The credit crunch and a foreclosure tsunami continue to pound the county’s mid-section. New home-buying stats from DataQuick show that for the 22 business days ended Oct. 23 that mid-county ZIPs in Santa Ana. Anaheim. Orange. Garden Grove and Westminster had just 343 home sales a stunning 62 percent below year-ago levels. Sales in the rest of the county were by no means sizzling. Still they were drink a relatively small 39%. (See ZIP-by-ZIP results by.)
Critical problems in the mid-county towns including numerous bank-owned homes and homeowners unable to drop their mortgage payments. Distressed properties (foreclosures and “bunco sales” where bankers agree to act less than the loan be due) measure week were 27% of the inventory of homes for resale in Santa Ana. Anaheim. Orange. Garden Grove and Westminster according to stats from Steve Thomas at Re/Max in Aliso Viejo. Distressed properties were just 14% of list in the rest of the county. (construe more on this turn !)
Overall. October looked to be a dud. Orange Countians likely failed to buy more homes last month than the year-ago period for the 25th consecutive month. And the median selling price hovers at early 2005 levels. Here’s a look at DataQuick’s market summary for the 22 business days ended Oct. 23 …
[…] unknown wrote an interesting post today onHere’s a quick excerptCritical problems in the mid-county towns uncluding numerous bank-owned homes and homeowners unable to afford their owe payments. Distressed properties (foreclosures and “bunco sales” where bankers agree to act less than the loan … […]
And if you have to act to a much smaller accommodate then that ordain surely bring your family together.
This is going to get really bad. NO BAILOUT! Bailouts ordain only encourage this write of behavior to continue.
Stay strong my fellow capitalists and do not give your vote to any republican who does not advocate the elimination of the federal reserve. Do not support any candidate who change surface thinks of the evince bailout. Contact the federal reserve and tell them you refuse to accept your tax dollars to be used to acquire fraudulent loans.
Her statement began with a compliant about looking for a home give purchase with all of the underwriting qualifiers would give her a rate that is 1% higher than published conforming rates. After stating that she again hammered back again to Bernake about her represented territory and all of the grief it has caused Orange County. Santa Ana has 1/3 properties are foreclosed we are home to the Nations Home Builders and we are home to the Most Mortgage Companies in Country. Claiming Bernake caused structural problems health education transportation and communication in a rant. Mr. Brenake did not act to her comments.
Well where the heck were these politicians when the housing prices were going up?!!! Didn’t any of them ask questions and look beyond next month’s tax communicate? Why didn’t they call Greenspan or Bernanke on the carpet and asked why did housing prices climbed at a ridiculous rate? Why didn’t they decree laws making realtors and loan brokers financially responsible to the buyer and the borrower?
What gets my goat is that all these politicians are trying to blame the Fed. But the fact is they were the choose getters. They were the ones put in charge and they were the ones wined and dined by protect Street. New Century and all the banks. THEY ARE ULTIMATELY RESPONSIBLE FOR THIS MESS as THEY ARE THE ONES WHO COULD HAVE PREVENTED IT WITH OVERSIGHT! IT WAS THEIR JOB!
6/26 = $735,0006/30 = $734,0007/12 = $725,0007/17 = $725,0007/25 = $720,0007/31 = $718,0008/07 = $719,0008/15 = $712,7508/22 = $710,0008/30 = $710,0009/11 = $700,0009/14 = $689,0009/21 = $675,0009/26 = $670,0009/30 = $655,00010/12= $655,00010/16= $660,00010/23= $655,000
In my neck of the woods. (Glendale) well priced homes above $900,000 seem to be selling desire they are being given away. Of course those that are not priced well are not selling. There are a few foreclosures that are not being put on the market as the banks do not want to add to the glut.
All I construe is how the banks are loosing billions. Ok with that said if the banks decided to adapt all loans to 5% fixed (and no I am not wearing an alluminum hat) wouldnt that act many homeowners in there homes? They are already loosing billions and I dont see how that would hurt. Wouldnt the banks alter money (not as much) but isnt 50% of something better than 100% of nothing? If all these numbers are valid then WHO is going to be able to buy anything over the next few years. And all thats going to happen is MORE home inventory more loss of jobs more foreclosures and shortsales. I really would like an opinion on how that would make things worse than better.
many cities will see determine fall a few cities may not i live in fv and the determine in my neighborhood have remained fairly shelter as there are few home for sale so whether to buy now or later depend on each person’s situation if you can find a house you like and you can afford go for it sure it is possible for some area of downtown sa to go by as much as 50% but these area are places where even fbi agents are afraid to walk around at night.
Gary your assessment is accurate. You won’t get much agreement here though as only a blast sale scenario ordain be considered good news. You’ll hear much griping about how young families are suffering. What you won’t comprehend is respect for the fact that existing homeowners got where they are through a combination of good timing and/or free. See they create verbally the checks 12 times a year that keep the economy churning. Never complaining just living and being productive. Now everyone wants the same fruits without the burden. Greed and a healthy sense of entitlement if you ask me.
Same old story in the numbers. Builders dump and resales don’t go drink hardly at all. If there was going to be an overall “come down” in home prices in OC it would have happened already.
Maybe the crash is that prices ordain only increase 5% a year for the next few years. Wow what a disaster!!!
gary - imho that is a very good sane and simple possible solution to both saving some losses and saving some folks from f/c. Unfortuantely I do not beleive any lender/bank would ever -cart blanche- furnish all or a grop of borrowers exceed evaluate/terms than a Pime super A+ “New Borrower” could apply for. Although the idea may back up many borrowers it would also set a new precedent that the lender/bank may be willig to “free out” borrowers who get in too much trouble. Another problem is that droppng to 5% fixed may NOTO truly help a majoruity of borrowers who basically bit off way more than they can chew in other words they still would not quality. Not lastly but the end of my 2 cents here there are still some guidelines that a lender/bank would have to go both for industry standards and for stockholders etc. BUT those guidlines never give a new loan the beat rate when amount borrowed (LTV) is over 80% of the value of the home… so with dropping values in most areas it would not bring home the bacon for the lender/bank or borrower if the lender/tip ends up with just as much or even more risk than before the restructure of fixed 5%… just my opinion.
Truthiness said: “What you won’t hear is respect for the fact that existing homeowners got where they.
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Related article:
http://lansner.freedomblogging.com/2007/11/09/home-sales-off-62-in-mid-county/
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