Orange County's unemployment rate broken down by city gives Foothill Ranch the top position of best in the county at 2.7%. In a county that averages 8.6%
http://www.ocmetro.com/t-Wide_range_among_cities_in_Orange_County_jobless_rates_7_7_09.aspx
Why this number is so low is explained in the article above. The unemployment rate is key economic factor when looking at real estate trends. Low unemployment is good for real estate. It is bad that the county is at a record high 8.6% but the low unemployment in several Orange County cities is a positive signal. Do you think it will lead to a stronger real estate market?
Wednesday, July 8, 2009
Monday, June 22, 2009
Lending Rules Tight but...
Whew what a day on the lending topic! In a meeting this morning at RE/MAX our in house lender spoke about the new rules that are making it harder to get a loan. By harder I mean it is now a longer process. We were advised to allow for 45 days to close an escrow. I won’t go into the rules here the list is too long for a quick post. At noon I heard a newscast about Barney Frank’s efforts to ease the lending guidelines for condos. So, in the short term it is tough to get a loan on a condo but the policy makers in Washington are kicking around the idea of relaxing the rules. See the article.
http://www.examiner.com/x-5187-Moving-and-Relocation-Examiner~y2009m6d22-New-Fannie-Mae-mortgage-lending-guidelines-discourage-relocation
http://www.examiner.com/x-5187-Moving-and-Relocation-Examiner~y2009m6d22-New-Fannie-Mae-mortgage-lending-guidelines-discourage-relocation
Tuesday, June 2, 2009
China is Concerned About Inflation
Here's an interesting post on inflation/deflation with helpful charts.
http://www.escapesomewhere.com/austinblog/2009/04/massive_inflation_is_coming.html
Below is my comment back.
Great post! Thanks for posting the charts to back up your points. I thought the meeting in China with Timothy Geithner also foreshadowed the coming inflation. The point that Chinese ecnonomist Yu made when he asked Geithner to show him the math on how the U.S. intends to keep our currency strong in spite of the Federal Reserve's massive influx of currency into the system. Brace yourselves America, inflation is coming and real estate is coming back with it.
Fred Foothill Ranch, CA
http://www.escapesomewhere.com/austinblog/2009/04/massive_inflation_is_coming.html
Below is my comment back.
Great post! Thanks for posting the charts to back up your points. I thought the meeting in China with Timothy Geithner also foreshadowed the coming inflation. The point that Chinese ecnonomist Yu made when he asked Geithner to show him the math on how the U.S. intends to keep our currency strong in spite of the Federal Reserve's massive influx of currency into the system. Brace yourselves America, inflation is coming and real estate is coming back with it.
Fred Foothill Ranch, CA
Friday, May 29, 2009
PENNIES FOR YOUR HOUSING THOUGHTS
She shook the jar, “shing shing shooka shooka shing shing,” as she ran around the living room. This six year old took youthful energy to a new level. As she ran shaking the noisy jar full of pennies her mother looked pensive and ready to bite her nails but it was not because of her daughter’s explosion of energy. Her father was looking impatient and annoyed. His gaze went from his daughter to a brochure he was holding and back to his realtor. His realtor read his look and called the girl back over. “That’s enough shaking Julia. Thank you. You’re doing a terrific job! Want to help with the last step?” He asked with enthusiasm. Placing the jar on the table and unscrewing the lid she reached in. Both her parents were intently watching her. Julia held up a penny victoriously. “Is that the one?” He asked. “No,” she said and put it on the table. “Keep trying,” He said, she drew out 12 more pennies and placed them on the table. Then she heard her older sister calling her from the back yard. “I can’t find it,” she said looking at her mom. “Go ahead and play with your sister,” said her mom.
“Your daughter just demonstrated my point nicely,” said the realtor. “The penny that your daughter marked represents the next home owner in this area who is going to loose their house to foreclosure. Currently, the ratio is about 1 in 100 houses per year and that’s in these difficult times. In normal times the ratio is much lower. The important point is that the other 99 pennies or homeowners will build tremendous equity in their homes in the next 5 - 10 years. Can you afford to stay out to the jar?”
They stood in a 4 bedroom house at the end of a cul-de-sac that was alive with the happy noises of children playing. It was a typical day in Foothill Ranch. The family had come out looking for real estate deals with their realtor because kids need a stable place to grow up and roots in a community are important for families.
Don’t give up on the American dream.
Get Foothill Ranch and Irvine California real estate info at http://www.fredcurrie.com/index.html
She shook the jar, “shing shing shooka shooka shing shing,” as she ran around the living room. This six year old took youthful energy to a new level. As she ran shaking the noisy jar full of pennies her mother looked pensive and ready to bite her nails but it was not because of her daughter’s explosion of energy. Her father was looking impatient and annoyed. His gaze went from his daughter to a brochure he was holding and back to his realtor. His realtor read his look and called the girl back over. “That’s enough shaking Julia. Thank you. You’re doing a terrific job! Want to help with the last step?” He asked with enthusiasm. Placing the jar on the table and unscrewing the lid she reached in. Both her parents were intently watching her. Julia held up a penny victoriously. “Is that the one?” He asked. “No,” she said and put it on the table. “Keep trying,” He said, she drew out 12 more pennies and placed them on the table. Then she heard her older sister calling her from the back yard. “I can’t find it,” she said looking at her mom. “Go ahead and play with your sister,” said her mom.
“Your daughter just demonstrated my point nicely,” said the realtor. “The penny that your daughter marked represents the next home owner in this area who is going to loose their house to foreclosure. Currently, the ratio is about 1 in 100 houses per year and that’s in these difficult times. In normal times the ratio is much lower. The important point is that the other 99 pennies or homeowners will build tremendous equity in their homes in the next 5 - 10 years. Can you afford to stay out to the jar?”
They stood in a 4 bedroom house at the end of a cul-de-sac that was alive with the happy noises of children playing. It was a typical day in Foothill Ranch. The family had come out looking for real estate deals with their realtor because kids need a stable place to grow up and roots in a community are important for families.
Don’t give up on the American dream.
Get Foothill Ranch and Irvine California real estate info at http://www.fredcurrie.com/index.html
KEEP THE AMERICAN DREAM ALIVE
Don’t give up on the dream that you can own a home and build wealth in the future. Make the dream your reality like so many before you who got over their fears and bought homes. What an amazing American story: all over the country people have bought homes and watched their homes become their biggest asset in their twilight years. Sure there were bumps along the way. The housing market is never a straight line up, but in the long term homeowners all over America are retiring wealthy. Don’t give up on the dream.
Get Foothill Ranch and Irvine California real estate info at http://www.fredcurrie.com/index.html
Don’t give up on the dream that you can own a home and build wealth in the future. Make the dream your reality like so many before you who got over their fears and bought homes. What an amazing American story: all over the country people have bought homes and watched their homes become their biggest asset in their twilight years. Sure there were bumps along the way. The housing market is never a straight line up, but in the long term homeowners all over America are retiring wealthy. Don’t give up on the dream.
Get Foothill Ranch and Irvine California real estate info at http://www.fredcurrie.com/index.html
Monday, May 25, 2009
FREE FORECLOSURE PROPERTY ALERTS
Today all of my clients want to know about foreclosures whether they are buying or selling real estate. A great tool I offer my clients is an email alert website connected directly to the MLS. The website automatically notifies you when a new foreclosure hits the market that fits your search criteria. So, for instance if you are looking for houses in Foothill Ranch with 4 bedrooms for $550,000 or less, you will be notified immediately. This is essential because the good listings are selling quickly and often if they are a good deal there will be multiple offers. This search tool will help you get to the front of the line. You can request your own search by clicking this link and filling out the form.
http://fredcurrie.com/foreclosuresearch.html
This service is limited to Orange County.
Today all of my clients want to know about foreclosures whether they are buying or selling real estate. A great tool I offer my clients is an email alert website connected directly to the MLS. The website automatically notifies you when a new foreclosure hits the market that fits your search criteria. So, for instance if you are looking for houses in Foothill Ranch with 4 bedrooms for $550,000 or less, you will be notified immediately. This is essential because the good listings are selling quickly and often if they are a good deal there will be multiple offers. This search tool will help you get to the front of the line. You can request your own search by clicking this link and filling out the form.
http://fredcurrie.com/foreclosuresearch.html
This service is limited to Orange County.
Thursday, May 21, 2009
WHY BUY REAL ESTATE NOW?
In Foothill Ranch prices have come down to 2003 levels. It is at the point where you can buy a home for about the same cost as renting. If, you are planning to stay in the area for awhile, it make sense to buy now because in the long term you will save money compared to renting. The risk of waiting to buy is prices could go back up and interest rates could go up. We are seeing increased sales volume and falling inventory numbers. On the other hand buyers are risking that prices will fall more because there has been a foreclosure moratorium that has slowed the pace of foreclosures, but that is expired in CA now. So far in 2009 Foothill Ranch the sales have been about 50% foreclosure or short sale. So, seller's with a short term view might want to sell now in case prices drop further. Buyer's should be looking now and buying with a long term view. The biggest problem I have finding buyers property now is that if the location and the condition are good it sells quickly and the remaining inventory is undesirable.
In Foothill Ranch prices have come down to 2003 levels. It is at the point where you can buy a home for about the same cost as renting. If, you are planning to stay in the area for awhile, it make sense to buy now because in the long term you will save money compared to renting. The risk of waiting to buy is prices could go back up and interest rates could go up. We are seeing increased sales volume and falling inventory numbers. On the other hand buyers are risking that prices will fall more because there has been a foreclosure moratorium that has slowed the pace of foreclosures, but that is expired in CA now. So far in 2009 Foothill Ranch the sales have been about 50% foreclosure or short sale. So, seller's with a short term view might want to sell now in case prices drop further. Buyer's should be looking now and buying with a long term view. The biggest problem I have finding buyers property now is that if the location and the condition are good it sells quickly and the remaining inventory is undesirable.
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