Don’t Forget to Check Out This Weekend’s Open Houses !!!

Don’t Forget to Check Out This Weekend’s Open Houses !!

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 BeachLaguna BeachCorona del MarNewport Coast, Laguna NiguelDana PointIrvineSan Clemente or other neighboring coastal communities, this directory should be your first stop in helping you find your final destination.

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This Week’s Best Buys in Orange County Real Estate

This Week’s Best Buys in Orange County Real Estate

“ECONOMIST SEES SIGN OF ACTIVITY”

“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


“BEST HOUSING MARKET SINCE 2005, NUMBERS SHOW”

“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 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”

“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.

Marina Hills Market Update 1/1/12 – 3/2/12

“INVESTORS BUYING FORECLOSURES”

“INVESTORS BUYING FORECLOSURES”

Investors and other private homebuyers have picked up their pace of homebuying at Orange County foreclosure sales.

Recently Sold in Marina Hills – 67 Fleurance, Laguna Niguel

67 Fleurance, Laguna Niguel

Sold on 2/14/12 for $290,000

2 Bedroom, 2 Bathroom Condo. Enjoy vaulted ceilings, upgraded stainless steel kitchen appliances, a private deck that is perfect for BBQs, fireplace, and a full two car garage that provides direct access to the home. The ‘Encore at Marina Hills’ amenities include a pool, greenbelts, ample guest parking, and an expansive park overlooking the hills.

Listing Provided Courtesy of: Aaron Zapata, Prudential California Realty, DRE #01356534
Buyer’s agent: Jay Hosseinipour, First Team Real Estate, DRE #01019758

Housing Crisis to End in 2012 as Banks Loosen Credit Standards

Housing Crisis to End in 2012 as Banks Loosen Credit Standards

Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.

The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.

Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.

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.

While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.

Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generation actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.