over $50,000 a year, and was prequalified for a loan amount of $200,000. His options were fairly limited and his tastes were a little less peanut butter and jelly, and a little more caviar and escargot. After applying the 100k from the city of Anaheim, his purchase price had escalated to 300k, and the complex he chose was state of the art, with all of the amenities (health club, open access wi fi, pool, spa, clubhouse, controlled access entry to the complex, etc…).  Everybody wins!

As I mentioned earlier, a certain amount of housing is eligible, and specific lenders must be contacted to qualify. Contact me for more details, you wont be sorry!

Buying your first home? Selling your house? Looking to relocate? Give me a call, Carlos J. Amador at (562) 833-4292   
  
RE/MAX North Orange County   

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            California….that’s the answer, specifically to sunny Orange County. Would you like to know the why, where when and how of this question/answer?

Scenario #1, a couple from Wisconsin interested in taking advantage of the currently deflated value of the Orange county home market, who would like a home with an ocean view. This would be a second/vacation home and possibly a rental property as well. They are intimately aware of the potential for property values to increase at a reasonable pace (unlike the prior bubble, this time property values will increase at a moderate pace) and see great value in purchasing a dream home at a bargain price. I informed them that a second home purchase would require more than a 25% down payment from a lender, not a problem was her response! The couple will be in town next week to look at condominiums along the coast, with an ocean view. Some of which can be purchased for a mere half million dollars! This may sound high, keep in mind 4 years ago these properties were going for ¾ of a million and beyond! The most important factor when determining a home price is location, and locations like this are few and far between!

 Scenario#2 a couple from Boston looking for an incoming producing property and capable of paying all cash for the home. They would like a fixer, preferably an reo or short sale as that is where the best deals are to be had. They have family in Irvine, and would like to possibly move down here sometime in the future. In the mean time the will be renovating the home they chose, and then renting it out for an 8-10% return on investment annually! Jumbo Cd’s, or certificate of deposits for 5 years and 100k minimum investment yield approximately 2.55%, a 10% return on investment is a considerably higher yield!

 Both of these scenarios are clients I am actively working with to help fulfill their financial goals. Opportunities abound in this economy; more millionaires were made in the great depression than in any other era of history (J Paul Getty, Howard Hughes, Gene Autry). According to N.A.R  an astounding 32% of all  home purchases in the United States are ALL CASH! Have I piqued your interest?

Thinking of buying a home, selling a home or possibly relocating? Give me a call, Carlos J. Amador @ (562) 833-4292.

Two separate industry reports released Thursday show that mortgage interest rates across the board retreated this week, beginning the new year slightly lower than levels seen at the end of 2010, and still well below where they sat at the beginning of last year even with the sharp run-ups witnessed during November and December.

Frank Nothaft, VP and chief economist for Freddie Mac, says the downward movement, however slight, “should help aid the recovery in the housing market.” Nothaft is expecting long-term mortgage interest rates to hold below the 5 percent threshold throughout 2011, although some degree of ups and downs is likely over the course of the year.

Freddie Mac’s latest rate survey found that for the week ending January 6, 2011, the 30-year fixed-rate mortgage averaged 4.77 percent (0.8 point). That’s down from 4.86 percent the previous week. A year ago at this time, the 30-year rate was 5.09 percent.

The average rate on a 15-year fixed mortgage came in at 4.13 percent (0.8 point) in the GSE’s study, down from 4.20 percent last week. By comparison, during the first week of 2010, the 15-year rate was reported to be 4.50 percent.

Short-term rates also dropped this week in Freddie Mac’s survey. The 5-year adjustable-rate mortgage (ARM) fell from 3.77 percent last week to 3.75 percent (0.7 point). The 1-year ARM slipped from 3.26 percent to 3.24 percent (0.6 point). Both were above the 4 percent mark this time last year.

Freddie Mac’s weekly rate survey is based on data gathered from about 125 lenders across the country. A separate study released by Bankrate Thursday, which derives its figures from data provided by the top 10 banks and thrifts in the top 10 U.S. markets, also showed declines for both long- and short-term loan products.

According to Bankrate’s survey, the benchmark conforming 30-year fixed-rate fell back to 4.94 percent (0.42 point) for the week ending January 6. That’s down from 5.02 percent reported the week before.

The average 15-year fixed mortgage retreated to 4.32 percent (0.41 point), falling from 4.39 percent last week, while the larger jumbo 30-year fixed rate dropped from 5.64 percent to 5.59 percent.

Adjustable rate mortgages were mostly lower, as well, with the average 3-year ARM sinking to 3.9 percent and the 5-year ARM dipping to 3.99 percent in the tracking company’s study.

“After a sharp run-up in mortgage rates that started in early November, mortgage rates have spent the past month bouncing back-and-forth over the 5 percent mark,” Bankrate noted in its report. “While mortgage rates stayed range-bound through the holiday season, the tone of economic data has been decidedly better and a looming jobs report could push mortgage rates higher if it shows evidence of increased hiring.”

Bankrate surveys a panel of mortgage experts each week to gauge which direction they think rates will head. Half of the panelists this week said they expect mortgage rates to climb over the next seven days, while 31 percent say they’ll remain essentially unchanged.

 

Buying your first home? Selling your house? Looking to relocate? Give me a call,   Carlos J. Amador at (562) 833-4292 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source: Dsnews.com

Fullerton Police Headquarter

Image via Wikipedia

▪ Mortgage rates will stay low. Even with rates climbing — maybe to as high as 6 percent by 2012 — they are still well below where they have been historically.
▪ Tax cuts could help. Extending the tax cuts could encourage a more rapid recovery for the economy.
▪ Americans want to be home owners. A recent Fannie Mae survey showed that Americans still believe a home is a safe and desirable investment.
▪ Builders are about to begin building. Home builders have been sitting on the sidelines. This year, they think pent-up demand will create an appetite for new homes.
▪ Homes are shrinking. Homes are getting smaller, which has made them more affordable.

Buying your first home? Selling your house? Looking to relocate?
Give me a call,   Carlos J. Amador at (562) 833-4292 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source: Investopedia, Michele Lerner (12/24/2010)

 Predictions for 2011
Freddie Mac analysts point to five features that they believe will likely characterize the 2011 housing and mortgage markets:

1. Low mortgage rates. With Fed observers expecting the central bank to keep the federal funds rate at its current target range of 0 percent to 0.25 percent for most (or all) of 2011, relatively low mortgage rates will be a feature of the 2011 mortgage market. Thirty-year fixed-rate loans are likely to remain below 5 percent throughout the year, and initial rates of 5/1 hybrid adjustable-rate mortgages will likely remain below 4 percent in 2011.

2. Prices have hit bottom. House prices are likely to begin a gradual, but sustained recovery in the second half of 2011.

3. Housing will remain affordable. With affordability high, many first-time buyers will be attracted to the housing market in the New Year, likely translating into more home sales in 2011 than in 2010.

4. Refinances will dwindle. Many eligible borrowers have already refinanced and the federal Making Home Affordable refinance program is expiring on June 30. While fixed-rate loans are likely to remain low, they will move up gradually, making it even less likely that refinances will be attractive to most home owners.

5. Delinquency rates will decline. Based on the last several business cycles, the share of loans that are 90 or more days delinquent or in foreclosure proceedings — known as the “seriously delinquent rate” — generally crests within a year of the start of the recovery in payroll employment, and this economic recovery appears to fit within that pattern. Payrolls began to rise last January, and by the spring the seriously delinquent rate had begun to fall.)

Buying your first home? Selling your house? Looking to relocate? Give me a call,   Carlos J. Amador at (562) 833-4292 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source: Freddie Mac (12/09/2010)

Yorba Linda, California

Image by Mastery of Maps via Flickr


Mortgage applications to purchase homes increased 14.4 percent last week on an adjusted basis compared to the previous week, according to the Mortgage Bankers Association weekly survey.

The unadjusted Purchase Index increased 9.6 percent compared with the previous week and was down 7.4 percent compared to the same week a year ago.

On a seasonally adjusted basis, this is the highest Purchase Index recorded since the week ending May 7, 2010 in the middle of the tax-rebate push.

“The increase in purchase applications last week aligns with other incoming data suggesting that consumers are feeling somewhat more confident with their financial situation,” said Michael Fratantoni, the association’s vice president of research and economics.

“The level of purchase applications on a seasonally adjusted basis is now at its highest level since the expiration of the homebuyer tax credit,” Fratantoni concluded.

Interest rates were mixed, with 30-year fixed-rate mortgages rising to 4.50 percent from 4.46 percent and 15-year fixed-rate mortgages decreasing to 3.83 percent from 3.87 percent.

Source: Mortgage Bankers Association (11/24/2010)

Buying your first home? Selling your house? Looking to relocate? Give me a call,        Carlos J. Amador at (714) 626-8880 ext 117 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Conforming 1and FHA Loans
30-Year Fixed 4.625% 4.812%
30-Year Fixed FHA 4.625% 5.488%
15-Year Fixed 4.000% 4.321%
5-Year ARM 3.125% 3.214%
5-Year ARM FHA 2.875% 3.000%
Larger Loan Amounts in Eligible Areas – Conforming and FHA.1
30-Year Fixed 4.750% 4.886%
30-Year Fixed FHA 4.750% 5.568%
5-Year ARM 3.375% 3.255%
Jumbo1 Loans – Amounts that exceed conforming loan limits1
30-Year Fixed 4.875% 5.012%
5-Year ARM 3.750% 3.388%

Buying your first home? Selling your house? Looking to relocate? Give me a call,        Carlos J. Amador at (714) 626-8880 ext 117 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source: Wells Fargo

These are the real estate market statistics for Fullerton for the month of October 2010. The number of  Single Family Home (SFR) listings in October compared to September declined. In September there were 111 new properties that were placed on the market.

Fullerton New overall Listings 10-10

 Current Actives price ranges 10-10

Below is the market statistics for single family home closings and the type of listing they were for the month of October 2010. There were a total of 70 closings in September. While standard or regular sales make up the majority of closings in September the amount foreclosures and short sales still account for 25% of all closed transactions during the month which is down from the 39% in September.  

Closed Fullerton 10-10

Fullerton Condominium Statistics For October 2010

The number of new condominium listings in October as compared with September was down. In September there were 40 new condo/townhome listings.

New condo listing 10-10

 Overal Ranges Condo 10-10

Below is the number of condominium closings and the type of listing each was for the month of October 2010.  Closings were slightly down from the previous month. There were a total of 24 closings in September. Foreclosed or short sale properties account for 55% of the October condo closings.

 Condo Closings 10-10

  Total Current Active, Backup and Pending Status Listings In The MLS For Fullerton.

Over current stats 10-10

These real estate stats are for the entire city of Fullerton for October 2010. Each individual neighborhood’s statistics are different from the others depending on varying and numerous factors. To obtain a much more precise free email report on your home contact me at the numbers below.

Buying your first home? Selling your house? Looking to relocate? Give me a call,        Carlos J. Amador at (714) 626-8880 ext 117 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source : Active Rain

Fullerton Train Station, trackside.

Image via Wikipedia

 

Consumer confidence and business spending are key to whether the U.S. housing market will move into a virtuous or a vicious cycle in 2011, NAR Chief Economist Lawrence Yun told a packed audience at the Residential Economic Outlook Forum Friday in New Orleans.

After the downturn, the housing market has clawed its way back to a point of near stability, Yun said, with the pace of new foreclosures easing, sales moving toward historically normal levels and prices on a national basis gaining modestly.

At the same time, affordability remains strong. He said all of the price excesses from the housing bubble have been squeezed out. In San Diego, for example, buyers today would pay $1,564 a month in mortgage payments for a house that at the height of the boom would have cost them $2,833 a month.

The broader economy is also showing positive signs, with businesses enjoying strong profits, sitting on huge cash reserves, and even adding jobs. Yun predicts this positive trend to continue into 2011, with existing home sales reaching 5.5 million units, prices rising a modest 1 percent, and the U.S. gross domestic product increasing to about 2.5 percent.

“We are entering a virtuous cycle,” he said. But for the positive trend to continue, he added, businesses will have to start spending some of their cash to fuel job growth at a far greater pace than they’re doing now. Currently, businesses are adding jobs at a pace of about 100,000 a month. That needs to grow to about 400,000 a month for unemployment to start shrinking.

The scenario will be far more negative if businesses continue to sit on their cash. In that case, sales will fall, inventories will rise, the high rate of foreclosures will resume, and the cost to the federal government of bailing out Fannie Mae and Freddie Mac will surge.

Federal Reserve Governor Thomas Koenig, who shared the dais with Yun, said the Fed’s continued effort to spur the economy, most recently through a $600 billion bond buying program, is understandable given concerns over the slow pace of growth. But the continued subsidization of the market could unleash inflationary forces.

Yun said he sees possible evidence of inflation building, but it’s not visible now because the housing-cost portion of inflation measurements is holding down prices.

Buying your first home? Selling your house? Looking to relocate? Give me a call,        Carlos J. Amador at (714) 626-8880 ext 117 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source: Realtor Magazine

A piece in the Wall Street Journal yesterday took issue with a recent Time cover story calling into question some of our most cherished beliefs about homeownership. Much of what the Journal talks about isn’t new. In fact, it recites benefits of homeownership that you already know better than anyone. But in pulling them together in the way it does, it makes you realize just how compelling homeownership is from just about every standpoint. If you haven’t seen the piece, by Brett Arends, here’s a thumbnail sketch of its 10 points:

CB033579

Why is now a great time to buy?

1. You can get a good deal. Prices are down 30 percent on average. They’re at a level that makes sense for people’s income.

2. Mortgages are cheap. At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.

3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.

4. It’ll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?

5. You can get a better home. In some markets, it’s simply the case that the nicest places are for-sale homes and condos.

6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.

7. It’s risk capital. If the economy picks up, you stand to benefit from that, even if you’re goal is just to have a nice place to live.

8. It’s forced savings. A part of your payment each month goes to equity.

9. There is a lot to choose from. There are some 4 million homes available today, about a year’s supply. Now’s the time to find something you like and get it.

10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.

Buying your first home? Selling your house? Looking to relocate? Give me a call,        Carlos J. Amador at (714) 626-8880 ext 117 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source: Realtor  Magazine