March 2008 RSS Feed

Following last week’s interest rate cut from the Fed, the National Association of Realtors is expecting the volume of San Clemente CA real estate sales of existing homes to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas

 

The federal funds rate was cut by another ¾ of a percentage point last week, bringing the rate to 2.25% - the lowest it has been since 2004.  This move also marks the second of back-to-back cuts of ¾ of a percentage point.

 

Along with lower interest rates, Lawrence Yun, NAR chief economist, said many buyers have been waiting for higher mortgage loan limits.  “The higher loan limits for both FHA and conventional loans will increase…

The Easter Bunny is on his way!  And, apparently, he is going to be very busy in the San Clemente area this week!

 

Check out the weekly events calendar for all of the festivities happening this weekend, including the Dana Point Easter egg hunt, San Juan Capistrano’s Eggstravaganza, and San Clemente’s Easter Eggstravaganza.  This is a great time of year to get outdoors and enjoy the many family-oriented cultural events and activities San Clemente has to offer!

 

To learn more about living in Orange County and San Clemente CA real estate, please call me at 949-481-3739 or visit GuideToLocalRealEstate.com.  You may also begin searching for homes here!

The annual Swallow's Day Parade in San Juan Capistrano held on Saturday, March 29, 2008 is a fun, family friendly tradition that celebrates the return of the swallows to Mission San Juan Capistrano.

The Parade takes place in down-town San Juan Capistrano and is the nation's largest non-motorized parade. Make sure to arrive early as most streets will close by 10:00 a.m. The parade begins promptly at 11 am.

There is a free shutlle bus on the day of the parade beginning at 8:00 a.m. and a pancake breakfast from 6:00 a.m. -  10:30 a.m.

Freddie Mac is reporting that the current weak economic reports continue to drive mortgage rates lower.

In its weekly update, Freddie Mac reports the 30 year fixed-rate mortgage averaged 6.03 % last week – compared with 6.24 % the week before. The rate is also down compared with this time last year, when it averaged 6.14%.

"Weak economic reports that indicated declines in the job market, slowing in manufacturing and low consumer confidence drove bond yields lower this week and mortgage rates followed," said Frank Nothaft, Freddie Mac vice president and chief economist.

Please read our monthly newsletter for the latest pricing and sales statistics for San Clemente, CA real estate.

For more detailed information about the San Clemente area or Orange…

The long awaited Marblehead Coastal development may be a dream for sometime long into the future. It is reported to be on hold as SunCal faces "legal and economic challenges" according to the San Clemente times article of March 5.

The parks were scheduled to be done by September 2007, The roads, street lights, sidewalks, and infrastructure was to be completed by August 2007. Plaza San Clemente was to have opened by winter of 2008 with restaurants, a movie theater and 129-room botique hotel to welcome tourists.

SunCal at first blamed the weather for the delay, then the weakening economy, and finally it was admitted they had to revisit the plan with the lender. Now it comes to light that their are lawsuits against SunCal on various projects of theirs.…

Good news for home buyers and sellers in Orange County. 14 California counties saw their loan limits for FHA, Fannie and Freddie bumped all the way up to the $729,750 cap. From the Associated Press March 6, 2008
WASHINGTON -- The government Wednesday raised the maximum for mortgages in 14 high-cost California counties that could be guaranteed by the Federal Housing Administration to $729,750 from $362,790.

The temporary increases announced by the Department of Housing and Urban Development are part of a recently enacted economic stimulus package and are intended to let more homeowners with high-rate mortgages refinance into government-insured loans.

The department is expected to raise FHA limits in other counties nationwide in the coming days.
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The fabulous Talega Village Center will be getting two new restaurants that plan to open by fall.

The Sundried Tomato Cafe plans to have an outdoor patio as well as inside seating. The restaurant currently has locations in San Juan Capistrano and Laguna Beach.  A menu can viewed on their web site at www.TheSunDriedTomatoCafe.com .

Sea Smoke plans to open to in late July or August. This will be the third restaurant by Takashi Abe, the sushi chef and creator of Izakaya Zero in Huntington Beach and Bluefin in Newport Beach.  The restaurant will have a sushi bar with hot and cold entrees and appetizers moderately priced.

Both restaurants will be family friendly to match area residents expectations.

More detailed information can be found the Orange…