Archives for March 2012

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Kurt Galitski’s Life In Costa Mesa

  • Weichman Realtors Open House List for 3/24 and 3/25
    Weichman Realtors Open House List for 3/24 and 3/25 Friday- March 30th, 2012 3126 Cork Lane, Costa Mesa 11am-2pm  Saturday- March 31st, 2012 3126 Cork Lane, Costa Mesa 1pm-4pm Sunday- April 1st, 2012 3126 Cork Lane, Costa Mesa 1pm-4pm 3281 Colorado, Costa Mesa 1pm-4pm   Weichman…

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Home prices are up in 27 OC Zip Codes! Check it out…

Home prices are up in 27 OC Zip Codes! Check it out…

OC Register; For the 22 business days ending March 7 — Data-Quick’s freshest stats — the Orange County real estate market had home-buying patterns showing:

  • 27 of O.C.’s 83 ZIP codes with gains in their respective median selling price. Overall, buyers’ prices were -4.8% vs. a year ago.
  • Taking sales volume in consideration, home-sale pricing is up in ZIPs representing 29% of the Orange County market.
  • 4 of 83 O.C. ZIPs with median sales prices above $1 million in the period vs. 11 million-dollar ZIPs when the county median price peaked in June 2007. Since that pricing pinnacle, there’s been a 39% drop in the countywide median price!
  • Priciest ZIP? Newport Beach 92661 with a $2,700,000 median selling price.
  • Current million-dollar ZIPs were 2% of all sales in the most recent period tracked.
  • Cheapest ZIP? Laguna Woods 92637 with a $153,500 median selling price.
  • There were 4 ZIPs with medians under $250,000 vs. 5 a year ago. ZIPs with medians under a quarter million had 4% of all sales in the most recent period.
  • 27 of 83 O.C. ZIPs had year-over-year sales declines in the period — or 33% of the market.
  • Overall, countywide sales were up 10.2% vs. a year ago.
  • 5 of 83 O.C. ZIPs has sales gains of 100% or more in the period at the same time as 3 had sales drops greater than 50%!
  • NOTE! 14 local ZIPs had both sales gains and price gains in the period. (Highlighted in green below!) These double-gainers had combined sales volume equal to 17% of the Orange County market.
Town ZIP Price Yr. chg. Sales Yr. chg.
Newport Beach 92661 $2,700,000 +100.0% 8 +700.0%
Corona del Mar 92625 $1,840,000 +47.2% 16 -36.0%
Newport Beach 92662 $1,800,000 +20.2% 1 -83.3%
Newport Coast 92657 $1,552,500 +39.6% 18 +28.6%
Newport Beach 92660 $992,500 -5.5% 34 +13.3%
Newport Beach 92663 $962,500 +13.2% 24 +0.0%
Laguna Beach 92651 $941,500 +4.6% 32 -8.6%
Villa Park 92861 $822,500 -1.8% 2 +0.0%
Huntington Beach 92648 $688,000 +33.5% 43 +19.4%
Seal Beach 90740 $675,000 -5.9% 15 +50.0%
Los Alamitos 90720 $647,500 -8.1% 10 +150.0%
Irvine 92603 $625,000 -24.2% 24 -7.7%
Dana Point 92629 $605,750 +8.9% 35 +29.6%
San Clemente 92673 $587,500 -9.9% 41 -6.8%
Trabuco/Coto 92679 $585,000 -16.4% 41 +78.3%
Dana Point 92624 $535,000 -6.1% 10 +11.1%
Irvine 92602 $525,000 +12.8% 15 +50.0%
Fountain Valley 92708 $517,500 -3.3% 33 +6.5%
Yorba Linda 92886 $510,000 -25.9% 43 -14.0%
Brea 92821 $507,000 +22.8% 30 +57.9%
Huntington Beach 92649 $503,000 -16.2% 32 +18.5%
Fullerton 92835 $490,000 -8.4% 25 +31.6%
Irvine 92606 $487,000 +3.2% 10 +0.0%
Santa Ana 92705 $485,000 -13.4% 43 +79.2%
Anaheim 92808 $484,000 -4.2% 21 +0.0%
Tustin 92782 $473,500 +19.3% 48 +77.8%
Irvine 92614 $470,000 +3.3% 21 -4.5%
Orange 92866 $470,000 -1.1% 8 -11.1%
Orange 92867 $469,000 +14.4% 26 -3.7%
San Juan Capistrano 92675 $469,000 +30.3% 31 -6.1%
Costa Mesa 92627 $467,500 +8.0% 38 +5.6%
Yorba Linda 92887 $465,000 -18.8% 27 +42.1%
Laguna Niguel 92677 $460,500 -6.5% 85 +21.4%
Brea 92823 $440,000 -20.2% 4 -33.3%
Irvine 92620 $431,000 -36.1% 32 -40.7%
San Clemente 92672 $430,000 -14.0% 37 +8.8%
Foothill Ranch 92610 $426,500 -7.6% 10 +100.0%
Costa Mesa 92626 $423,750 -7.5% 30 +57.9%
Mission Viejo 92692 $419,500 -12.3% 52 +36.8%
Ladera Ranch 92694 $418,250 -7.1% 66 +40.4%
Huntington Beach 92647 $412,000 -12.8% 30 +3.4%
Fullerton 92831 $408,750 +15.1% 25 +25.0%
Garden Grove 92845 $402,000 -9.5% 14 +7.7%
Irvine 92604 $400,000 -14.9% 23 +27.8%
Huntington Beach 92646 $399,000 -2.7% 42 -4.5%
Orange 92869 $397,500 -18.0% 34 +61.9%
La Palma 90623 $394,000 -25.7% 2 -75.0%
Anaheim 92807 $392,500 -25.4% 28 +40.0%
Irvine 92612 $390,000 -13.0% 29 -14.7%
Mission Viejo 92691 $385,000 +0.7% 59 +22.9%
Westminster 92683 $380,000 52
Irvine 92618 $371,500 -29.9% 35 -5.4%
Garden Grove 92840 $360,250 +6.4% 28 +55.6%
Placentia 92870 $359,000 -23.6% 33 -5.7%
Orange 92865 $358,000 -13.7% 11 -42.1%
Anaheim 92806 $357,500 -4.4% 20 +122.2%
Fullerton 92833 $357,500 -9.0% 54 +50.0%
Santa Ana 92706 $355,000 +27.0% 19 +5.6%
Laguna Hills 92653 $344,250 -33.8% 32 +3.2%
Cypress 90630 $340,000 -15.6% 30 -6.3%
Lake Forest 92630 $340,000 -5.0% 59 +18.0%
Tustin 92780 $330,000 +57.1% 29 +7.4%
Rancho Santa Margarita 92688 $325,000 -10.0% 57 -3.4%
Fullerton 92832 $323,000 +2.9% 14 -17.6%
Aliso Viejo 92656 $320,000 -10.0% 71 +10.9%
Anaheim 92802 $318,000 -15.8% 19 +90.0%
Midway City 92655 $316,500 +0.0% 3 +0.0%
Buena Park 90620 $315,250 -9.9% 31 +14.8%
Garden Grove 92841 $310,000 -13.9% 21 +0.0%
Anaheim 92804 $302,500 -0.8% 40 +21.2%
La Habra 90631 $299,000 -5.1% 50 +8.7%
Garden Grove 92843 $295,000 -9.2% 19 -32.1%
Anaheim 92801 $285,000 -8.1% 29 +70.6%
Garden Grove 92844 $283,405 +8.6% 10 +25.0%
Anaheim 92805 $279,000 -16.3% 35 +9.4%
Orange 92868 $277,250 -9.1% 15 +200.0%
Santa Ana 92704 $270,000 -6.1% 43 -6.5%
Buena Park 90621 $258,000 -9.5% 20 +17.6%
Santa Ana 92707 $250,000 +1.7% 32 -20.0%
Santa Ana 92703 $227,500 -5.2% 14 -57.6%
Stanton 90680 $210,000 -20.8% 15 -6.3%
Santa Ana 92701 $202,500 +62.0% 26 -16.1%
Laguna Woods 92637 $153,500 -33.8% 36 +33.3%
Total O.C.

 

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Kurt Galitski’s Life In Costa Mesa

  • Weichman Realtors Open House List for 3/24 and 3/25
    Weichman Realtors Open House List for 3/24 and 3/25  Saturday- March 24th, 2012 3126 Cork Lane, Costa Mesa 1pm-4pm 3144 Coolidge, Costa Mesa 1pm-4pm Sunday- March 25th, 2012 3126 Cork Lane, Costa Mesa 1pm-4pm   Weichman Associates Realtors is a full service real estate agency located…

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Real Estate Week In Review

For the week of Mar 19, 2012

In This Issue
Last Week in Review:It was a tough week for Bonds and home loan rates. Find out why.Forecast for the Week: Housing data dominates the headlines, with news on Existing and New Home Sales, Housing Starts, and Building Permits.

View: If you ever need to rent a car for business or pleasure, you’ll definitely want to check out the money-saving tips below.

Last Week in Review
Don’t fight the Fed.The markets certainly felt the truth of that sentiment last week, after the Fed released its Policy Statement from their regularly scheduled meeting of the Federal Open Market Committee. Read on to learn how this and all the news of the week impacted Bonds and home loan rates. Last week’s Fed Statement was not a glowing endorsement of the economy, but they did admit that things are improving in most areas except housing, which remains “depressed.” While improvement in our economy is good, should this trend continue home loan rates could edge higher. Why? Because Stocks often benefit in strong economic times at the expense of Bonds (including Mortgage Bonds, which home loan rates are based on).

The Fed did acknowledge that inflation could increase in the near-term due to higher energy prices – and higher inflation is never good news for Bonds as inflation hurts the return of a fixed investment. And we did see a hint of this last week as the Consumer Price Index rose a bit in February (though the wholesale-measuring Producer Price Index was tame). If hints of inflation pick up in the weeks or months ahead, this could hurt Bonds and home loan rates.

But there was more salt in the wound from the Fed’s Statement for Bonds and home loan rates. Not only did the Fed fail to mention anything about another round of Bond buying (called Quantitative Easing or QE3), but there was word that out of 19 banks, all but four passed an important stress test. While that’s good news for the financial system and the economy, it did help Stocks at the expense of Bonds.

Another important point to note: Things have been quiet in Europe and this has lifted the safe haven trade, thereby further applying selling pressure on Bonds. That’s not to say that Bonds and home loan rates won’t be seen as a safe haven for trading in the future, as the uncertainty in Europe is far from over. In addition, the issues with Israel and Iran aren’t going to just disappear, and those issues may lead investors back into the safety of Bonds in the near future.

  The bottom line is that even though Bonds and home loan rates worsened last week, rates still remain near historic lows and now continues to be a great time to purchase or refinance a home.  Let me know if I can answer any questions at all for you or your clients.

Forecast for the Week

The economic release calendar is light this week, and housing data dominates the headlines.

  • Housing Starts will be delivered on Tuesday along with its cousin Building Permits.
  • On Wednesday, Existing Home Sales will be delivered, followed by New Home Sales on Friday.
  • Initial Weekly Jobless Claims will be released on Thursday. Jobless claims continue to hover near the 350,000 level as the labor sector rebounds.

Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result. The chart below shows Mortgage Backed Securities (MBS), which are the type of Bond that home loan rates are based on.

  When you see these Bond prices moving higher, it means home loan rates are improving – and when they are moving lower, home loan rates are getting worse.

To go one step further – a red “candle” means that MBS worsened during the day, while a green “candle” means MBS improved during the day. Depending on how dramatic the changes were on any given day, this can cause rate changes throughout the day, as well as on the rate sheets we start with each morning.

As you can see in the chart below, Bonds and home loan rates worsened due to the upbeat Fed Statement and the improvement in Stocks. I’ll be watching the markets closely this week to see what happens.

Chart: Fannie Mae 3.5% Mortgage Bond (Friday Mar 16, 2012)
Japanese Candlestick Chart
The Mortgage Market Guide View…
How to Avoid Unnecessary Rental Car FeesYou could end up doubling the daily rate unless you just say no at the counter.

By Jessica L. Anderson, Kiplinger.com

Renting a car is a little like buying a car: Before you can drive the vehicle off the lot, you have to withstand a hard sell for a slew of options. And in their zeal to nick your wallet, rental companies are getting creative.

For example, you’ll almost certainly get the pitch for prepaid gas. Presented as a convenience, it’s a big moneymaker because you are likely to pay for fuel you never use. Thrifty, for one, makes it a tough option to turn down. When you fill up the car yourself, the company requires that you provide a receipt proving that the gas station was within ten miles of the rental car lot. If not, Thrifty hits you with a fueling charge.

If you prepay for a rental from Avis and change your mind, make sure you cancel at least 24 hours in advance; if you don’t, you’ll get your money back – minus a $50 “no show” fee. A few rental car companies even charge a fee of $15 if you return your car a day early.

Be aware of charges for add-ons, too. A portable GPS unit typically costs $13 a day, and satellite radio can trigger a $5 daily fee. An “electronic toll transponder” carries a daily or weekly fee – $3 a day is typical – in addition to the tolls. Need a car seat for your kid? That’s another $11 a day.

If you’re charged a fee that wasn’t disclosed when you signed for the car or made an online reservation, fight it. Jeremy Acevedo, a research analyst at Edmunds.com and former Enterprise employee, says the squeaky wheel often gets the grease. Always pay with a credit card so you can dispute a charge if necessary. (If you use a debit card, a hold of $100 or more, plus the cost of the rental car, is often put on your account until the car is returned.)

The CDW decision. Nothing is as expensive, or as confusing, as the CDW, or collision damage waiver (sometimes called the LDW, or loss damage waiver). Agents are trained to make this rental car insurance, which typically costs $20 to $30 a day, sound nonnegotiable.

You probably don’t need it. Rental car damage and liability are covered by your auto insurance policy up to the same limits as for your personal vehicle, and your credit card likely fills any gaps. Most cards, for example, will pick up your deductible and miscellaneous fees.

But turning down the CDW isn’t a slam-dunk. Some people buy it because they don’t want an accident on their insurance record, should one occur. And if you don’t have auto insurance because you don’t own a car, you may need to suck it up. Your credit card is likely to cover collision damage to the rental car, but no credit card covers you for liability – personal injury or property damage you cause and for which you are liable. Although liability insurance up to state limits is usually included automatically in the rental cost, the protection is often minimal. To beef it up, you’ll have to buy a separate add-on called supplemental liability or additional liability insurance (for about $13 a day).

If you are in an accident and haven’t purchased the CDW, the rental company may charge you towing, administrative and “loss of use” fees – the money the rental company forfeits by having a car in the shop instead of out on the road. And those fees aren’t always covered by your insurance or credit card. Only a handful of states require that standard auto policies cover loss of use, and most major insurers don’t cover it. Progressive does include it on standard policies, however, and State Farm sells an annual endorsement for $50 to $100.

Among credit cards, American Express and Visa cover towing, administrative and loss-of-use fees. But only certain MasterCards (gold, platinum, World and World Elite cards) cover rental cars; that coverage includes towing and loss of use, but not administrative fees. Discover doesn’t cover any rental car fees.

Although you may be covered on paper for loss-of-use fees, you could get caught in the crossfire. Card issuers and insurers typically ask rental companies to prove loss of use by providing fleet logs showing that all other vehicles were rented out, but rental companies are often reluctant to turn over their records. It can come down to a gamble. Take the CDW, or take a chance that the stars won’t align against you. Even if you are in an accident and no one else pays up for loss of use, you’re likely to be charged a few hundred dollars at most.

Shop smart. To save money on your rental, shop around. Your best bet is to make a reservation as soon as you know you’re going to need a vehicle and then keep checking for lower prices as your departure approaches. Acevedo says walk-ups at the airport can get a steal if unreserved vehicles are sitting on the lot. If you won’t owe a cancellation fee, ask for the best rate at several rental counters.

You can often save money at smaller companies, such as Ace Rent A Car and Midway, which may not show up on the big travel Web sites. Ace just scored J.D. Power’s highest rating for overall satisfaction. (Enterprise scored the highest among the major brands; Avis and Thrifty scored the lowest.) If your goal is a low price and you’re not picky about which company you rent from, try Priceline or Hotwire – they’ll get you a reservation with a name brand for up to 40% off, but you won’t find out which one until you’re booked. Plus, you will have to prepay to get the lowest rates.

For longer trips, consider renting at an off-airport location. The airport concession fee is typically 11% to 13% of your total rate. Do the math to see whether a cab ride into town is worth the cost.

Reprinted with permission. All Contents ©2012 The Kiplinger Washington Editors. Kiplinger.com.

Economic Calendar for the Week of March 19 – March 23

Date ET Economic Report For Estimate Actual Prior Impact
Tue. March 20 08:30 Housing Starts Feb NA 699K Moderate
Tue. March 20 08:30 Building Permits Feb NA 676K Moderate
Wed. March 21 10:00 Existing Home Sales Feb 4.61M 4.57M Moderate
Thu. March 22 08:30 Jobless Claims (Initial) 3/17 355K 351K Moderate
Fri. March 23 10:00 New Home Sales Feb 321K 321K Moderate
The material contained in this newsletter is provided by a third party to real estate, financial services and other professionals only for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is without errors.
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Today’s Links

Kurt Galitski’s Life In Costa Mesa

  • Weichman Realtors Open House List for 3/16, 3/17 and 3/18
    Weichman Realtors Open House List for 3/16, 3/17 and 3/18 Friday- March 16th, 2012 3281 Colorado Avenue, Costa Mesa 11am-2pm  Saturday- March 17th, 2012 3144 Coolidge, Costa Mesa 1pm-4pm 3281 Colorado Avenue, Costa Mesa 1pm-4pm Sunday- March 18th, 2012 Enjoy the rain and get some…

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