January 2008 RSS Feed

As you have likely seen in the news this week, the Fed continues to drop its federal funds rate; the trend continued yesterday as it was slashed again by another half of a percentage point.  This move, however, will end mortgage rates’ 5-week record descent, according to Freddie Mac.  

The government-sponsored loan buyer said the rate on a 30-year fixed-rate loan averaged 5.68% for the week ending today, up from 5.48% last week, but still well below its historical average and the 6.34% average we had this time last year, Freddie Mac noted.

"Reinforcing the Fed's resolution to thwart a recession, the Federal Open Market Committee announced another cut in the target federal funds rate by half of a percentage point in their most recent scheduled…

There are some very nice homes now listed for sale that did not sell at their foreclosure sale and are now offered as Bank Owned or Real Estate Owned (REO) properties.  Newer residential developments like Talega in San Clemente, or Ladera Ranch in the Mission Viejo area, have seen REO and Short Sale listings comprise as much as 50 per cent or more of the total market in recent quarters. Some of these homes, now Bank Owned, for example as shown at Talega Bank Owned property and at Ladera Ranch Bank Owned property are priced 30%+ under the highest price they once sold for. 

You can view Short Sale or Bank Owned properties listed by city in South Orange County at Orange County Short Sale and Bank Owned property.

If you would like to schedule your private…

This month's edition covers San Clemente real estate market activity and then our experts explain how a new trend is creating demand and opportunity in our local housing market.

Features special guest Terri Murphy of US Learning.

Program length: approximately 7 minutes

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What better way to greet the new year than with some new laws designed to keep Californians safe?

Below are 10 new California laws that could affect you in 2008:

• Minimum wage increased $.50.  Expect to see a trickle-down effect as everything from menu prices to grocery bills increase.
• Carmakers are required to provide key codes to registered locksmiths; this should make it easier to obtain a replacement key when you’ve lost your original.
• Don’t block your license plate!  You’ll pay a $146 fine for obstructing the view of your license plate, and up to $900 for selling any product designed to do so!
• Local governments can now set a speed limit of 15 mph within 500 feet of a school, and 25 mph within 1,000 feet of a school.…