OC Realty Blog

Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits.  To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive.  Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010.  Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied.  The new California law applies to certain purchases that close escrow on or after May 1, 2010.

For more information, C.A.R. offers a Homebuyer Tax Credit Chart with a side-by-side summary of the federal and California laws.  C.A.R. also offers a legal article entitled Homebuyer Tax Credit Update.

(Source:  CAR Reallegal)

Here is some positve news from the OC Register and various internet articles over the past week:

Fed Plans Spark Drop in 30-Year Rates:  The average interest on a 30-year mortgage fell to a 38-year low of 4.85 percent during the week ending March 27 from 4.98 percent the prior week, Freddie Mac reported.  Need to ReFi, click below link for a quick online application with my local lender :

https://www.secureonlineapps.com/realtyexecapp.htm

Home Buyer Tax Credit Increases Activity:  NAR President Charles McMillan says home shopping activity has picked up with housing affordability at a record high. “The number of buyers looking for homes rose 5 percent in February, and also was 5 percent above a year ago,” he says. “It appears most of the increase in buyer traffic occurred in the latter part of the month after the $8,000 first-time buyer tax credit was put in place. At the same time, mortgage purchase applications have risen, so we expect to see sales picking up around late spring.”

Orange County Home Prices & Sales (source DataQuick):

For the 22 business days ending May 15, sales for all types of Orange County home sales decreased 35.1 percent. The median sales price increased 0.8 percent for all types of housing, however, Resale Homes were up 1.4%.  The median is where half the homes sold for more and half for less.  Types of homes selling, as well as home value changes, cause the median to change.

Although sales were down, prices still remain constant.  The featured city this week:

Laguna Hills Real Estate (Zip 92653)

• Median Sales Price = $720,000  (up 6.7%)
• Number of Homes Sold = 31  (down 38.0%)

For a complete city list of Orange County Real Estate , click on the below link.

http://www.ocregister.com/ocregister/money/housing/article_1715548.php

Mortgage rates increased for the fifth consecutive week, with the average
30-year fixed mortgage rate rising to the highest point since August,
according to Bankrate.com’s weekly national survey of large lenders.

The average 30-year fixed mortgage rate is now 6.47 percent and has an
average of 0.26 discount and origination points.

The average 15-year fixed rate mortgage, popular for refinancing, increased by a similar amount, to 6.21 percent. With larger loans, the average jumbo 30-year fixed rate climbed to 6.68 percent. On adjustable rate mortgages, the average one-year ARM nudged higher to 6.09 percent while the 5/1 ARM jumped up to 6.37 percent. 
(Click Image To See Full Graph)

“Mortgage rates often show short spurts of volatility and prolonged periods of little movement,” Bankrate notes in its survey report. “Mortgage rates had been confined to a narrow range of approximately one-third of a percentage point for nearly seven months - including weeks on end with virtually no movement. But they broke out of that range with this week’s move, as hopes for a Fed interest rate cut continue to wane.”

Fixed mortgage rates have increased nearly one-third percentage point since mid-March. At the time, the average 30-year fixed mortgage rate dipped to 6.16 percent, meaning that a $165,000 loan would have carried a monthly payment of $1,006.30. With the average 30-year fixed rate now 6.47 percent, the same loan originated today would carry a monthly payment of $1,039.66.

Fixed mortgage rates still remain a compelling refinancing alternative for
adjustable rate borrowers facing sharp payment adjustments.

Bankrate’s national weekly mortgage survey is conducted every Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

- REALTOR® Magazine Online

Rates obtained from our local lender, First Capital.

Orange County Home Prices & Sales (source DataQuick):

For the 22 business days ending April 25, sales for all types of Orange County home sales decreased 26.5 percent. The median sales price decreased 0.6 percent for all types of housing, however, Resale Homes were up 2.1%.  The median is where half the homes sold for more and half for less.  Types of homes selling, as well as home value changes, cause the median to change.

Although sales were down, prices still remain constant.  The featured city this week:

Laguna Beach Real Estate (Zip 92651)

• Median Sales Price = $1.546,250  (down 33.5%)
• Number of Homes Sold = 36  (up 5.9%)

For a complete city list of Orange County Real Estate , click on the below link.

http://www.ocregister.com/ocregister/money/housing/article_1691591.php

Orange County Home Prices & Sales (source DataQuick):

For the 22 business days ending April 18, sales for all types of Orange County home sales decreased 23.9 percent. The median sales price remained unchanged for all types of housing, however, Resale Homes were up 2.6%.  The median is where half the homes sold for more and half for less.  Types of homes selling, as well as home value changes, cause the median to change.

Although sales were down, prices still remain constant.  The featured city this week:

Corona Del Mar Real Estate (Zip 92625)

• Median Sales Price = $1.606,250  (up 8.2%)
• Number of Homes Sold = 24  (down 17.2%)

For a complete city list of Orange County Real Estate , click on the below link.

http://www.ocregister.com/ocregister/money/housing/article_1680803.php

Orange County Home Prices & Sales (source DataQuick):

For the 22 business days ending April 11, sales for all types of Orange County home sales decreased 25.6 percent. The median sales price increased 0.8 percent. The median is where half the homes sold for more and half for less. Types of homes selling, as well as home value changes, cause the median to change.

Although sales were down, prices still remain on the upside.  The featured city this week:

Dana Point Real Estate (Zip 92629)

• Median Sales Price = $790,000  (up 1.9%)
• Number of Homes Sold = 42  (down 4.5%)

For a complete city list of Orange County Real Estate , click on the below link.

http://www.ocregister.com/ocregister/money/housing/article_1672826.php

Orange County Home Prices & Sales (source DataQuick):

For the 22 business days ending April 6, sales for all types of Orange County home sales decreased 23.7 percent. The median sales price increased 3.1 percent. The median is where half the homes sold for more and half for less. Types of homes selling, as well as home value changes, cause the median to change.

Although sales were down, prices still remain on the upside.  The featured city this week:

Laguna Niguel Real Estate (Zip 92677)

• Median Sales Price = $740,000  (up 24.5%)
• Number of Homes Sold = 107  (down 34.8%)

For a complete city list of Orange County Real Estate, click on the below link.

http://www.ocregister.com/ocregister/money/housing/article_1664751.php

For the calendar month of March 2007,  real estate sales for all types of Orange County home sales decreased 25.5 percent.  The median sales price, however,  increased 0.6 percent.  The median is where half the homes sold for more and half for less.  Types of homes selling, as well as home value changes, cause the median to change.  (Source:  Orange County Register April 15. 2007).

If you’d like the information on a city that is not listed, just call or email me.