March 2014 RSS Feed

Not to be confused with homeowner’s insurance, which covers the structure and contents of your home, a warranty service contract is designed to cover systems and appliances that stop working due to normal usage.  Basic coverage generally includes the repair and replacement of major appliances such as heating/cooling system, water heater, refrigerator, dishwasher, stove, etc.  Plumbing and electrical systems are also usually covered, and some companies include washer, drier, microwave, and roof maintenance in the basic tier.

Gaining in popularity with both buyers and sellers of Orange County homes, warranty service contracts serve to reassure owners that they won’t face major repair/replacement costs.  Sellers use them to protect the home while it’s on the…

In February, the number of properties that received a foreclosure filing in Orange County, CA was 2% lower than the previous month and 30% lower than the same time last year, according to RealtyTrac.com.

Orange County CA Foreclosure Status

Pre-foreclosures accounted for 57.6% of foreclosure activity in February 2014, Auctions 27.1% and Bank-owned properties 15.3%.

 

Orange County CA Foreclosure Geographical Comparison

Orange County CA foreclosures were 0.01% below national statistics and 0.3% below state figures in February.

Orange County CA Foreclosure Activity

Pre-foreclosure activity increased 7.4% in February compared to the previous month and increased 0.9% compared to the…

The San Clemente Real Estate Report below reflects the number of resale single family residences and condos as well as new homes selling in San Clemente. Also reflected is the % of change from 2013.

San Clemente Real Estate Market Trends - February 2014

San Clemente	Median Price	Change From 2012	Homes Sold	Change From 2012
San Clemente - 92672	$640,000	+36.8%	42	+50.0%
San Clemente - 92673	$740,000	+10.2%	34	+0.0%

The Orange County CA Real Estate Report below reflects the number of resale single family residences and condos as well as new homes selling in Dana Point, Laguna Beach, Laguna Niguel, Mission Viejo, San Clemente and San Juan Capistrano. Also reflected is the % of change is from the same month last year.

Orange County CA Real Estate - February 2014

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Orange County Community	Median Price	Change From 2012	Homes Sold	Change From 2012
Dana Point - 92624	$640,000	-8.6%	5	-50.0%
Dana Point - 92629	$685,100	-10.5%	31	-11.4%
Laguna Beach - 92651	$1,840,000	+48.4%	27	-30.8%
Laguna Niguel - 92677	$615,000	+6.9%	71	-22.0%
Mission Viejo - 92691	$595,000	+20.9%	43	-15.7%

The California Association of Realtors closely monitors and analyzes trends in the residential California real estate industry. The table below contains the latest reported existing home sales series, median home prices, unsold inventory index, median time on market, first-time buyer housing affordability index, and the latest mortgage rates.

 

The Senate voted yesterday to approve bipartisan legislation that would block dramatic increases in premiums paid by some property owners under the federal flood insurance program.

The 72-22 vote sends the bill to President Obama, who is expected to sign it. The House overwhelmingly approved the legislation last week.

Under the bill, called the Homeowner Flood Insurance Affordability Act, premiums under the National Flood Insurance Program (NFIP) could increase no more than 18 percent per property annually.

The premium increases were required under a 2012 law known as Biggert-Waters that was designed to make the government's flood insurance program financially solvent by bringing rates in line with true flooding risks.

Premiums under the…

The value of home improvements have two primary considerations:

• the tangible dollar value that is added to your home compared to costs

• the intangible value of your enjoyment of the improvement

Most homeowners focus primarily on the costs, and whether they are adding dollar for dollar value to their home for resale. Those are legitimate concerns. Let’s break them down…

The tangible costs of a project have many components to consider:

• The first advice to seek is from a Realtor you know and trust. Ask them for some free advice. You want to know what is the likely increase in value you can expect from a project based on what “comparables” are available. You also want their professional opinion about how the buyers in your market are likely to value the…

There are big tax law changes in 2013 you need to be aware of.

Ben Crowe, C.P.A., CFP®, CFA, with Henssler Financial, explains some important items you need to consider when you prepare your 2013 tax return. Ben discusses the new tax bracket introduced in 2013, long-term capital gains, additional Medicare payroll tax, Pease limitations and the Medicare surtax on unearned income.

Sunday, March 9 is the beginning of Daylight Savings when we turn our clocks forward one hour. It is also a good time to change the batteries in our smoke detectors.

Smoke detectors installed properly and maintained in working order dramatically reduce the risk of dying in a fire. Statistics for 2003 to 2006 show that fire-related fatalities were twice as high in households where no smoke detector was present or where the detector was inoperative.

Section 310 of the California Building Code regulates the installation of smoke detectors in residences. Click here to see if your home complies.

Here are quick and easy steps to change a smoke detector correctly.

Please change your smoke detector batteries this weekend and be safe!