Lake Forest, CA

This month, Obama signed into law an expanded Homebuyer Tax Credit bill, which extended the deadlines and added a new $6,500 credit. Several provisions in the bill became effective immediately. Homebuyers who owned their primary residence for five out of the last eight years can claim the $6,500 tax credit for purchases made after November 6th. In addition, the extended income limits in the bill are now applicable for both first-time homebuyers and repeat homebuyers. The extended income limit for couples filing jointly is now $225,000, with the credit phased out over the next $20,000 in income. These new limits cannot be applied retroactively to deals completed before November 7th.

To all the service men who are serving our great country or have served in the past, I send my gratitude to you and your families!

Just did a check on how the market in my area is doing. I work out of Lake Forest, CA Population is over 78,000

Total Active on the market

11/2/09- - 145 homes, 89 detached, 56 attached

.Short Sale Active

11/2/09- -59 out of 145

REO Active

11/2/09- -10 out of 145

In Default Active properties

11/2/09- - 5 out of 145

That leaves 71 out of 145 as equity sellers for 11/2/09

October is looking better than September did. The changes that have happened in Lake Forest are showing an improvement. We are showing a decrease in distressed properties on the market with 69 out of 145. Short sales sellers and REOs are taking a larger percentage of the active market. October is one of the slower buying months and inventory has remained the same lower than usual.

As we go into the fall the market Lake Forest will change some! It always does! Equity sellers are at 48% of the market for October. Are we seeing the "shadow inventory" starting to come on the market or is the buying season just slowing down? My pick is the slow market!

We have 71 properties in backup and 38 that are pending.

Let me know how things are going in your market.

Reported in the Orange County Register by Jonathan Lansner, buying a home in Lake Forest instead of renting is just about perfect right now. Buying costs reached a point, using a simple math formula, sides with the house shopper instead of the renter.

Every shopper is different and every house is different so no formula will be able to fit all buyers into one scenario. Orange County Index indicates that the prices of recent home purchases when compare to a benchmark of local rents in and around Lake Forest is looking better than it has in ten years.

The last time this happened in Orange County was just before prices took off in the late 1999. In the late 80s and up till then mortgage payments were close to double the rents. Once they reached about 56% of the cost to own a house, the market for buying took off. I am glad to say we are at that point again. In the latter part of 2009 the difference between renting verses buying is at a low 57%.

We would be selling more homes but it is difficult to get many buyers qualified because the banks are afraid to loan money to any one but the cream of the crop.

RE/MAX Homes & Estates

Pre-Foreclosure Division

(714) 588 -7676 ∙ www.orangecountyshortsalerealtor.com

If you are in a situation where:

• You lost your job

• Your Medical Expenses are too high

• Just went through/going through a divorce

• You are behind on your payments

• You have no equity

• You can't afford the cost of selling your home

• Your income has been reduced

• You are in foreclosure

WE CAN HELP YOU! It's easy and doesn't cost you any MONEY! Our services are Free!!!

WHEN THE DEBT EXCEEDS YOUR HOME'S VALUE... we can help is with a SHORT SALE.

Benefits of a Short Sale:

• Avoid Foreclosure

• Avoid Bankruptcy

• Reduced damage to your credit

• Postpone your foreclosure sale date

• A short sale will stay on your credit approx 3 years

• BE FREE of financial and emotional burdens!

We are licensed Realtors that specializes in avoiding foreclosure. We will NOT buy your home, but will assist you in selling your home quickly. The lender will cover all closing costs including Realtor commissions. We can make selling your home MUCH EASIER FOR YOU and lift much of the financial burden off your shoulders-- OUR SERVICES DOES NOT COST YOU ANY MONEY!!!

You can sell your property and lift the financial weight off yourself with the help of a experienced short sale Realtor. Re/Max Homes and Estates short sale division has closed over 120 short sales nationwide within the last year. We have a 95% success rate. Do not trust just anyone to handle your short sale. List your home with an experienced Orange County short sale Realtor.

Regardless of your current situation I am here to assist you, so call me today to help you find a solution! You have options which can enable you avoid foreclosure proceedings and escape the 10 year scar it will leave on your credit, therefore, your future. Stop the inevitable and don't face Foreclosure IF YOU DO NOT HAVE TO! Best of all with a short sale my commission will be paid by the bank, so you won't have any out-of-pocket expense!

www.orangecountyshortsalerealtor.com for more info or give me a call at (714) 588-7676

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