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Our Open House Directory offers full access to all Surterre Properties’ upcoming open houses in Orange County, and is updated with new inventory on a weekly basis. Whether you’re touring
, Newport Beach , Laguna Beach , Corona del Mar , Newport Coast , Laguna Niguel , Dana Point , Irvine or other neighboring coastal communities, this directory should be your first stop in helping you find your final destination. San Clemente
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“ECONOMIST SEES SIGN OF ACTIVITY”
Housing starts up 19% from the pace over the prior 12 months
At current pace, apartment construction in 2012 would be highest since 2005
National Association of Realtors February confidence index at highest level since survey began in 2008
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“BEST HOUSING MARKET SINCE 2005, NUMBERS SHOW”
Orange County is seeing its best housing market since the final days of the housing boom in 2005, with the number of homes for sale at their lowest level in nearly seven years and the number of sales contracts in progress at their second-highest level in that period.
The “market time” or the time it would take to sell all 6,615 listings at the current sales pace, fell to 52 days. That’s the shortest market time since August 2005
As this scenario drags on, it will only be a matter of time before prices start to really rise again.
If you are a buyer stepping into the market, it feels like 2004 and 2005
“U.S. HOME RESALES HAVE BEST WINTER SINCE CRISIS BEGAN”
U.S. home sales are gradually coming back. The last two months made up the best winter for sales of previously occupied homes in 5 years.
“O.C. HOME MARKET CATCHING FIRE”
Homes are flying off the market. The housing inventory is running on empty. The foreclosure and distressed/short sale inventory is at a low not seen since they started flooding the market back in 2007.
The last time demand was this hot in the month of March, it was the tail end of the housing bubble, 2005.
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Capital Economics expects the housing crisis to end this year.
One of the reasons: loosening credit
The analytics firm notes the average credit score required to attain a mortgage loan is 700.
However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.
Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.
Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”
In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.
“INVESTORS BUYING FORECLOSURES”
Investors and other private homebuyers have picked up their pace of homebuying at Orange County foreclosure sales.
Foreclosure Activity Continues to Fall
The “foreclosure wave” many predicted at the end of last year is beginning to look more like a drought, as foreclosure sales dropped significantly in February.