Tim Lorenz

6 California State Bills Concerning Foreclosure

California has 6 new bills concerning foreclosure they propose to:

• End the process in which homeowners are continually passed frome one bank officer to another as well as a "dual track" practice of foreclosure and and loan modification.
• Creating "robo signing" penalties.
• Fining the lenders that allow properties to get blited.
• Provisions to allow tenants more time to relocate.

These are in the new proposed bills. Expect major resistance by the big banking lobby.

Mision Viejo Realtor Tim Lorenz, Area Market Report 3/4/2012

This weeks market report for Mission Viejo and surrounding areas from Mission Viejo Realtor shows that Orange County Median Prices for the resale homes were down 5.3 percent, for new homes it is up 2.4 percent and for resale condos down 16.0 percent. The sales volume is up for resale homes 2.0 percent and down 0.9 percent on condos and up 5.9 percent for new homes.

• Mission Viejo Zip Code 92691 sales prices are down 11.8 percent and the sales volume is up 25.0 percent.
• Mission Viejo Zip Code 92692 sales prices are down 14.5 percent and the sales volume is down 30.0 percent.
• Aliso Viejo sales prices are up 8.3 percent and the sales volume is down 11.5 percent.
• Laguna Niguel sales prices are up 0.9 percent and the sales volume is up 6.6 percent.
• Rancho Santa Margarita sales prices are down 26.0 percent and the sales volume is down 11.3 percent.
• San Clemente Zip Code 92672 sales prices are down 28.4 percent and the sales volume is up 25.0 percent.
• San Clemente Zip Code 92673 sales prices are down 5.3 percent and the sales volume is down 21.6 percent.

If you are looking for good news then we need to look no further than San Clemente 92672 with the volume up 25 percent. If we also look to Mission Viejo it too is up 25 percent in sales volume.

California Home Prices Fell 4.6 Percent 4th quarter

Federal Price index places California as the 9th worst market in the Country. California home prices fell 4.6 percent in the 4th quarter. We are now off 44 percent from home prices over the past 5 years.

An article in The Orange County Register quotes the FHFA economist Andrew Leventis, "late-year gains vs. the third quarter. California prices rose 0.21 percent in the 3 months, one of 27 states - plus D.C. -with year-ending gains". While FHFA's national index shows a 2 percent points price decline over the latest four quarters, 12 states and the District of Columbia posted price increases. When coupled with the fact that about half of all U.S. states saw price increases in the latest quarter, this growth adds to ounting evidence that real estate markets are seeing at least some signs of life."

We in Orange County are not so lucky. We are 222 out 225 of metro areas in the country in affordability. The statistics that are never reported are the number of small business hurt in the economic problems of our Country. Our area had a lot of small business owners that are either out of business or their incomes have dropped at least 3/4 of what they were before the recession. There is no improvement in fact it is getting worse.

We have over 12 percent unemployment those are the people that had W2 incomes. We are hurt badly. Any increases in the unemployment numbers is only achieved by the droping of those no longer looking for work. In my book that is not something to brag about. Our government is sick. Not working for the people and getting out of the way but managing the decline. That is not leadership. People want their small businesses to succeed and the others want to have good jobs. Neither is possible in this state under these conditions.

In do not trust our government's statistics or their effectiveness in helping with the problems. I would like them to get out of the way.

Orange County's Housing Problem - Affordability

We are in the weak the weakest recovery since the Great Depression. Part of that is the fact that under employment and unemployment is a serious problem that is not being committed to by the government. With many of the folks down in income more than 3/4 of their incomes or out of business the small business owners are severely hurt. The salaried folks are also hurt.

So with that much of a down turn of incomes (3/4 of the origional) how do you afford a home that has only dropped 40 percent. It just does not happen. Even though the national affordability is at a record high we do not see that in Orange County, CA.

The NAHB/Wells Fargo metric index has Orange County home affordability improving. Yet still suffers from one of the lowest affordability levels in the country, ranking 222 out of 225. Just ahead of the most expensive metro areas of the US: San Francisco, Honolulu and New York. Remember our median housing price fell below $400,000. Most of those are much higher.

If we do not stop hurting the business climate in this State and in the Nation we are going to continue to see further drops in the housing market.

Mision Viejo Realtor Tim Lorenz, Area Market Report 2/26/2012

This weeks market report for Mission Viejo and surrounding areas from Mission Viejo Realtor shows that Orange County Median Prices for the resale homes were down 5.9 percent, for new homes it is up 3.2 percent and for resale condos down 12.3 percent. The sales volume is down for resale homes 3.5 percent and up 1.1 percent on condos and down 1.0 percent for new homes.

• Mission Viejo Zip Code 92691 sales prices are down 15.4 percent and the sales volume is up 24.3 percent.
• Mission Viejo Zip Code 92692 sales prices are down 5.9 percent and the sales volume is down 28.1 percent.
• Aliso Viejo sales prices are up 7.4 percent and the sales volume is down 8.8 percent.
• Laguna Niguel sales prices are down 1.9 percent and the sales volume is up 6.7 percent.
• Rancho Santa Margarita sales prices are down 22.0 percent and the sales volume is down 9.4 percent.
• San Clemente Zip Code 92672 sales prices are down 32.4 percent and the sales volume is down 3.6 percent.
• San Clemente Zip Code 92673 sales prices are down 7.2 percent and the sales volume is down 24.2 percent.

The last 3 weeks has been a roller coster ride. It is interesting that affordability is at a record high and people are still having truoble pulling the trigger.