Mission Viejo, CA

October home sales rise 10.1 percent to continue the up trend. Home sale rise second month in a row climbing to the highest level in 21/2 years.

The national statistics show, in October, a 36 percent growth from the bottom in January, data showed monday. At the curent pace there is only seven months of supply of homes on the market and on many homes we have bidding wars. October Sale a moving up.

The National Association of Realtors said home resales rose 10.1 percent to a seasonally adjusted annual rate of 67.1 million in October. It was the biggest monthly increase in a decade.

Orange County has a problems with affordability it is the 3rd worst in the U.S. Orange County has a problems and it is affordability being the third worst in the nation according to the National Association of Home Builders Wells Fargo Housing Opportunity Index.

What the index shows is that only 37.6 percent of the homes that were sold in the 3rd quarter were affordable to the median income families which is $86,100. It is the second consecutive drop in local affordability after three years of increases. This is why I have stated that Orange County has problems with affordability.

If this trend continues it will become increasingly difficult for consumers to purchase and qualify for homes in the area. The Prime reason for falling affordability in Orange County is raising prices and incomes decreasing. The local market has increased 3 percent in the last year.

The national affordability is 70.1 percent.

NOTE: This information applies to the State of California. Check with your state's department of real estate for information regarding your locale.

A notice of trustee sale is a document that tells the property owner that a particular property is about to be sold at auction to settle a debt that is owed on that property. The notice must be posted on the property and in one other public location. This notice must be mailed to the owner at least 20 days before the sale date and must be published once a week for three weeks prior to the sale in a local newspaper. Contained in the notice must be the date, time and location of the sale as well as the property address and trustee's contact information. Additionally, the notice must be recorded with the county recorder office at least 14 days prior to sale.

At the sale, anyone may bid on the property and the trustee expects the winning bidder to pay cash or cashier's check at the end of the auction.

Just FYI, here are the number of new foreclosures filed in October 2009 in the Southern California area, by county:

• Los Angeles - 19,180
• Riverside - 9628
• San Bernardino - 7584
• San Diego - 7323
• Orange - 5156

Data courtesy of RealtyTrac

Orange County's unemployment rate is now up to 9.6 percent. The unemployment rate rose again in Orange county up from Septembers 9.5 figure. This jobless rate is unacceptable.

Local employers added jobs at the rate of 8,200 but the unemployed are 52,000. The state of California is no at an unemployment rate of 12.6 percent. The state government has added 10 percent to each persons withholding as an interest free loan. What are we to do? They keep spending and taxing and small businesses keep losing jobs. How does this philosophy work?

California is the fourth highest in unemployment rate inthe country after Michigan at 15.1 percent, Nevada at 13 percent, and Rhode Island at 12.9 percent.

Orange County added unemployed at a rateof 3.5 percent from October 2008 to October 2009 it is better than it was. I guess those of us in Orange County should be thankful that our unemployment rate is lower than Riverside at 15.1%, San Bernardino at 14%, Los Angeles at 12.6%, Ventura at 11.1%, San Diego at 10.5%.

Yes home prices are down and so are loans and that does not happen very often, therefore, it is time to invest in a home. If you were thinking of purchasing a home now is one of the best times to purchase in the last 15 yrs. it is a great investment. A second home or one you are thinking of living in now is the time to invest in that home.

The Orange County Register today wrote an article by Jeff collins that shows that in a national servey 12 percent of people who responded were planning to buy a home as an investment. That is twice as many as there were in March.

It is the lure of the foreclosed properties and the short sales that have caused the properties to drop in value over the past few years that makes this possible for more consumers. 48.3 percent of the buyers were 1st time buyers.

73 percent of the respondents expect properties to appreciate by 10 percent or more in 5 yrs. while 27 percent believe the properties will appreciate by 20 percent. So as you can see the general population of consumers believe it is time to invest in a home.