First American CoreLogic ( a Santa Ana based home-data firm) has come out with a report predicting
that O.C. home prices will be up 9.5% by August 2010. If this is becomes true, the median price of a home in O.C. would increase by $48,000 from the August 2009 median of $500,000.
First American expects the overall home prices in California to rise 7.9% in August and home prices nationwide to increase 4.6%. They projected March to be the month in which home prices hit bottom.
Many organizations are putting out their forecasts at the moment including UCLA, Cal State Fullerton and the California Association of Realtors – it will be interesting to see which one is the most accurate.
Last month 466 homes were sold in beach city ZIPs – which was a 21% increase from a year ago.
The median selling price was down 7.1% from a year ago coming in at $680,000 for the 17 beach city ZIPs.
Countywide sales were up 2% compared to a year ago and the median selling price was up 2% as well.
Throughout south inland ZIPs the median selling price was $486,250 out of 753 sales which was a 20% increase from a year ago. In the 24 ZIPs that make up Mid-county there were 841 homes sold at a median selling price of $354,750 which had a 10% drop in sales from last year.
The number of homes listed for sale in Orange County continues to drop, decreasing by 174 listings
in the past 2 weeks. That is a 2% drop in 2 weeks! The number of listings available in Orange County as of Thursday was 7,749. The number of listings has dropped 39% from 2008 and 57% from its peak reached in 2007.
The housing market has not been this small since January 2006 when the slump was just getting started.
The current market conditions are great for sellers; properties are priced right and in great condition making the competition high and the number of homes on the market low.
Based on the current sales pace it would take 21 days to sell all the bank-owned homes in Orange County
and competition is getting so rough that many homes are being sold for 3% over their asking price.
Less than 1 in 20 county’s 7,749 homes for sale were reposed homes taken by the banks through foreclosure. On the other hand, short sales – homes selling for less than their debts – made up 1 in 4 O.C. listings.
In all of Orange County there are currently only 314 foreclosed homes for sale – a decrease of 8 homes in the past 2 weeks. The number of short sales homes on the market has only decreased by one home over the past 2 weeks with 2,075 currently for sale.
Overall the number of distressed listings made up 30.8% of the total number of homes for sale in Orange County.
The first three quarters of this year marked the smallest total equity cashed out since 2000. The numbers
were adjusted based on inflation by the total equity cashed out so far in 2009 has been $60 billion.
Nationwide the share of refinance loans resulting in new mortgages that were 5% or more higher than the paid-off first mortgage balance fell to a six-year low of 36%.
The amount of interest-rate reduction in the U.S. since the beginning of the year adds up to about $3 billion in payment savings over the first 12 months of the new loan. Half of borrowers who refinanced a conventional loan lowered their annual mortgage interest rate by at least 17% as new interest rate was about 1.1 percentage points below the old rate.
In the first three quarters of 2009 interest rates on 30-year fixed-rate mortgages have averaged 5.1 – the lowest in the 38-year history of Freddie Mac’s mortgage survey.
Hewlett Packard National Realtor Technology award winner, B.S. in Computer Science and Economics, one of the top Realtors in Orange County.
It's in his blood... Real Estate is in Adam's blood... he is a second generation real estate agent who was answering phones at his father’s realty and mortgage companies as soon as he was able to walk and talk! Adam soaked up all there was to know about the industry, as well as his family tradition of providing superb, high-touch customer service.
Leveraging the power of information... However, Adam took his thirst for knowledge one step further. Recognizing the opportunity to embrace technology as a way to enhance customer service, Adam earned a B.S. in Computer Science. He leverages the power of information technology and partners with companies such as LendingTree.com, HomeValues.com, HomeGain.com, and Realtor.com to offer his clients unparalleled visibility to home buyers.
Technology/Marketing award winner...By using the latest technology communication tools Adam streamlines the home buying and selling process for his clients. This ensures that his clients receive prompt and accurate up-to-the minute communications, as well as a fresh marketing strategy that encompasses both traditional and the latest online mediums. In fact, this high-tech strategic approach has won Adam national recognition as the 2006 Hewlett Packard National Realtor Technology Award Winner and more recently as a 2007 Realtor.com “Online Marketing Award of Excellence honoree.
Integrity and experience... As an advocate of the six-sigma methodology, Adam is constantly improving his business model. He employs a level of integrity to which many aspire and few achieve. Adam’s success is evident in his work ethic of take the easy way do it the right and that's his clients say about him... Adam works hard, and he does it right!
Adam Brett Freilich CA DRE LIC#01499486
Residential Re-Sale, Commercial Properties, Foreclosures and Investments. As a long-time Fullerton resident Adam is intimately familiar with North Orange County neighborhoods. He has extensive expertise in residential real estate, commercial build outs, hard money lending and mortgage banking. As an authorized REO agent for CountryWide Home Loans and World Savings he has extensive experience in all aspects of the foreclosure process. Investors rely on his knowledge and experience to help them identify and capitalize on distressed properties.
"Adam Brett helped us get into our dream home. He has the expertise in understanding the real estate market and incorporates the due diligence necessary to work hard for your specific real estate related needs. Adam is supremely versed in marketing, technology, and overall market trends, thus, as a home buyer or seller, you will be supplied with the tools required for a smooth transaction. We will call him again for any future needs, so call Adam today; he will be there for you." Kirk & Supika Kinder
It meant a lot to us that Adam delivered on his promises in a timely manner. Within the first week of listing our house for sale he set up a virtual tour online. He even took the time and effort to ‘stage’ our home for the open house events – going the extra mile is just standard service for Adam. He is extremely creative with his marketing and it's obvious he loves what he does by the enthusiasm he displays and the manner in which he gets things done!" Sherry Caracci
"When our mom passed away, we needed to sell the family home. It was a very emotional and difficult time for us. Adam came up with a terrific marketing plan and was able to sell the house for a good price within five weeks of listing the home for sale. He is the best real estate agent I’ve worked with period!" Al Smith
"We traveled a lot while our property was listed for sale and Adam kept it up for us while we were gone. He definitely went the extra mile!" Sally Fuller
"I want to THANK YOU so very much for all your time, support and dedicated work to complete the virtual tour / powerpoint for our Resource Center. You did an absolutely incredible job and I greatly appreciate it and most of all you." Patricia W.
"Working with Adam was a great experience. He was awesome, he helped us through the process every step of the way. He even helped us find resources to fix up the home when we put it on the market for sale. It was a very smooth experience, and I wouldn't hesitate to recommend him to anyone needing help to sell a home." Andrea Luarca
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