As the home buyer tax credit is set to expire the end of this week, many would-be Orange County home owners who miss the deadline may be asking themselves whether they should continue renting.The answer is YES. Buyers can still benefit from California's $10,000 tax credit for first-time buyers and those buying new construction.

While tax credits are strong incentives, the major benefits of homeownership are personal, not financial.

Owning offers a permanent home in which to build a life and family, opportunities to become part of a community, and flexibility in lifestyle. At the same time, while continuing to rent may or may not cost more in the short term, owning a home can save money over time – rents go up; fixed-rate…

Just when you thought you didn't have to think about taxes for another year, another tax is announced. San Clemente home owners who rent out their homes as a vacation rental are required to pay a 10 percent Transient Occupancy Tax. Just like hotels and motels, vacation rentals under 30 days are subject to Chapter 3.24 of the Municipal Code, requiring owners to collect and remit the tax to the city.

For more information, contact Leisha Sheuman in the city’s Business License Division at 949.361.6166 or Tom Rendina in the city’s Finance Department at 949.361.8312.

Pending home sales rose sharply in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of Realtors®. Contracts signed in February, rose 8.2 percent above February 2009. The data reflects contracts and not closings, which usually occur with a lag time of one or two months. 

Take a look at our local San Clemente real estate sales statistics for a local perspective:

San Clemente Real Estate Sales Statistics - March 2010
(92672 Zip)

Homes Sold:  39
Change from March 2009: +39.29%

Median Sales Price: $571,500
Change from March 2009: +14.53%

San Clemente Real Estate Sales Statistics - March 2010
(92673 Zip)

Homes Sold:  51
Change from March…

Pending home sales rose sharply in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of Realtors®. Contracts signed in February, rose 8.2 percent above February 2009. The data reflects contracts and not closings, which usually occur with a lag time of one or two months. 

Lawrence Yun, NAR chief economist, said the improvement is another hopeful sign. “The rise in pending sales may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten. We need a second surge to reduce inventory and stabilize home values.”

Take a look at the February 2010 Orange County real estate sales statistics…

Summer Beach Concert Series

The 11th Annual Beach Concert Series is “Bringing the Bands to the Sand"!

Each summer, the city of San Clemente hosts the Summer Beach Concert Series.  Bring a blaket or chairs, picnic and some shades. Concerts start at 6pm and are located between Marine Safety HQ and the Municipal Pier.
  

2010 SAN CLEMENTE CONCERT DATES

The San Clemente summer beach concerts start at 6:00 p.m and are held on the beach, north of the San Clemente Pier. These are great events for the whole family to enjoy. So, invite you friends, grab a blanket, pack up some food and enjoy the sounds of music and surf this summer in San Clemente.

• Friday, June 4: San Clemente High School Jazz Band and Shorecliffs Jazz Band
  
  
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March 2010 statistics show San Clemente had 137 new foreclosures with an average foreclosure sales price of $641,631, according to RealtyTrac.com.

There were 67 new foreclosures in the 92673 zip code and 70 new foreclosures in 92672, for a total of 137 new foreclosures in San Clemente. 1 in every 137 housing units received a foreclosure filing in March.

San Clemente Foreclosure Geographical Comparison

San Clemente foreclosure rate was 0.33% above national rates, 0.08% below California rates, and 0.10% above Orange County rates.

San Clemente Foreclosures By Month

Foreclosure activity increased in March with the number of bank-owned properties up from 9 to 23 and pre-foreclosure numbers increasing from 46 to 66. The number of…

There were 24,992 Orange County CA foreclosure homes and 5,329 new foreclosure filings in March 2010, according to RealtyTrac.com. The average sales price of an Orange County home was $543,290 while the average sales price of a foreclosure home was $409,048, a $134,241 savings. 

Orange County CA Foreclosure Activity and Home Price Index

Home price appreciation was 0.00% in March with 5,329 foreclosures.

 

 

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…

April 5, 2010, was the deadline for participating servicers to start to implement the Home Affordable Foreclosure Alternatives Program, known as HAFA. The program reportedly covers servicers handling more than 90 percent of all mortgages. REALTORS® are already hearing that the staff of many servicers have not yet even heard about the program, so it is clear that many servicers will not “hit the ground running.” Patience will be needed, but now that there is a program in place, REALTORS® can negotiate faster short sales by urging compliance with the new procedures and deadlines. NAR will carefully monitor implementation and will report delays and other program problems to the Treasury Department.

Understanding HAFA: Federal Short-Sale rules

View NAR’s…

Drop into the Nix Nature Center this weekend for an Earth Day craft project or a short walk on Mary’s Trail. Special April Earth Day Saturday walks will be offered on Mary’s Trail from 10:00 to 10:45 am and Sunday walks will be from 1:00 to 1:45 pm.

Laguna Coast Wilderness Park is a place where you can hike, mountain bike, run trails, or ride horseback through miles of beautiful Orange County natural lands. (Bring your own shoes, bicycle or horse.) Artists, photographers and writers find plentiful inspiration on the trails.

Laguna Coast Wilderness Park
18751 Laguna Canyon Road
Laguna Beach, CA 92651
(949) 923-2235 or (949) 923-3702

 

Distressed properties account for a large part of today's housing market; however, after some consideration, most buyers choose to keep looking rather than purchase a home in foreclosure. According to the NAR 2009 Profile of Home Buyers and Sellers, almost half of all buyers and 56 percent of first-time buyers considered purchasing a foreclosed home but ultimately did not.

The survey revealed several factors that went into buyers’ decisions not to move forward with a foreclosed property. Twenty-five percent of buyers couldn’t find the right home, 17 percent thought the home was in poor condition and 16 percent felt the process was too difficult. Ten percent of buyers ended up purchasing a foreclosed home, up four percentage points from last year.

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