Harrison K. Long, REALTOR, Broker, expert negotiator

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.

Irvine, California, homes and real estate market update. __________________________________________

As of September 21, 2009, there were 531 active homes listed for sale.

There were 458 pending sales listed at SOCAL MLS.

That's a huge number of pendings, which again are close to number of active for sale.

30 Irvine homes were sold during the past thirty days.

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Of the 531 Irvine homes for sale ....

... 389 were regular equity sale listings

(this is too low for our market).

126 of those for sale were short listings (this is too high).

16 of those listed for ale were bank owned REOs.

Irvine Homes with asking under $500k remain very hot, and market time is close to one month. Homes below about $700k at Irvine were in a seller's market, and expected market time is about two months or less. Sellers at $700k and under are getting multiple offers on nice homes, and buyers have had lots of competition from each other and investors.

That's your Irvine, California, homes and real estate market update, September 21, 2009.

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Please contact us if you have questions about Irvine and Orange County homes and real estate. Thanks. Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA.

The Orange County median home sold price was up almost $8,000 in August from July 2009.

Coincidence is and on lots of minds these days that the $8,000 US First Time Homebuyer Tax Credit expires November 30, 2009.

My prior article ~ Act Now Before It's Too Late ~ Take Advantage of Your First Time Homebuyer Tax Credit.

Median sold price of an OC home was $427,750 in August 2009 ~ per MDA DataQuick. August's median sold price is the highest that Orange County has seen in 10 months, but down about 3% from same time during 2008. And it's down more than 30% from all-time high in June 2007.

Home Prices Rise Nearly $8,000 in August, By MARK MUELLER, Orange County Business Journal. (see article)

The Orange County median home sold price was up almost $8,000 in August from July 2009, and it's a coincidence that the US first time homebuyer tax credit is $8k.

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Please contact us if you have questions about Orange County homes and real estate. Thanks. Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA.

Dove Canyon - Rancho Santa Margarita, South Orange County ~ premier residential community designed and built around Dove Canyon golf club and its course.

With about 1,200 homes and 5,000 residents, Dove is located in the foothills of South Orange County on the south and east side facing toward Saddleback Mountain.

Inside the guard-gated entry is a Jack Nicklaus signature golf club, pool, tennis courts, child's park, play field, shopping center, and water reservoir. All homes in Dove are single-family residences.

A horse trail starts outside the community gate and continues to Sycamore Canyon, where hikers, horse riders, bikers, go into neighbor community, Coto de Caza.

Homes at Dove range from asking price of $599K to $1,150,000.

See Dove Canyon homes for sale (click here for free active link).

See and visit at Dove Canyon, beautiful and private Orange County residential community. Thank you.

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Contact us if you have questions about Dove Canyon and Orange County Real Estate Market. Thanks. Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA.

The California State Assembly approved the state's first stand alone Mortgage Fraud Legislation by a 76-0 vote during week of September 11, 2009.

This bill would establish California's first stand alone mortgage fraud law treating the crime as a felony.

The California State Senate had earlier approved the measure, SB 239, by a vote of 39-0.

If signed into law by Governor Terminator (We hope and expect that he will sign), this legislation will make it a felony for any person to knowingly make or use any deliberate misstatement or omission during the mortgage lending process, with the intention that it be relied on by a mortgage lender, borrower, or any other party to the lending process.

Upon conviction, such California law violators could be subject to a maximum penalty of three years in state prison and a fine of up to $10,000.

California's only current dedicated mortgage fraud law makes the crime a misdemeanor. Other states that have recently adopted dedicated felony mortgage fraud statutes with similar wording include Georgia, Arizona, Nevada, North Carolina and Florida.

This legislation (SB 239) also will help speed up investigation of mortgage fraud allegations by allowing investigators to obtain transaction related documents via court order.

The bill was created in response to explosion of mortgage fraud schemes that have contributed to major problems for our California economy.

See - State Assembly Approves Mortgage Fraud Legislation Written by Santa Clara County District Attorney's Office.

I have read and support California SB 239, agree with good PUBLIC POLICY behind this legislation, and believe it will be signed by the Governor with little or no fanfare and disagreement.

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Contact us if you have questions about the Orange County Real Estate Market. Thanks. Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA.