Foreclosures fall after sizable increase in the month of August

After a substantial jump in foreclosures in the month of August, largely a result of Bank of Americas tremendous inventory of distressed properties, foreclosures went back to a level more in line with the prior month, yet well below peak foreclosure numbers. California Foreclosures have dropped nearly 56 percent since its highest levels.

Filings for Notice of Defaults fell dramatically from a high of 58,623 in March 2009 to 25,778 as of today. The state of Arizona also had a similar decline in the number of Notice of Trustee Sale filings, from a high level of 14,722 in March 2009 to less than 6,000 filings in September 2011. This represents a decrease of nearly 60%. The state of Washington, which had the biggest decrease of any state, with 71.5 percent fewer Notice of Trustee Sale filings last month, than at the highest level back in June of 2009.

Overall sales of Foreclosures were a different story this month. Arizona, California and Nevada, all showed an actual decrease in sales of foreclosed homes, while Oregon and Washington both had increases. Even with the declines in overall sales, the percentage of foreclosed homes bought by third parties, generally investors, was at or near it’s highest levels.

In California for example, third party investors represented 27.4 percent of all sales last month, which is a record in California. In the state of Arizona, the number of investor purchased homes reached 38.3 percent, Nevada even came close to a record third party sales month, set back in the month of August at 29%. Foreclosure home sales to third parties in Washington was up 15%, and Oregon was the only state to have an actual decrease.

Home Buying in Orange County CA – 30 Year Mortgage Rates

Home Mortgage interest rates for 30-year fixed mortgages fell once again this week, with a rate borrowers being quoted on websites such as Zillow Mortgage Marketplace at 3.91 percent, down from 3.92 percent this same time in the previous week. This interest rate represents the lowest rate recorded since the launch of Zillow’s Mortgage Marketplace in 2008. The previous low was 3.92 percent, first recorded back on Aug. 10, 2011.

The 30-year fixed mortgage rate remained below 4 percent level for most of last week, fluctuating between 3.92 and 3.99, until climbing to 4.09 percent just yesterday. The intereest rate quickly returned back to 3.92 percent during the same day and then climbed one last time before dropping suddenely  to the current rate this morning.

In addition, the 15-year fixed rate mortgage rate this morning was 3.12 percent and for 5/1 Adjustable Rate Mortgage’s (ARM’s), the rate was only 3.48 percent.

All signs are pointing to one of the countries best real estate buying opportunities in many years. If you are thinking of purchasing a home anywhere in Orange County California, there may not be a better time than now, with these interest rates at all time lows and home prices at 6 and 7 year lows.

Cities such as Ladera Ranch CA, Mission Viejo, San Juan Capistrano, Coto De Caza and many others have excellent home buying opportunities right now.

The choices of Short Sale Homes, Bank Owned Homes and Foreclosure opportunities are plentiful in these outstanding neighborhoods.

For more information about home buying opportunities in these areas call mark (949) 292-5511 or Deborah (949) 292-5509

Condo for Rent – Ladera Ranch CA

JUST LISTED- – This gorgeous Ladera Ranch condo for rent is available for immediate occupancy. The home features 3 bedrooms and 3 bathrooms, an extra large Master Bedroom with private loft/retreat area, 2 car attached garage, dark wood flooring, gourmet kitchen with granite counter tops, wonderful dining area featuring built-in custom cabinet, cozy 2-sided fireplace from the comfortable family room and warm living room. This home is Located within walking distance to schools, pools and parks.

This wonderful home is located in the unique planned community of Ladera Ranch CA. Stroll through tree lined walking trails, spend family time swimming in the many sparkling community pool areas, some featuring special kiddie pools for younger children and toddlers. Hang out at the community centers, BBQ in one of the Ladera Ranch BBQ areas, or even venture over to the Ladera Ranch watermark or skatepark.

Ladera Ranch CA features many of the highest rated and award winning schools within the Capistrano Unified School district. From pre-school, elementary schools, and middle schools, all the way up to 2 local high schools, as well as many excellent private schools. Many are located right within the Ladera Ranch CA community for easy access and a real community feeling.

For information about this home for lease or any other homes for rent in Ladera Ranch CA, call Deborah Tangeman at (949) 292-5509 or Mark Spitzberg at (949) 292-5511

Custom Estate Home – Covenant Hills – Ladera Ranch

This One of a kind Tuscany Villa Estate is located within the exclusive guard gated community of Covenant Hills in Ladera Ranch CA. Built by the exceptional custom home builder, Terra Bella Custom Homes, this house is one of the most stunning properties on the market today. The masterful workmanship seamlessly combines the old and the new to absolute perfection. Every detail are unsurpassed in this magnificent custom home. With its authentic Old World details, and the visual splendor of a true tuscan Villa.

Perched above the Village of Covenant Hills Ladera Ranch, with sweeping panoramic views from the ocean to the mountains, this property combines modern amenities with elegant architecture. Every surface reflects the artists hand, from hand forged & antique lighting, heavy wood beams, and skip trawled walls. The floors continue the design integrity with burnished terracotta and distressed hand scraped hardwood. The Vantage Home Automation System has been integrated into the home – giving you intelligent control over lighting, comfort, entertainment and security systems with one-button simplicity.

For more information about this property, or to schedule a private showing of this exceptional custom home, Please call Deborah Tangeman at (949) 292-5509 or Mark Spitzberg at (949) 292-5511

Located in the exclusive guard gated community of Covenant Hills within Ladera Ranch California, this Sophisticated Custom Estate unveils a soft contemporary interior design while capturing a true Classic Spanish exterior. Arriving in the front courtyard of the home, the architectural details are unsurpassed for a Traditional Spanish home. Open the front door and you know you have arrived! A three-tiered chandelier hangs from the second story ceiling, stainless steel and wood accent the stairway. Limestone flooring and arched walkways, along with recessing lighting, all set the stage for this one of a kind home.

This open feeling floor plan gives an exceptional flow to the house. Formal and casual areas are separate yet remain connected to main areas of this outstanding custom home.

The high tech features of this gorgeous estate features a Lutron home automation system, helping set the mood, with the touch of a button. Outdoor entertaining is one of the homes crowning accolades, the poolside, oversized private trellis, offers lounging and dining, with outdoor entertainment area unlike any other in Ladera Ranch.The backyard also features a fireplace for chilly evenings to enjoy sunset views and city lights below.

The moment you step into the backyard and see just a glimpse of these incredible unobstructed 180 degree panoramic views, you will be enveloped in the exceptional estate that is 81 Bell Pasture, Ladera Ranch, CA

For more information about this property, or to schedule a private showing of this exceptional custom home, Please call Deborah Tangeman at (949) 292-5509 or Mark Spitzberg at (949) 292-5511

Orange County Real Estate Company

With real estate prices all over Orange County at their lowest point in years and rates on mortgages at historically low levels, now is a great time to purchase a home. When looking for Orange County California real estate most buyers would benefit by working with Orange County’s Priority Real Estate to help with the search and home buying process.

One of the main advantages of working with the Orange County’s Priority Real Estate is the familiarity with the market. Priority Real Estate marketing professionals working in the area are experts in the marketplace and spend hours studying recent sales and homes listed for sale. Based on the market knowledge that they have, they will be able to tell you if a home you are looking to buy is listed at the right price, of if it is overpriced.

When looking for Orange County California real estate, working with the Priority Real Estate would also be beneficial as they will help you negotiate, resulting in the lowest possible purchase price. Priority Real Estate area experts in, and are highly proficient at negotiating, and this will help make the purchase as economically beneficial for you as possible. They can often negotiate down the purchase price or get you some additional seller provided credits at closing.

Priority Real real estate could also help you by connecting you with other required services. Priority Real Estate offers a wide reaching network of mortgage lenders, appraisers, and inspectors which you will likely need to hire during the process of purchasing your home. Since there are so many to choose from, it would be wise to choose services recommended by the Priority Real Estate company to ensure that the one you chose is a good at what they do.

New California Law will require Ladera Ranch Home Owners to install Carbon Monoxide Detectors

            A new California law that requires California homeowners and California rental owners to install carbon monoxide detectors will go into effect January 1, 2011 for single family dwellings and January 1, 2012 for multi-unit residences.  There are many articles suggesting this law comes into effect in July of 2011.  Anyone interested in viewing the entire bill click on SB 183 .  The bill will change the language in the transfer disclosure statement required in transactions including the sales of real property.  Under the existing law a seller of a single family dwelling must disclose to a buyer that he/she has installed an operable smoke detector in the home as required by law.  This bill revises the statutory transfer disclosure statement as follows:

1. Requires the seller to check off whether or not the property has one or more carbon monoxide devices in the property.  (i.e. gas burning stoves, ovens, and water heaters)
2. Adds a footnote to the statement advising buyers that installation of carbon monoxide device is not a precondition of the sale.
3. Requires the sellers to certify, as opposed to checking off as under current law, that the property is in compliance with laws requiring smoke detectors and the bracing of water heaters.

This bill is intended to reduce the avoidable deaths of Californian’s due to carbon monoxide poison.  Home owners considering selling their homes should consider becoming compliant with this regulation sooner rather than later.  The new devises range from $17-$40 dollars and could save your life.  To find a current list of carbon monoxide alarms simply click here.

For more home safety tips or to sell or buy a home in Orange County California call your Priority Real Estate Agent today at 949-900-3800.

Buy or Rent ? What should I do in todays market ?

Until recently it seems that renting may have been a good idea, however, for the first time in a long time, buying a home may actually be better than renting a home.

There are 2 key reasons for this change:

First, average rental rates have stayed relatively stable over the  past few years, but are now expected to begin climbing higher as more people struggling by the housing market crash, are now forced to rent. This causes an obvious supply versus demand issue in many major marketplaces. It has been stated that rents are likely to rise as much as 5% to 7%  per year over next two years.

Second, because of the recent housing market conditions, home prices have certainly begun to drop, which in turn has created some excellent buying opportunities for many. In light of these market happenings, Nationwide prices are actually down more than  32% from their highest level in 2006.

Simply put, if home price gains can average of only 3.00% or more annually , then buying is the better choice.  However, keep in mind that in order for this calculation to make the most sense, you should be ready to stay in this home at least eight years.

Here is a comparison of the cost of owning versus the cost of renting:

Renting often makes more sense since buying a home means higher monthly expenses and annual bills once you factor in mortgage payments, property taxes, maintenance and transactional costs.

Not always, but sometimes these higher costs can be offset as long as the home gains in value. Renters then have the ability to invest the monthly savings as a way of offsetting the costs associated with buying the home versus renting the home.

How much better is it to buy or rent will largely depend on the location. For many major metropolitan areas such as New York, Boston or Chicago, renting may still be the preferred way to go. Looking at New York as an example, a homeowners would need a 7% price appreciation  in home values to make more sense than renting. Keep in mind that in cities like New York, these levels of appreciation are certainly possible and one should also not forget about the tax benefits to homeownership when determining final numbers

Even in cities where people are technically better if they rent, may not be in reality. Paying off a mortgage is a fantastic forced savings plan. Each month when the mortgage statement arrives, a homeowner pays the payment,  and the balance of the mortgage decreases and the potential equity increases!

Many renters end up spending any money they saved by choosing to rent or buy a home.

Buyers should keep in mind that home prices will rebound, even from these depressed levels. It may not be today, or even tomorrow, but in the long run, statistically speaking, real estate is still one of the best investments the average american can make. After all if you are looking for an investment, you should be thinking about a long term anyhow.