Archives for January 2010

Costa Mesa – Another great basketball season kicks off at the rec center

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You may contact me directly by phone at: 714-957-6677 Visit me on the web at:
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“Luck is a dividend of sweat. The more you sweat, the luckier you get.”

 
   
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Ray Kroc, the founder of McDonald’s, is generally
regarded as one of the greatest business "titans"
of all time.

He amassed a $500,000,000 fortune by the time he
passed away in 1984.

Did you know that Ray Kroc was
52 years old when he founded the most successful
restaurant chain in the history of mankind?

He attributes his success to "luck" and here’s how
he said he became so lucky:

"Luck is a dividend of sweat. The more you sweat,
the luckier you get."

If you are looking for an agent that will sweat out every detail of your home sale or purchase, you have found him. Please give me call and we can get started immediately.

On your team,

Kurt Galitski
Vice President
The Kurt Real Estate Group
Weichman Associates-Realtors
Direct- 877-957-6677   
License # 01348644

 

Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Signature Realty Group Corporation or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

If you do not wish to receive future emails, please click the link to Unsubscribe: Unsubscribe.

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Costa Mesa Real Estate Weekly Review

January 26, 2010

ECONOMIC COMMENTARY
Confidence

Fixing the economy can all be described with one word: Confidence. We need the consumer to be confident enough to make long-term decisions such as purchasing a house for their long-term security. We need businesses to be confident enough to hire workers so that they can expand in the long-run. We need investors confident enough to purchase financial instruments so that banks are confident enough to lend to businesses and consumers. Certainly, the past few years have not been a period of confidence. On the other hand, sometimes events outside our own control give us another perspective. The tragedy beset upon Haiti is of a magnitude that is hard to conceive. Yet, the response of the world to the aid of this small country also is of a magnitude that is hard to conceive.

While we expect major economic powers such as our country to step forward, the realization of this world effort comes from stories of countries such as Norway. Norway, with a population about half the size of New York City, is contributing over $17 million to the cause. The plight of Haiti puts our crisis in perspective. This country knew of their vulnerability to an earthquake, but did not have the financial resources to rebuild. Our problems are many and many have suffered. But we are a great and resilient country and we must have the confidence that we can overcome our issues. Perhaps as we rally around Haiti, it will move us to rally our country out of our own crisis of confidence. We can do so much more for the world if our own economy is stronger. One indication would be a positive preliminary report of economic growth for the fourth quarter. This indicator is just around the corner.

WEEKLY INTEREST RATE OVERVIEW
The Markets. Rates eased again in the past week. Freddie Mac announced that for the week ending January 21, 30-year fixed rates averaged 4.99%, down from 5.06% the week before. The average for 15-year fixed eased to 4.40%. Adjustables were also lower with the average for one-year adjustables falling to 4.32% and five-year adjustables falling to 4.27%. A year ago 30-year fixed rates were at 5.12%. “Fixed rates followed bond yields lower for the third consecutive week, pushing 30-year loans below 5 percent once more,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Similarly, ARM rates eased along with shorter-term rates, as the federal funds futures market indicates no increase in the Federal Reserve’s target rate following its upcoming committee meeting on January 26th and 27th. Because of reduced sample sizes and work disruptions that occur with severe weather, housing starts tend to be more volatile during winter months. Indeed, housing starts declined 4.0 percent in December, falling short of the market consensus of no change. Building permits, which are less vulnerable to weather interruptions, unexpectedly jumped 10.9 percent. “Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated January 22, 2010


Daily Value Monthly Value

Jan 21 December
6-month Treasury Security 0.14% 0.17%
1-year Treasury Security 0.31% 0.37%
3-year Treasury Security 1.41% 1.38%
5-year Treasury Security 2.38% 2.34%
10-year Treasury Security 3.62% 3.59%
12-month LIBOR
1.000% (Dec)
12-month MTA
0.471% (Dec
11th District Cost of Funds
2.093% (Nov)
Prime Rate
3.25%

REAL ESTATE NEWS
It’s going to be harder to get a government-backed mortgage from now on. Looking to shore up its weakening finances, the Federal Housing Administration has announced stricter standards. The agency, which insured nearly a third of new mortgages in 2009, will increase the premium it charges for its mortgage insurance and require those with weaker credit scores to come up with larger downpayments. The FHA will also reduce the amount of money a seller can provide a homebuyer for closing costs, as well as tighten its enforcement of lenders. “Striking the right balance between managing the FHA’s risk, continuing to provide access to underserved communities, and supporting the nation’s economic recovery is critically important,” FHA Commissioner David Stevens said in a statement. Source: CNN/Money.
Editors Note: These changes go into effect shortly and anyone who is thinking about purchasing a home can benefit by using the old rules if they act quickly.

Real estate investors are moving back into the market, according to a recent survey from Move.com. According to the Move.com survey, 12.1 percent of home buyers today plan to buy a home as an investment property, compared to 5.6 percent in March 2009. The survey found that 15.8 percent of those interested in investment property were men and 8.1 percent were women and 52.6 percent of the investment buyers were between ages 35 to 49. Of the 25.3 percent of buyers who are focusing on foreclosure properties, 42 percent regard the purchase they are considering an investment and don’t plan to live in the property themselves; 13.2 percent plan to rent out the property; 11.3 percent are going to fix up the property and resell it; and 17.4 percent plan to house a family member until the property can be sold profitably. Of the 9.8 percent of buyers who say that they plan to purchase and live in a property in the next two years, 5.4 percent plan to purchase in the next 12 months; 48.3 percent are first-time buyers; 52.8 percent are women, and 44.1 percent are men. Source: Move.com

Home prices are expected to grow modestly this year and sales will keep rising as the housing market continues to recover from the worst downturn since the Great Depression, the National Association of Realtors said in their latest report. Home resales are projected to total 5.7 million this year, up from an estimated 5 million last year. Prices will climb about 4 percent after a projected decline of 13 percent last year, according to Lawrence Yun, chief economist for the trade association. “Going into 2010, I anticipate that prices will also begin stabilizing or begin to modestly improve,” Yun indicated at the association’s annual conference. “That should help ease buyers’ anxiety.” Yun said. The housing market’s rebound has been aided by an aggressive federal intervention to lower mortgage rates and bring more buyers into the market. Home resales rose in the previous quarter to the highest level in more than two years, something Yun said shows buyers are eager to get back into the market. A federal tax credit of up to $8,000 for first-time homebuyers has helped stoke sales last year. The buyers can claim the credit if they sign a contract by April 30 and close the deal by the end of June. Lawmakers also expanded the program to include a $6,500 credit for existing homeowners who have lived in their current residence for at least five years. Source: National Association of Realtors

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4 O.C. cities top CA. home price gains! Costa Mesa real estate is among that group!

 
   
Has The Market Stabilized?

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Find Foreclosures

OC Distressed Properties Website

Community Info

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4 O.C. cities top CA. home price gains! Costa Mesa real estate is among that group!

 

Four of the top cities in the state for median home price gains in December are in Orange County, according to the California Association of Realtors.

At the top of that list is Laguna Hills, with a 62.9% jump. San Juan Capistrano, Tustin and Costa Mesa follow; See the chart at right for details.

In Orange County, CAR says:

Laguna Hills 62.9%
San Juan Cap 37.2%
Fairfield 30.9%
Tustin 27.1%
El Cajon 26.7%
Thousand Oaks 19.5%
Escondido 18.4%
Costa Mesa 17.3%
San Pablo 16.6%
Encinitas 16.3%
  • The overall median price in December  was $496,070, down 0.6% from November, but up 12.1% from the prior year.
  • Sales were up 4.5% from November and up 17.9% from December 2008.
  • The county’s unsold inventory was at 5.4 months in December, compared with 5.8 months in November and  7 months in December a year ago.
  • Time that O.C. homes spent on the market: 33 days in December, compared with 31.1 days in November and 37.5 days in December 2008.

Newport Beach and Laguna Beach were among the Top 10 cities in the state for median home prices in December, at $938,500 for Newport and $1,230,000 for Laguna. Highest in the state was Beverly Hills at $1,400,000.

Statewide:

  • Home sales increased in 1.7% December  compared with the same period a year ago and 4% from November.
  • The median price of an existing, single-family detached home in December was $306,820, up 0.8% from November and an 8.4% increase from December a year ago.

CAR Chief Economist Leslie Appleton-Young said:

"Home sales were unusually strong in December and were more consistent with peak season trends. Historically, the median price declines November through February and then rises in March. However, lean inventory, historically low interest rates, and incentives for home buyers have resulted in California’s housing market experiencing non-seasonal variations.

"Looking forward, we expect the state’s median home price to fluctuate around the $300,000 level throughout the first quarter. While we expect to experience price gains in the near term, it remains to be seen how the market will fare once the Federal Reserve discontinues its purchase of mortgage-backed securities."

Article is courtesy of The OCRegister.com January 26th, 2010, 12:01 am ·  posted by Marilyn Kalfus, real estate reporter

Kurt Galtiski is Vice President of Costa Mesa-based real estate powerhouse Weichman Realtors. Kurt and his highly-trained team of professionals have proudly served Costa Mesa since 1976.  For questions about an upcoming sale or purchase, call him directly.

On your team,

Kurt Galitski
Vice President
The Kurt Real Estate Group
Weichman Associates-Realtors
Direct- 877-957-6677   
License # 01348644

 

Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Signature Realty Group Corporation or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

If you do not wish to receive future emails, please click the link to Unsubscribe: Unsubscribe.

Posted via email from The Kurt Real Estate Group

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Has The Market Stabilized?

Meet Kurt and His Team

Find Foreclosures

OC Distressed Properties Website

Community Info

CostaMesaBlog.com

 

On your team,

Kurt Galitski
Vice President
The Kurt Real Estate Group
Weichman Associates-Realtors
Direct- 877-957-6677   
License # 01348644

 

Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient, and is the property of Signature Realty Group Corporation or its affiliates and subsidiaries. If you are not the intended recipient, you are hereby notified that any use of the information contained in or transmitted with the communication or dissemination, distribution, or copying of this communication is strictly prohibited by law. If you have received this communication in error, please immediately return this communication to the sender and delete the original message and any copy of it in your possession.

If you do not wish to receive future emails, please click the link to Unsubscribe: Unsubscribe.

Posted via email from The Kurt Real Estate Group

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