Mission Viejo, CA

Mission Viejo Mitsubishi dealer opened last week as our newest car dealership. The Mitsubishi Dealer opened its Mission Viejo location at the 28730 Marguerite Parkway where the Saub dealership was. The new dealership's hours are Monday through Friday 9 AM to 8 PM Saturday will be 9 AM to 7 PM and Sunday from 10 AM to 6 PM.

We would like to extend a warm welcome to Mission Viejo Mitsubishi dealer and wish them the best on their business.

Since October 28, 2009 The Santa Margarita Water District has an order that persists in Mission Viejodue to the Sulfides in the water. The water district states that the odor persists in Mission Viejo and is coming from the Upper Oso Reservoir. Santa Margarita Water District is using equipment to aerate the water and pump oxygen into the lake. Two air diffusers are operating at the north end of the lake to assist in the elimination of the persistant odor.

The oxygenation of the water is critical to odor elimanitation but through all their efforts the tests showed an increase in oxygen and a reduction of sulfide levels. This too shall pass. It is just a mater of ballancing the water.

HUD made an announcement that FHA reserves are short and not what the suspected and that means trouble. FHA projected they would have 15 billion in reserves and they only have 3 billion in reserves they are in trouble financially. That means they cannot go below 3 billion so they have to draw on other reserves that we set aside for potential losses. This means that the new subprime is in the FHA or federal lending and we know what kind of trouble that caused. It is the first sign that we are headed down the same path that got the mortgage industry in trouble. Quick fixes are not always or maybe ever the correct path.

FHA is in big trouble so they will have to raise fees and or require more down payment to secure a loan. HUD must move in the right direction or there will not be a federal loan program.

Let me introduce you to the prestigious gated Community of Canyon Crest in Mission Viejo situated on the hills above Lake Mission Viejo. These homes face toward the west with views from many of the back yards of the Lake Mission Viejo. On the boundary which is closes to the lake, is a large park with ball parks, toddles play area, walking and bicycling trails

Included is an outstanding Association Club House with multi million dollars recreational facility, with pools, spa, tennis courts, fully equipped gym and a social hall overlooking a resort like setting with waterfall and lush palm trees. All this within walking distance of beautiful Lake Mission Viejo, that has year round activities including swimming, fishing, boating and summer concerts which are free.

Canyon Crest has twelve distant neighborhoods within its boundaries. Today I am taking a look at two of the neighborhoods. One of the tracts is the Montage, built from 1988 to 1991 and containing 104 homes with 5 different floor plans. The second tract is called Cliffwood, which was built from 1995 thru 1999 consisting of 94 homes and 5 floor plans. Square footage ranges from 2,800 to 3,500 in both of these developments. These homes have very high ceilings, grand staircases, large family kitchens, formal living and dining rooms, massive master bedrooms with 2 walk-in closets attached to super large baths.

Active listings range right now from $720,000 to $1,399,000. There are 6 homes in escrow and 10 sold properties since the beginning of July.

We will have the government as a landlord. For the sake of the persons who cannot make their mortgage payment we will through Fannie Mae be government landlords. Fannie just got more money from the federal government (our collective monies) because than were in trouble again.

Now, Fannie Mae will help those who can't pay the mortgage by leasing their homes back to them. What does the homeowner need to do? Give them a Fannie Mae a deed-for-lease. Does this sound good to you? They must give up private ownership of their home to the government and become a renter.

What happened to the loan modification? Or was that simply a ploy to get homes out of the hands of private citizens? Not sure.

Yes, it could be a saving grace for those who do not have money because they were cut back on a job or one spouse lost their job. The program does not have a way for the homeowner to get back to ownership. The lease is for one year and then goes to month to month.

Fannie Mae stated that they can rent at current market rates established by their management company. The idea is that Fannie Mae will be able to sell the home at a higher price in the future.