July 2009 RSS Feed

California and Orange County home buyers were motivated to buy a home because of decreasing prices, according the the California Association of Realtors's 2009 Survey of California Home Buyers. Other surevy results include:

• Number of first-time buyers rose to 38 percent in 2009, compared with 19 percent in 2008.
  
• 68 percent of buyers said price decreases motivated them to buy a home.
  
• 39 percent reported low interest rates helped them move to a better location.
  
• 49 percent of all buyers purchased a home through a traditional market sale.
  
• 38 percent purchased a REO/bank-owned property.
  
• 13 percent of buyers purchased a short-sale property.
  
• 88 percent of traditional market sales were financed through fixed-rate mortgages.
  
• 75 percent of short sales were…

San Clemente real estate sales increased 25 percent in June compared to June 2008 in the 92672 zip code. The median price of homes sold was $557,000 in June, a 30.8 percent decrease from June 2008.

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

Homes Sold:  35
Change from May 2008: +25.0%

Median Sales Price: $557,000
Change from May 2008: -30.8%

San Clemente real estate sales increased by 1.8 percent in June compared to June 2008 in the 92673 zip code. The median price of homes sold was $715,000 in June, a 18.5 percent decrease from June 2008.

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

Homes Sold:  58
Change from May 2008: -+1.8%

Median Sales Price: $715,000
Change from May 2008: -18.5% 

Figures…

There are only two Music Under the Stars concerts at the San Juan Capistrano mission that are not sold out... Saturday July 25 and August 22. Concert nights are a great time for family and friends to get together for dancing, eating and good music under star studded skies, so don't miss out!

If you have never been to the mission, know as 'Jewel of the California Missions', this video will show you what you have been missing! 

There are 25,872 Orange County CA foreclosure homes with an average sales price of $383,706. There were 4,961 new foreclosure filings in Orange County in June, according to RealtyTrac.com.
Orange County CA Foreclosure Activity and Home Price Index

Foreclosure activity slightly higher in June compared to May figures. Home appreciation in June increased compared to the month prior.

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…

May 2009 statistics show San Clemente has 638 foreclosure homes with an average foreclosure sales price of $556,750, according to RealtyTrac.com. There are 78 new foreclosures in the 92673 zip code and 52 new foreclosures in 92672.

San Clemente Foreclosures By Market Value

San Clemente foreclosures can be found in any and all price ranges. The most disconcerting thing about this chart is the number of pre-foreclosure properties compared to the properties that are already bank-owned. The foreclosure crisis in San Clemente is far from over. 
 

San Clemente Foreclosure Geographical Comparison

San Clemente foreclosure rate is 0.34% above national rates, 0.10% below California rates and 0.14% above Orange County rates.

San Clemente Foreclosures By…

The jumbo mortgage market has been severely restricted, with climbing interest rates and limited availability, and these problems are affecting the entire housing market.

According to insights from National Association of Realtors research, sales of homes priced above $750,000 have stalled and inventory has climbed from 18.7 months in 2007 to 41.1 months in 2009.

While mortgage rates on conforming loans up to $417,000 are near 50-year lows, jumbo loans currently carry unusually high interest rates. In many cases, wary lenders with overly stringent credit standards add to the problem by treating jumbo loan applicants with high credit scores and sizeable down payments as higher risks than buyers in the conforming market who have lower credit scores and…

Until recently, the $8000 first-time home buyer tax credit could only be accessed when you filed your tax return. The Federal Housing Administration has changed this be adding another component to the temporary $8,000 first-time home buyer tax credit. Qualified FHA buyers now have the option of monetizing the funds.

Through short-term bridge loans, buyers can access the money immediately instead of amending their 2008 tax return or waiting to file in 2009.

These buyers then have the option of adding it to their FHA-required 3.5 percent down payment, covering closing costs or buying down their interest rate. Instead of having the money after the fact, you can now use the tax credit to help you buy a home.

Interested in learning more. Visit…

San Clemente residents have various opportunites to celebrate July 4th with traditional fireworks displays. Enjoy your holiday!!

Dana Point
12 p.m.–10 p.m. An all-day free celebration takes place at Doheny State Beach for the 4th of July with fireworks beginning at around 9 p.m. A free shuttle runs from Dana Hills High School to the Harbor and back from 10 a.m. to 11:30 p.m. Doheny’s day-use park opens at 6 a.m. Motorists should expect traffic delays. www.danapoint.org.

San Clemente
9 p.m. Bring blankets and chairs and enjoy a free fireworks show hosted by the city at the San Clemente Pier. 949.361.8200, www.san-clemente.org.
 
San Juan
6:30 p.m.–9:30 p.m. The entire family is invited to celebrate Independence Day at the San Juan Capistrano Sports…