June 2009 RSS Feed

Mortgage interest rates have been volatile in the last couple of weeks, inching up, coming down and inching up again. This kind of volatility raises the question, ‘when to lock in an interest rate and when to float’.  Locking means you are committed to a rate and you will get that interest rate regardless of what happens between the time you lock and when you close on your Orange County home. Floating means you are at the mercy of fluctuations in the market until you choose to lock your rate.The general rule of thumb is to lock your interest rate when rates dip. Could you lock and then be bummed because rates continued to fall…of course. But you could also be thankful you locked because rates increased. It’s a gamble either way. You have to decide what…

You may have wondered why you have been seeing paint easels all over town this past week. 127 artists are part of the San Clemente Art Association's Paint San Clemente' week. Paintings are to feature life in San Clemente and depict anything from local residents to the beaches, parks, and historic buildings to obscure out-of-the way places.  The seven day competition results in more than $13,000 in prize money, including a $5,000 for first place purse.

The Finale takes place on Saturday when artists will display their two best paintings for judging on the Community Center lawn at 8:00AM. 

All the competing paintings will move indoors at 1:30 p.m. to be set up on the auditorium walls. From 6 to 8:30 p.m., an awards gala (tickets $35) will feature the…

San Clemente real estate sales decreased 23.53 percent in May compared to May 2008 in the 92672 zip code. The median price of homes sold was $570,000 in May, a 24.75 percent decrease from May 2008.

San Clemente Real Estate Sales Statistics -May 2009 (92672 Zip)

Homes Sold:  26
Change from May 2008: -23.53%

Median Sales Price: $570,000
Change from May 2008: -24.75%

San Clemente real estate sales decreased 2.75 percent in May compared to May 2008 in the 92673 zip code. The median price of homes sold was $637,000 in May, a 19.25 percent decrease from May 2008.

San Clemente Real Estate Sales Statistics -May 2009 (92673 Zip)

Homes Sold:  35
Change from May 2008: -2.78%

Median Sales Price: $637,000
Change from May 2008: -19.25% 

Figures reflect…

39,051 California homes sold in May according to DQNews.com. This number is up 2.9 percent from 37,967 in April and up 18.3 percent from 33,024 in May 2008. Numbers include sales of new and resale homes as well as condos. But what is happening in the Orange County real estate market? Let's take a look at the May Orange County real estate sales statistics:

Dana Point Real Estate Sales Statistics - May 2009
(92624 Zip - Capistrano Beach area)

Homes Sold:  11
Change from May 2008: +266.67%

Median Sales Price: $575,000
Change from May 2008: +140.59%

Dana Point Real Estate Sales Statistics - May 2009
(92629 Zip)

Homes Sold:  31
Change from May 2008: +14.81%

Median Sales Price: $732,500
Change from May 2008: +1.03%

Laguna Beach Real Estate Sales…

San Clemente's 14th Annual Car Show happens this Sunday, June 14.

With the auto industry in dire straits, this is an opportunity for car fanatics to celebrate the heritage and history of great car makers. This year’s event is sold out and will feature some 300 different makes and models—all lined up on Avenida Del Mar starting officially at 10 a.m. Even if cars aren't your thing, the old classics sure are beautiful and something for the whole family to enjoy!

Take a look at highlights from San Clemente's Car Show from 2008:

Three Orange County businessmen were indicted by a federal grand jury this week accused of mortgage fraud, falsifying W-2 forms and tax evasion. It is always distrubing to hear stories of fraudulent practices, knowing innocent people end up the victims. There will always be those who take advantage of others. The best thing you can do is become an educated consumer and know how to protect yourself against mortgage fraud. Below are 11 Tips On Being A  Smart Consumer from HUD.

11 Tips On Being A Smart Consumer

1. Before you buy a home, attend a homeownership education course offered by the U.S. Department of Housing and Urban Development (HUD)-approved, non-profit counseling agencies. 
   
2. Get information about the prices of other homes in the…

Buying an Orange County home and confused about the new $8,000 first-time-home-buyer tax credit program as it applies to your down payment on an FHA loan? You're certainly not alone, and here's the real deal: 

HUD has confirmed that the tax credit can be used toward the down payment on FHA loans, but you cannot replace the required 3.5% minimum. In other words, you still must put 3.5% down, but can then use the tax credit for additional down payment or for closing costs. You make use of the tax credit money by means of a bridge loan.

Some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers can monetize the tax credit upfront to cover all or part of their down payment. These programs are separate from the HUD…

The median sales price for San Clemente homes, for February through April, was $635,500. This price is 3.1% higher than the previous quarter and 15.3% lower than the previous year. 206 San Clemente homes sold, February to April, which is an 18.4% increase from the year before. San Clemente home prices have depreciated 5.9% over the past 5 years.

The week ending May 27, there were 717 San Clemente homes for sale and 424 homes in pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for San Clemente homes was $1,063,238, an increase of 0.4%, or $3,833, compared to the prior week, according to Trulia.com.

The increase in both sales and prices is an indication the San Clemente market is at or near bottom. Now…