Lake Forest, CA

Received this great information on the how the current Economy is impacting Single Women and the numbers are surprising. For more detailed information, check out one of my favorite web-sites www.WVWV.org

Make sure the person and or people you are voting for in your community are taking these figures into account. Personally, I think little has been spoken about Singles and if there has been any discussion it is not normally with Single Women. Yet is is a huge demographic that should not be overlooked.

• Income:
  Unmarried women earn only 56 cents for every dollar that married men make. [Center for American Progress, 4/25/08]
  
• According to analysis of data from the Panel Study of Income Dynamics for individuals 25 to 61 years old, female-headed households have twice the likelihood – 13.5% - of seeing a 50% greater drop in their income than male-headed households’ probability – 6.6% - of such a drop. The probability of a major income drop for female-headed households has risen in the last two recessions. [“Taking a Toll: The Effects of Recession on Women,” Prepared by the Majority Staff of the Committee on Health, Education, Labor and Pensions, 4/18/08]Jobs:
  
• Single mothers’ unemployment rate rose from 6.7% in March 2007 to 7.1% in March 2008 – eclipsing the national average. [“Taking a Toll: The Effects of Recession on Women,” Prepared by the Majority Staff of the Committee on Health, Education, Labor and Pensions, 4/18/08]
• Retirement Security:
  Single women estimate needing a median amount of $500,000 by the time they reach retirement. However, more than one-third report that they have saved less than $25,000 for retirement, while only one in 10 report having saved more than $100,000. Only 69% of single women who work full-time report that their current employer offers them a 401(k) plan. Sixty-four percent of single women who work part-time have no retirement benefits offered to them by their employer. [Ninth Annual Transamerica Retirement Survey, 9/17/08]Savings:
  
• Female-headed households are at a distinct disadvantage in recessions because they have fewer savings to draw upon. In an analysis by Harvard Professor Mariko Chang of the net worth of all unmarried women, he found that their median net worth was $12,900 – less than half the $26,850 for unmarried men. He found that the wage gap is the primary cause of this inequality of wealth – accounting for 39% of the disparity for never-married households and 18% of the disparity for divorced households. [“Taking a Toll: The Effects of Recession on Women,” Prepared by the Majority Staff of the Committee on Health, Education, Labor and Pensions, 4/18/08]

• Bankruptcy:
  Single women are the most likely demographic group to file for bankruptcy and comprise 40% of all bankruptcy filings. Single women with children are even more likely to file for bankruptcy, at an estimated rate of 21 out of every 1000 families. [Dunleavey, M.P. , “Seven Ways to Fight Off Bankruptcy,” MSN Money]Poverty:
  
• More than half of all poor adult women - 54 percent - are single with no dependent children.
• Twenty-six percent of poor adult women are single women with dependent children [“The Straight Facts on Women in Poverty,” Center for American Progress, 10/08]Housing:
  
• About 43 percent of single women were using more than 30 percent of their income each month on housing payments, compared to the 30% of unmarried men and 25% of married couples who were spending more than 30 percent. [Joint Center on Housing at Harvard University]
  
• Single women have been among the fastest-growing groups of homeowners in recent years. In Baltimore, single women accounted for 40% of home sales in 2006, twice the national average. Nearly half of these mortgages were subprime, according to the National Community Reinvestment. [New York Times, 1/15/08]

Remember, if you have a Single Friend in need of help, we want to help here.

One area we can make an impact in is in the Foreclosure rate, if you currently own a home and want advice on how to keep it, contact Kelly today. A Loan Modification may just be the thing to help you save your home and Kelly has added this to her business services with Singles in mind.

Kelly Turbeville is one of South Orange County premier Real Estate Advisors focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, and Foothill Ranch. Whether she’s helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on venturing into real estate investments or helping a client review their mortgage options, Kelly is committed to making it happen! For Kelly, it has never been just about selling you a house! Her success comes from developing a business that is a trusted place to turn to when you need anything Real Estate!

The above information is provided as an opinion and is deemed reliable but not guaranteed.

Now that prices in Lake Forest have declined almost 30% in the last year, the "fundamentals" that so many "bubble bloggers" talk about are getting much closer to justifying a purchase!

My word-of-mouth, shoot-from-the-hip, gut feeling, and informal survey of average rents in Lake Forest give me the following starting basis for comparison:

2 bedroom average rent = $1550

If you have decent credit and have saved up about 6% for a down payment plus closing costs (or can get a relative to "gift" it to you), and use an FHA loan with the mortgage insurance premium added to the loan balance, the payments after tax consideration are very close to the same as paying rent!

Basic Assumptions :

FICO score = 680+

Down payment = 3.5% (can be a gift from your parents, or other close relative)

*Closing costs = 2.5% (title insurance, escrow fees, loan fees, etc.)

Mortgage insurance premium of 1.75% added to loan balance

*You may get the seller to pay some or all closing costs, but you will generally end up paying a higher price by that amount.

Sample purchase of $225,000 of a 2 bedroom condo:

Down payment = $7875
Closing costs = $5625

Loan amount = $220,924 (includes upfront mortgage premium)
Interest rate = 6.25%

Mortgage Insurance = 0.5%

Condo dues = $300/month (includes insurance)
Property taxes = 1.1%

Annual interest paid = $13,807
Property taxes = $2475
Net tax deductions @25%* rate = $4070 = $340/month
*I'm not a tax advisor, and this is just a rule of thumb for estimating purposes.

Monthly payment = $1939

Less tax savings = $340

Net effective monthly = $1599

The $49 difference between paying rent and owning can be justified with the emotional reward of being able to paint and decorate your own place to your own taste, keeping your pet without a deposit, and knowing that your landlord will not be giving you notice of either a rent increase, or that he is selling it and you will be having to move!

There are currently 40 condos on the active MLS priced at $230,000 or less. In the last 90 days, 34 have closed at less than $225,000. Are you tired of making your landlord's payments?

Contact me today to get started to find your very own home!

Vicki Lloyd, MBA, e-PRO, Realtor
The Real Estate Professionals
(949) 457-0281
email : Vicki@VickiLloyd.com

I found this fascinating article today:

The number crunchers at Real Estate Economics in Irvine have their third-quarter local housing market rankings out. The results parallel what we’ve been reporting: Strength has moved inland!Lake Forest called O.C.’s hottest housing market - Lansner on Real Estate - OCRegister.com, Oct 2008

Kelly Turbeville is one of South Orange County premier Real Estate Advisors focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, and Foothill Ranch. Whether she’s helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on venturing into real estate investments or helping a client review their mortgage options, Kelly is committed to making it happen! For Kelly, it has never been just about selling you a house! Her success comes from developing a business that is a trusted place to turn to when you need anything Real Estate!

It’s Possible!

The above information is provided as an opinion and is deemed reliable but not guaranteed.

If you are planning to buy a condo, or a house in Lake Forest, Mission Viejo, Rancho Santa Margarita, or other South Orange County area, there is a good chance that you will be buying in to a home owners’ association (HOA). If that is the case, make sure you read over all the HOA documents soon after you receive them. These are usually provided to you during the escrow process, and you will normally have 5 days after receiving these to either approve them, or cancel the purchase and get your money back.

What should you look at, or what should you look for?

Start with the budget. This will show you the items that are expected to be paid each month by your dues. Some budget items can be expected to go up almost every year - like costs for electricity, water, utilities, gasoline, insurance, and most labor. Also, look at the year-to-date actual financial statements to see how they compare to the budget. Have there been unexpected or substantially over-budget expenses? Is the income (from dues) under the budgeted amount? If there have been a lot of foreclosures in the association, the unpaid dues from those homes will have to be written off, and the shortfall will have to be made up by an increase to the next year’s dues budget. By law, in California, the HOA dues may be increased by the board of directors by up to 20% without a vote of the homeowners. If a 20% increase is not enough to cover any shortfall, a “special assessment” of up to 5% of the annual budget may be declared by a vote of the board of directors. Most associations publish their new budgets in November for the following calendar year, and the new dues assessments go into effect in January.

Review the Rules. Most HOAs have rules that address many areas of your life. Putting a basketball hoop on your garage, or a portable one in the driveway, may be restricted. Do you have a boat or RV? Many HOAs require that they not be visible from any other property or from the street, or that you may only park your RV in front of your house for the time it takes to load or unload it after a trip. Also, if you drive a commercial vehicle, know that there may be restrictions on keeping that in your driveway. Do you work from home? Some associations will not allow any kind of manufacturing or retail types of businesses, or will restrict the hours that you can operate. What kind of pets do you have? Chickens, ducks and pot-bellied pigs are often outlawed, and some associations put a weight limit on the size of dogs that are allowed. Read over the rules and make sure there aren’t any that you can’t live with!

Architectural Guidelines. Before you plan that room addition, front porch, patio cover, or major remodel to your new home, find out what is likely to be approved by the architectural committee. If you want to add a 2nd story, or change the exterior look of the home, find out before you buy that it will be allowed!

Meeting Minutes. The minutes from the Board of Directors’ meetings will tell you what is going on in the Association. Much of the time, the minutes are quite routine and boring, but check to see what issues are coming up at board meetings. Are neighbors fighting about something? Is the association failing to enforce the rules? Are they anticipating discontinuing any services, or upgrading any of the commonly owned facilities? Are there any lawsuits threatening the Association?

Buying a home that is part of an association means that you are buying ownership in that association. Do your homework - You need to know what you are buying!

Portola Hills eNews 10/6

What is Loss Mitigation? It allows for Negotiations on your behalf with your lender. This is not a new loan and won’t change your home title. It’s the process of engineering a solution for both the Homeowner and Lender.

But it is not as simple as a phone call to your lender, if you have tried to go to them for help then you understand. The process is made possible by a deep understanding of Lending guidelines, Lender protocol and procedures, knowledge of State and Federal laws and regulations; focusing on the goal to secure more affordable terms for the homeowner while managing the risk and losses of the Lender.

Kelly is pleased to announce she is an affiliate of TVC Financial. TVC is a financial services company out of San Diego who has helped hundreds of homeowners each month solve their mortgage problems through restructuring and debt resolution.

Should you have concerns with your current mortgage make sure to call Kelly to review your possibilities! Homes are saved everyday!

Buyer Needs: I have several buyers looking for homes and have seen everything fitting their needs currently on the market but to no avail. They are not interested in buying a short sale property (which is the primary number of properties on the market), so if you are considering selling your home, please contact Kelly ASAP.

Kelly Turbeville is one of South Orange County premier Real Estate Advisors focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, and Foothill Ranch. Whether she’s helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on venturing into real estate investments or helping a client review their mortgage options, Kelly is committed to making it happen! For Kelly, it has never been just about selling you a house! Her success comes from developing a business that is a trusted place to turn to when you need anything Real Estate!

It’s Possible!

The above information is provided as an opinion and is deemed reliable but not guaranteed.

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