June 2011

There are 16 blog entries for June 2011.

May 2011 statistics show San Clemente CA had 422 foreclosure homes with an average foreclosure sales price of $601,783 vs. an average sales price of $671,855, according to RealtyTrac.com, resulting in a $70,072 savings.

There were 57 new foreclosures in the 92673 zip code and 26 new foreclosures in 92672, for a total of 83 new foreclosures in San Clemente CA. 1 in every 266 housing units received a foreclosure filing in May.  

San Clemente CA Foreclosure Geographical Comparison

The San Clemente CA foreclosure rate was 0.21% above national rates, 0.01% above California rates, and 0.07% above Orange County rates in May.

San_Clemente_Geographical_Comparison_May_2011

San Clemente CA Foreclosures By Month

The number of bank-owned homes decreased from 9 homes in April to 12 homes in May.

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There were 16,588 Orange County CA foreclosures in May 2011, according to RealtyTrac.com. The average sales price of an Orange County home was $563,491 while the average sales price of a foreclosure home was $422,315, a $141,176 savings.

Orange County CA Foreclosure Activity and Home Price Index

Home price appreciation was 0.00% in May with 3,202 new foreclosures.

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Orange County CA foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Orange County CA Foreclosure

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Owning a San Clemente home has never been more affordable than in today’s market, according to NAR’s Housing Affordability Index.

The affordability index compares median income, median home price and mortgage rates. An index value of 100 means a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home, assuming a 20 percent down payment. The index rating has fluctuated within the 180 to 200 range since the beginning of this year. An HAI of 180 means that a family earning the median income has 180 percent of the income needed to qualify for a mortgage on a median priced home.

For deeper perspective, consider a family with an annual income of $60,000 renting at $1,000 per month. By comparison, a 30-year

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Rent or buy...that is the question. The following article, courtesy of the California Associaiton of Realtors answers this question.

This year California real estate market conditions make a strong and compelling case for homeownership. With prices still well below the historic highs of just a few years ago and attractive mortgage rates, qualified buyers have a unique opportunity to own their own home. As seen below, a rigorous analysis of renting versus buying hears this conclusion out. As shown in the following chart, the monthly housing costs (principle, interest, taxes, and insurance or PITI) associated with buying a median-priced home of $301,430 is $1,590 (Fourth Quarter 2010 median priced home in California).  This assumes the buyer is making a 20

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If you are a first-time home buyer, you have learned through the loan qualifying process some basic real estate terms and caveats. You understand the meaning and importance of PITI and know that your mortgage payment should not exceed 33% of your income. What you may not realize, however, is that there are many hidden costs associated with the purchase and ownership of San Clemente real estate.

Maintenance, repairs, supplemental insurance, additional taxes, home improvements, and decorating can add up to thousands of dollars more than you expect. And then there’s your moving expenses, closing costs, home association dues, trash collection fees, and perhaps utility bills which are higher than you’re used to paying. Should these expenses dissuade you from

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The California Association of Realtors@ closely monitors and analyzes trends in the residential real estate industry. The table below contains the latest reported existing home sales series, median home prices, unsold inventory index, median time on market, first-time buyer housing affordability index, and the latest mortgage rates.

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Despite the ups and downs of the housing market, home owners and non-owners alike consider owning a home essential to the American Dream according to a survey conducted on behalf of the National Association of Home Builders (NAHB) by Public Opinion Strategies of Alexandria, VA, and Lake Research Partners of Washington, D.C.

The survey results show that Americans see beyond the immediate housing market to the enduring value of homeownership. An overwhelming 75 percent of the people who were polled said that owning a home is worth the risk of the fluctuations in the market, and 95 percent of the home owners said they are happy with their decision to own a home.

One of the more striking aspects of the survey results is the intensity of sentiment among

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Southern California home sales held at a three-year low last month amid a sluggish move-up market and record-low sales of newly built homes. The median sale price fell year-over-year by the largest amount in 20 months as buyer uncertainty, tight credit and lackluster hiring continued to restrain housing demand, a real estate information service reported.

“A year ago we were talking about sales reaching a four-year high as buyers rushed to take advantage of expiring federal homebuyer tax credits. Now sales are stuck at a three-year low. The government stimulus is long gone and some of the fundamental drivers of housing demand have yet to strengthen enough to lift sales to even average levels. Some of the key culprits are weak job growth, tight credit and

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pageant_of_masters_400The Pageant of the Masters is the Laguna Beach Festival of Arts’ crowning jewel and one of the most unique productions in the entire world. On each evening of the Festival of Arts summer schedule, ticket holders are amazed and enchanted by ninety minutes of tableaux vivants ("living pictures"), incredibly faithful re-creations of classical and contemporary works of art, with real people posing to look exactly like their counterparts in the original pieces. An outdoor amphitheater, professional orchestra, original score, live narration, intricate sets, sophisticated lighting, expert staff and hundreds of dedicated volunteers have won recognition for the Pageant of the Masters as the best presentation of its kind. The 2011 Theme is “Only Make Believe."

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The following information is provided by the California Association of Realtors.

This year California housing market conditions make a strong and compelling case for homeownership. With prices still well below the historic highs of just a few years ago and attractive mortgage rates, qualified buyers have a unique opportunity to own their own home. As seen below, a rigorous analysis of renting versus buying hears this conclusion out. As shown in the following chart, the monthly housing costs (principle, interest, taxes, and insurance or PITI) associated with buying a median-priced home of $301,430 is $1,590 (Fourth Quarter 2010 median priced home in California).  This assumes the buyer is making a 20 percent downpayment and financing with a 30-year fixed

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