Harrison K. Long, REALTOR, Broker, expert negotiator

Local Housing Market Updates for Orange County Communities

Irvine, California

Costa Mesa

Tustin

and Newport Beach, Mission Viejo and Laguna Beach.

These local homes for sale markets are now more dominated by short listings, and bank owned REOs have been bought up and are a very small share.

See my blog article with lots more detail ~ Irvine, Costa Mesa, Tustin, Newport Beach, Mission Viejo and Laguna Beach ~ Housing Market Updates (click here for article).

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If you are interested in homes and properties at Orange County, CA, communities, please let us know. Thanks.

Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA. Irvine Realtor. CA DRE #01410855. ExploreProperties@gmail.com.

The California Association of Realtors has issued its September 2009 homes sales report, which has some good news.

Home sold units at CA increased 2.1 percent in September as compared with the same period a year ago, while the median price of an existing home declined 7.3 percent.

"The market's momentum continued in September, as many home buyers took advantage of the federal tax credit for first-time home buyers," said C.A.R. President James Liptak.

"The success of the federal tax credit is clear. Nearly 70 percent of first-time home buyers report that the tax credit was ‘the most important' or a ‘very important' factor in their decision to buy a home.

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• Closed escrow sales of existing, single-family detached homes in California totaled 530,520 in September at a seasonally adjusted annualized rate.

This is according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide.

• Statewide home resale activity increased 2.1 percent from the revised 519,530 sales pace recorded in September 2008. Sales in September 2009 increased 0.6 percent compared with the previous month.

So they anticipate more than 519,000 homes will be sold in California this year.

• C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in September 2009 was 4.2 months (short market time) as compared with 6.5 months (revised) for the same period a year ago.

This shows number of months needed to deplete the supply of homes on the California market at the current sales rate.

• California median Home sold prices were down 7.3 percent in September 2009, which is as expected.

The California Assoc. of Realtors report relied on stats from DataQuick Information Systems for home sold prices, and DataQuick uses county records data rather than MLS information. See DataQuick statistics on home sold prices by county and city.

California Association of Realtor September 2009 Home Sales Report (click here to see the article).

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Harrison K. Long, Realtor and Broker, Coldwell Banker Previews, Irvine, CA. DRE 01410855. Email - ExploreProperties@gmail.com.

Scary Hot Housing Market at Orange County is just about right, especially for homes under $500k. We see homes in this range come onto the market and get multiple offers within 24 hours, with many of these homes going for over asking and for all cash.

To Sellers Advantage. They can wait for the best offers where buyers pay more than asking, some with all cash, waiving contingencies and some appraisals.

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Christi wrote this article about our local OC housing market ~ "As Good As Gold ~ Homes Under $1M at the Orange County, CA, Housing Market" (click here for link to article).

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Factors add up to trend favoring sellers at OC home selling market in this range.

Buyers and investors have gotten more involved.

Continued buying with decreased inventory causes demand to bump.

Add that to not enough bank owned REOs to sell, and the formula is in place to favor sellers.

Homes at Orange County are flying on and off the market in average of less than 60 days when priced at $500k and below.

So our local Orange County Housing Market is scary hot during these interesting times.

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Writing local, real estate and business related articles is part of my own education, is interesting and can be fun. Providing value and content is part of what we do to help our friends, other REALTORS, and clients with information about the business of homes sales and real estate.

Harrison K. Long, Realtor and broker, Explore Group, Coldwell Banker Previews, Irvine, CA. CA DRE 01410855. - email - ExploreProperties@gmail.com.

New California law with focus to Limit Predatory Lending Practices was signed today, October 12, 2009, by our Governator (Assembly Bill 260 - Lieu).

This new law covers CA state-regulated independent mortgage brokers.

The policy stated and purpose of this law was to restrict California mortgage brokers by requiring them to act in a borrower's best interest. This law would prohibit them from steering borrowers to loans worse than those they qualify for and limits subprime prepayment penalties (fees for paying off or refinancing a loan early).

This new law (AB 260) grants power to state agencies, the Attorney General, and injured borrowers to enforce violations of the law and pursue relief. What this new law could possibly do:

• Limit prepayment penalties and prohibit broker compensation for arranging a higher priced loan with prepayment penalties.
• Confirm by law that mortgage broker owes a fiduciary duty to a borrower and requires mortgage broker to place economic interests of the borrower ahead of his own.
• Make a licensed person who violates any of provisions liable to borrower in amount of borrower's damages, and would authorize court to award court costs and attorney fees to a prevailing plaintiff.
• Prohibit CA licensed mortgage broker from making false, deceptive, or misleading statements or representations in connection with higher-priced mortgage loans.
• Limit mortgage broker from steering borrower to accept a loan at a higher cost than that for which the borrower could qualify.

Other stated policy consideration by the author of this Assembly Bill 260: Some subprime lending has helped millions of people achieve the American Dream. It is irresponsible subprime lending that needs to be eliminated. AB 260, with its strong focus on preventing misconduct by brokers and lenders-seeks to eliminate irresponsible subprime lending, while preserving access to homeownership.

Click here for link to text of this new California lending law. California law with focus to Limit Predatory Lending Practices was signed today, October 12, 2009, by our Governator (Assembly Bill 260 - Lieu).

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Harrison K. Long, Realtor and broker, Explore Group, Coldwell Banker Previews, Irvine, CA. CA DRE 01410855. ExploreProperties@gmail.com.

Buyer Demand is Wiping Out REOs at the Irvine Housing and Local Real Estate Market. Trend for local market shows huge buyer demand for REO homes and that the market doesn't have enough listings to support.

• Homes sold at Irvine, CA, last thirty days (ending September 29, 2009) - 170 homes
• Regular equity sales last thirty days - 131
• REO homes sold last thirty days - 16
• Short listings sold last thirty days - 23
• More than half of homes sold were between $500k to $1 million

Irvine homes now listed for sale at SoCal MLS ~ 506 homes for sale (not enough). 345 of those for sale are equity sales (not enough). Only 14 homes listed are REOs (not enough).

Buyers and Investors wants REO homes, and Orange County REOs are selling like hot cakes and for more than asking price during this time.

What this means ~

• Irvine doesn't have enough REO listings now to support buyer and investor demand.
• Buyer Demand is Wiping Out REOs at the Irvine Housing and Local Real Estate Market.
• Trend for local market shows huge buyer demand for REO homes and that the market doesn't have enough listings to support.

NOTE TO BANK OWNERS AT IRVINE ~ If you are holding back bank owned homes for Irvine, get organized and on the market now and as soon as possible.

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Please contact us if you want information about Irvine homes and real estate. Thanks. Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA. - email - ExploreProperties@gmail.com.

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Visit is again at Explore The OC Blog for future posts on TRENDS at IRVINE HOUSING and local REAL ESTATE MARKET.