All five real estate professionals are employed by Orange County's premier real estate company, First Team Estates located in Newport Beach. One of First Team's elite and star producers, Dean Lueck, is in the top five category of all Buyer's agents in Orange County, and he decided to form Concierge Realty Network (Orange County real estate) after hand picking experts in relative areas to assure a dynamic team and deliver even more client satisfaction.
Lueck told us The real estate and loan industry has drastically changed in the past few years, I found it necessary to form Concierge Realty Network http://www.ConciergeRealtyNetwork.com in order to address some of the complex issue in this world, heck we even have a rocket scientist in our group with a Ph.D. from Stanford.
Concierge Realty Network has recently completed its state of the art website which includes the normal tools today's internet savvy clients demand such as MLS searches (property searches), loan calculator, market watch, distressed property searches, and even foreclosed homes search as well. However, besides being up to date on these, it adds an interactive forum that this Orange county niche group will actively advise and comment on. Michael Dean, one of the Concierge Reality Network's realtors, says People are looking for deals which include REO properties and short sales, we provide the tools and know how to deliver those deals often, and sometimes before they even hit the market.
We took a look at the first few lines of the home page of Concierge Reality Network and it reads as follows. The real estate and loan markets have drastically changed but the American dream hasn't. Buying a home today is quite possibly the most important decision a person can make. The ever changing market requires a new breed of Realtor capable of guiding you through the challenges and opportunities in today's fast-paced real estate world. Now is NOT the time to rely on "just another Realtor". We understand what's needed to be successful in this complex marketplace and have assembled the finest group of agents in Orange County.
IJR then asked Roxana Greenman, the Rocket Scientist of the group on the necessity of someone as qualified as her and her reply to us was, It is not a necessity just a luxury, isn't that what Concierge is known as per definition? It was a simple decision based on team created by Dean Lueck. We have a veteran loan agent in Vince Rinehart that has 25 years experience in the Orange County loan industry and has served as a CEO, consultant, and President at various Mortgage, start-up's and banking firms. It's reassuring that Vince has generated over $600,000,000 in closed loans as well. I ran a family owned award winning real estate and loan company for the last five years serving as a associate broker, office manager, and director of 35 plus employees prior to moving back to Southern California and having the opportunity to be teamed with Dean and Vince was a no brainer, even for a rocket scientist.
Josette Ruhnke is the last link of this group poised for success in the Orange County Real Estate group that has teamed together to tackle all the recent real estate trends in a industry that has been hammered by the economy, government bailouts, unprecedented home value declines, and a trigger to one of the United States closest moments to reliving another depression. Josette told us, The real estate rise and fall literally helped form our group, the people that became real estate agents at record numbers the last 7 years have largely went back to their former professions or even do real estate as a hobby as they cannot make a living at it with current loan and housing constraints. We have all been in many different real estate markets and are not going anywhere as this is our true profession and our passion shows.
Based on history and what appears to be a solid foundation, Orange County residents seem to have a solid choice in choosing a real estate professional in their county. An Orange County real estate forum seems to be a great place to start in today's internet world, and this elite group seems to be heading in the direction commanded by to today's educated consumers that need quality leadership and professionalism. The niche team guarantees that the partnership delivers unsurpassed value and professionalism to those who want only the best representation available. Impeccable service, strategic negotiation, innovative strategic planning, adaptive knowledge, and flawless implementation guarantee they will exceed your expectations time after time.
Sunday, December 20, 2009
Roxana Greenman is a luxury specialist in Orange County
Roxana Greenman is a luxury specialist in Orange County. Luxury Portfolio member First Team Estates has expanded their “Live Beautifully” program, giving select agents the opportunity to become luxury specialists for exceptional multi-million dollar properties throughout Southern California. Certification in the program includes specialized training and access to various marketing resources and strategies that help associates provide added value and innovative services for today’s savvy luxury homeowners and buyers.
Wednesday, December 16, 2009
Orange County Rocket Scientist takes banks head on when negotiating REO properties
Many real estate experts say that an “As Is” foreclosed bank-owned property (REO) is the final word, meaning no negotiations, especially in a rising Orange County real estate field. Reasons are plentiful but not all agents take that approach.
(EMAILWIRE.COM, December 16, 2009 ) Oakland, CA - According to Roxana Greenman of Concierge Realty Network, “Every house has a minimal price tag the seller will end up taking, whether it is a bank or an actual owner, I find that number.” So you think you got the best deal in your foreclosed REO or short sale property, International Journalism Review (IJR) found a Rocket Scientist that thinks maybe not.
According to Roxana Greenman, that is just where negotiations begin. In fact, Greenman told IJR “Last week I helped a first-home-time buyer purchase a beautiful Tustin home for under the listing price and as an “as is” sale.” Greenman told us she knew her buyer was qualified but also knew there was more negotiating still in store. She said, “I negotiated all section 1 work to be paid by the REO bank including remodeling of two bathrooms that had dry-rot in the subfloors, and this was on the eleventh hour, patience and tact paid off. The clients were ecstatic that the shower pan was replaced and the shower area was retiled with beautiful new tile work. The two bathrooms received new flooring and all the section one work was completely paid for throughout the house.”
Time is running out on bragging rights to securing the ultimate price deal in this housing crisis according to many real estate sources in the Southern California and Orange County housing information resources. Closing as what she explained as a tough deal in today’s banking market, it doesn’t seem to be “Rocket Science,” and she would know because Roxana Greenman happens to hold a coveted Ph. D. from Stanford University in Aeronautical and Astronautical Engineering.
Roxana Greenman is part of a new group of five Elite brokers that within the last month put together an all star team comprised of members from First Team Estates. First Team in itself is already the number one brokerage in Orange County among active real estate companies. The group was hand selected by it’s leader and one of First Team top producers, Dean Lueck, and Roxana Greenman must have fit the technical negotiator they were looking for.
Although Roxana has been a licensed broker for several years and has led two Real Estate Corporations, she prides herself on being a buyer’s agent, especially in her home of Southern California. She told us, “If you pride yourself on being a thorough and specialized buyers agent, your naturally an ideal fit for a listing agent as well, this doesn’t necessarily work in reverse order however, and people listing their houses should be aware of that, it isn’t about putting a sign in the yard and making pretty fliers anymore.”
IJR believes that foreclosures, REO’s, short sales, and real estate bargains seem to be available even in Orange County, however one must anticipate that all good things must come to an end. Just as literally millions of people made fortunes on the real estate frenzy in 2004, 2005, and 2006, it came at the expense of others. People will make the same if not bigger fortunes if they buy at the right time, and that time could be now as this country battles some of the largest home losses in values in almost a century.
Concierge Realty Network claims timing is everything. Lueck, an OC top producer, says the time to buy is now or maybe a month ago. Greenman the rocket scientist broker that is actually qualified to figure out computational fluid dynamics of basic rain gutters or roof angles, or flow in pipes for that matter in a single family home says timing points now. The rest of the members of Concierge seem to concur as well. Concierge makes a good argument that experience, education, results, and timing make them a front runner in choices for any home buyer looking to purchase a home or for anyone considering selling their Orange County home.
Mary Muller – independent writer – Real Estate investor, speaker, Title officer
InternationalJournalismReview@gmail.com / 510 697-7646
(EMAILWIRE.COM, December 16, 2009 ) Oakland, CA - According to Roxana Greenman of Concierge Realty Network, “Every house has a minimal price tag the seller will end up taking, whether it is a bank or an actual owner, I find that number.” So you think you got the best deal in your foreclosed REO or short sale property, International Journalism Review (IJR) found a Rocket Scientist that thinks maybe not.
According to Roxana Greenman, that is just where negotiations begin. In fact, Greenman told IJR “Last week I helped a first-home-time buyer purchase a beautiful Tustin home for under the listing price and as an “as is” sale.” Greenman told us she knew her buyer was qualified but also knew there was more negotiating still in store. She said, “I negotiated all section 1 work to be paid by the REO bank including remodeling of two bathrooms that had dry-rot in the subfloors, and this was on the eleventh hour, patience and tact paid off. The clients were ecstatic that the shower pan was replaced and the shower area was retiled with beautiful new tile work. The two bathrooms received new flooring and all the section one work was completely paid for throughout the house.”
Time is running out on bragging rights to securing the ultimate price deal in this housing crisis according to many real estate sources in the Southern California and Orange County housing information resources. Closing as what she explained as a tough deal in today’s banking market, it doesn’t seem to be “Rocket Science,” and she would know because Roxana Greenman happens to hold a coveted Ph. D. from Stanford University in Aeronautical and Astronautical Engineering.
Roxana Greenman is part of a new group of five Elite brokers that within the last month put together an all star team comprised of members from First Team Estates. First Team in itself is already the number one brokerage in Orange County among active real estate companies. The group was hand selected by it’s leader and one of First Team top producers, Dean Lueck, and Roxana Greenman must have fit the technical negotiator they were looking for.
Although Roxana has been a licensed broker for several years and has led two Real Estate Corporations, she prides herself on being a buyer’s agent, especially in her home of Southern California. She told us, “If you pride yourself on being a thorough and specialized buyers agent, your naturally an ideal fit for a listing agent as well, this doesn’t necessarily work in reverse order however, and people listing their houses should be aware of that, it isn’t about putting a sign in the yard and making pretty fliers anymore.”
IJR believes that foreclosures, REO’s, short sales, and real estate bargains seem to be available even in Orange County, however one must anticipate that all good things must come to an end. Just as literally millions of people made fortunes on the real estate frenzy in 2004, 2005, and 2006, it came at the expense of others. People will make the same if not bigger fortunes if they buy at the right time, and that time could be now as this country battles some of the largest home losses in values in almost a century.
Concierge Realty Network claims timing is everything. Lueck, an OC top producer, says the time to buy is now or maybe a month ago. Greenman the rocket scientist broker that is actually qualified to figure out computational fluid dynamics of basic rain gutters or roof angles, or flow in pipes for that matter in a single family home says timing points now. The rest of the members of Concierge seem to concur as well. Concierge makes a good argument that experience, education, results, and timing make them a front runner in choices for any home buyer looking to purchase a home or for anyone considering selling their Orange County home.
Mary Muller – independent writer – Real Estate investor, speaker, Title officer
InternationalJournalismReview@gmail.com / 510 697-7646
Monday, November 23, 2009
Stronger housing, weaker dollar boost Wall Street
U.S. stocks rose on Monday, with the S&P 500 on track to snap a three-day sell-off as stronger-than-expected home sales data fueled optimism about the economic recovery while a weaker dollar boosted commodity-linked stocks.
Sales of previously owned U.S. homes rose to their highest level in more than 2-1/2 years. That helped to ease concerns about the housing recovery generated last week when another report showed housing starts fell sharply in October.
Monday's data reassured investors who have fretted over the economy as unemployment rose and consumer confidence fell. Stocks rallied broadly with all 10 S&P sectors showing strong gains.
Sales of previously owned U.S. homes rose to their highest level in more than 2-1/2 years. That helped to ease concerns about the housing recovery generated last week when another report showed housing starts fell sharply in October.
Monday's data reassured investors who have fretted over the economy as unemployment rose and consumer confidence fell. Stocks rallied broadly with all 10 S&P sectors showing strong gains.
Friday, June 12, 2009
Foreclosures Won't End Soon, Analysts Predict
Rising unemployment and falling home prices is a treacherous combination that is dragging people with excellent credit into the foreclosure morass.
The jobless rate of 4.4 percent in April of people with bachelor’s degrees isn’t high compared with the overall unemployment rate, but it is more than double what it was a year ago.
Foreclosures are unlikely to peak until 2011, says David Crowe, chief economist of the National Association of Home Builders. He says foreclosures typically hit a high after unemployment does, and he believes the employment situation won’t turn around until late this year. Then rising employment will drive up interest rates, he fears, causing more resets of adjustable rate mortgages, leading to more foreclosures.
Credit Suisse echoes Crowe’s concerns, predicting that scheduled resets will hit a high in 2010 and rates will stay high until 2012.Source: Business Week, Peter Coy (06/15/2009)
To check out great inventory on foreclosures and short sales (Hot Buys) and even leases do a search on http://www.roxanagreenman.com/ for your area of interest including Newport Coast Real Estate, Newport Beach Real Estate, Corona Del Mar, and Irvine Real Estate.
The jobless rate of 4.4 percent in April of people with bachelor’s degrees isn’t high compared with the overall unemployment rate, but it is more than double what it was a year ago.
Foreclosures are unlikely to peak until 2011, says David Crowe, chief economist of the National Association of Home Builders. He says foreclosures typically hit a high after unemployment does, and he believes the employment situation won’t turn around until late this year. Then rising employment will drive up interest rates, he fears, causing more resets of adjustable rate mortgages, leading to more foreclosures.
Credit Suisse echoes Crowe’s concerns, predicting that scheduled resets will hit a high in 2010 and rates will stay high until 2012.Source: Business Week, Peter Coy (06/15/2009)
To check out great inventory on foreclosures and short sales (Hot Buys) and even leases do a search on http://www.roxanagreenman.com/ for your area of interest including Newport Coast Real Estate, Newport Beach Real Estate, Corona Del Mar, and Irvine Real Estate.
Wednesday, June 10, 2009
Inventory Houses Fall
The inventory of homes for sale in 28 major metropolitan areas served by ZipRealty Inc., was down 3.9 percent at the end of May.The ZipRealty data is compiled from local multiple-listing services where the firm operates and doesn’t include New York City. It also doesn’t include many of the foreclosed homes owned by banks.Compared with a year ago, the May inventory was down 24 percent. Historically, inventories have been flat between April and May, according to Zelman & Associates research firm.Housing economist Thomas Lawler said the decline in inventory combined with slow housing starts "indicates that home prices in many parts of the country could be nearing a bottom."
To check out great inventory on foreclosures and short sales (Hot Buys) and even leases do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast Real Estate, Newport Beach Real Estate, Corona Del Mar, and Irvine Real Estate.
To check out great inventory on foreclosures and short sales (Hot Buys) and even leases do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast Real Estate, Newport Beach Real Estate, Corona Del Mar, and Irvine Real Estate.
Wednesday, May 20, 2009
Housing Affordability Surges to Highest Level in 18 Years
RISMEDIA, May 20, 2009-Nationwide housing affordability jumped 10 percentage points during the first quarter of 2009 to its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 72.5% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income of $64,000, up from 62.4% during the previous quarter and up from 53.8% during the first quarter of 2008.
“Underlying the increase in affordability are lower home prices and record low interest rates. Combined with the $8,000 federal tax credit for first-time home buyers, consumers are beginning to return to the marketplace,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.
Indianapolis was the most affordable major housing market in the country during the first quarter. Almost 95% of all homes sold were affordable to households earning the area’s median family income of $68,100. Indianapolis has now topped the affordability list 15 consecutive quarters.
Also near the top of the list of the most affordable major metro housing markets were Youngstown-Warren-Boardman, Ohio-Pa.; Akron, Ohio; Grand Rapids-Wyoming, Mich.; and Syracuse, N.Y.
Several smaller housing markets posted even higher affordability scores than Indianapolis, with Sandusky, Ohio outscoring all others. There, almost 98% of homes sold during the first quarter of 2009 were affordable to median-income earners. Other small housing markets ahead of Indianapolis on the affordability scale included Monroe in Michigan and Mansfield, Springfield and Canton-Massillon in Ohio.
New York-White Plains-Wayne, N.Y.-N.J., where just over 21% of all homes sold during the period were affordable to those earning the median income of $64,800, was once again the nation’s least affordable major housing market in the first quarter. Though affordability jumped 7 percentage points for the quarter, this was the New York metro area’s fourth consecutive appearance at the bottom of the list. Other major metros near the bottom of the chart included San Francisco; Los Angeles-Long Beach-Glendale, Calif.; Nassau-Suffolk, N.Y.; and Honolulu.
Among smaller metro areas, Ocean City, N.J. was the least affordable market, along with San Luis Obispo-Paso Robles, Calif.; Flagstaff, Ariz.; Hanford-Corcoran, Calif.; and Santa Cruz-Watsonville, Calif., respectively.
For more information, visit www.nahb.org.
To check out great inventory on foreclosures and short sales (Hot Buys) and even leases do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast Real Estate, Newport Beach Real Estate, Corona Del Mar, and Irvine Real Estate.
“Underlying the increase in affordability are lower home prices and record low interest rates. Combined with the $8,000 federal tax credit for first-time home buyers, consumers are beginning to return to the marketplace,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.
Indianapolis was the most affordable major housing market in the country during the first quarter. Almost 95% of all homes sold were affordable to households earning the area’s median family income of $68,100. Indianapolis has now topped the affordability list 15 consecutive quarters.
Also near the top of the list of the most affordable major metro housing markets were Youngstown-Warren-Boardman, Ohio-Pa.; Akron, Ohio; Grand Rapids-Wyoming, Mich.; and Syracuse, N.Y.
Several smaller housing markets posted even higher affordability scores than Indianapolis, with Sandusky, Ohio outscoring all others. There, almost 98% of homes sold during the first quarter of 2009 were affordable to median-income earners. Other small housing markets ahead of Indianapolis on the affordability scale included Monroe in Michigan and Mansfield, Springfield and Canton-Massillon in Ohio.
New York-White Plains-Wayne, N.Y.-N.J., where just over 21% of all homes sold during the period were affordable to those earning the median income of $64,800, was once again the nation’s least affordable major housing market in the first quarter. Though affordability jumped 7 percentage points for the quarter, this was the New York metro area’s fourth consecutive appearance at the bottom of the list. Other major metros near the bottom of the chart included San Francisco; Los Angeles-Long Beach-Glendale, Calif.; Nassau-Suffolk, N.Y.; and Honolulu.
Among smaller metro areas, Ocean City, N.J. was the least affordable market, along with San Luis Obispo-Paso Robles, Calif.; Flagstaff, Ariz.; Hanford-Corcoran, Calif.; and Santa Cruz-Watsonville, Calif., respectively.
For more information, visit www.nahb.org.
To check out great inventory on foreclosures and short sales (Hot Buys) and even leases do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast Real Estate, Newport Beach Real Estate, Corona Del Mar, and Irvine Real Estate.
Sunday, May 17, 2009
Tax credit can be used as down payment on FHA Loans
The government today gave the green light to the financing of bridge loans of up to $8,000 to first time home buyers who qualify for tax credits under the Obama Administration’s economic stimulus plan. The new mortgagee letter stipulates that government agencies, non-profits and FHA-approved lenders can give advances on the tax credits. Housing secretary Shaun Donovan told a national Realtor group Tuesday that, “We want to enable FHA consumers to access the tax credit funds when they close on their home loans so that cash can be used as a down payment.
To check out great inventory on foreclosures and short sales (Hot Buys) and even leases do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast Real Estate, Newport Beach Real Estate, Corona Del Mar, and Irvine Real Estate.
To check out great inventory on foreclosures and short sales (Hot Buys) and even leases do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast Real Estate, Newport Beach Real Estate, Corona Del Mar, and Irvine Real Estate.
Tuesday, May 12, 2009
After Stress Test, Banks May Loosen Up
Bank stress tests, which assess how banks would handle it if the economy were to sour further, may make some banks more prone to lend if the results were good, analysts say. But don’t expect a miracle turnaround.
"In reality, it is still a weak economy out there," said analyst Joe Morford of RBC Capital Markets. "Whether they have the capital or not, banks are going to be cautious making loans — commercial real estate, commercial business or even residential mortgages.
"Some banks have been frozen by their fear of falling capital levels, holding onto bad loans and reluctant to sell foreclosed homes at a loss.
"Now they're not as concerned," said Stuart Plesser, bank analyst with Standard & Poor's. "If they are able to raise capital, I would assume they would get more aggressive.”
Source: Investor’s Business Daily, Marilyn Alva (05/07/2010)
To check out great inventory on foreclosures and short sales (Hot Buys) and even leases do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast Real Estate, Newport Beach Real Estate, Corona Del Mar, and Irvine Real Estate.
"In reality, it is still a weak economy out there," said analyst Joe Morford of RBC Capital Markets. "Whether they have the capital or not, banks are going to be cautious making loans — commercial real estate, commercial business or even residential mortgages.
"Some banks have been frozen by their fear of falling capital levels, holding onto bad loans and reluctant to sell foreclosed homes at a loss.
"Now they're not as concerned," said Stuart Plesser, bank analyst with Standard & Poor's. "If they are able to raise capital, I would assume they would get more aggressive.”
Source: Investor’s Business Daily, Marilyn Alva (05/07/2010)
To check out great inventory on foreclosures and short sales (Hot Buys) and even leases do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast Real Estate, Newport Beach Real Estate, Corona Del Mar, and Irvine Real Estate.
Thursday, May 7, 2009
Market Shift: More Houses Get Multiple Offers
Julie Holt of Tarpon Springs, Fla.-based Anclote Title Services says 10 percent of the homes for sale are generating more than one bid.
Experts say markets hit hard by foreclosure are seeing more multiple offers, as residential price declines make homes more affordable and banks low-ball asking prices on distressed properties.
"If a house is in a good neighborhood, is maintained and is a good value, it'll get multiple offers," says Holt.Although many markets are far from fully shaking off the downturn, the pick-up in multiple offers is a reason for optimism.
"When you begin to see people willing to fight for a property, that's a good sign," says Beth Peerce, treasurer of the CALIFORNIA ASSOCIATION OF REALTORS®. "We are beginning to see the beginning of the end of a disaster time."
To check out great inventory on foreclosures and short sales (Hot Buys) and even leases do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast Real Estate, Newport Beach Real Estate, Corona Del Mar, and Irvine Real Estate.
Experts say markets hit hard by foreclosure are seeing more multiple offers, as residential price declines make homes more affordable and banks low-ball asking prices on distressed properties.
"If a house is in a good neighborhood, is maintained and is a good value, it'll get multiple offers," says Holt.Although many markets are far from fully shaking off the downturn, the pick-up in multiple offers is a reason for optimism.
"When you begin to see people willing to fight for a property, that's a good sign," says Beth Peerce, treasurer of the CALIFORNIA ASSOCIATION OF REALTORS®. "We are beginning to see the beginning of the end of a disaster time."
To check out great inventory on foreclosures and short sales (Hot Buys) and even leases do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast Real Estate, Newport Beach Real Estate, Corona Del Mar, and Irvine Real Estate.
Wednesday, May 6, 2009
Mortgage Applications Up, Despite Rate Rise
Total mortgage loan applications inched up last week, according to the Mortgage Bankers Association weekly applications survey. The Market Composite Index, a measure of mortgage loan application volume, was 979.7, an increase of 2.0 percent on a seasonally adjusted basis from 960.6 one week earlier. On an unadjusted basis, the Index increased 2.4 percent compared with the previous week and 43.7 percent compared with the same week one year earlier. The Refinance Index increased 1.2 percent to 5169.3 from 5108.2 the previous week.
The refinance share of mortgage activity decreased to 74.4 percent of total applications from 75.3 percent the previous week.
Interest rates rose slightly last week:
30-year fixed-rate mortgages increased to 4.79 percent from 4.62 percent.
15-year fixed-rate mortgages increased to 4.57 percent from 4.45 percent.
One-year ARMs increased to 6.36 percent from 6.23 percent.
To check out great inventory on foreclosures and short sales (Hot Buys) and even leases do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast Real Estate, Newport Beach Real Estate, Corona Del Mar, and Irvine Real Estate.
The refinance share of mortgage activity decreased to 74.4 percent of total applications from 75.3 percent the previous week.
Interest rates rose slightly last week:
30-year fixed-rate mortgages increased to 4.79 percent from 4.62 percent.
15-year fixed-rate mortgages increased to 4.57 percent from 4.45 percent.
One-year ARMs increased to 6.36 percent from 6.23 percent.
To check out great inventory on foreclosures and short sales (Hot Buys) and even leases do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast Real Estate, Newport Beach Real Estate, Corona Del Mar, and Irvine Real Estate.
Monday, May 4, 2009
Turnaround in the residential real estate market
Major stock investor Warren Buffet said this morning on CNBC that he is very optimistic about the future of the economy and that he is seeing signs of a turnaround in the residential real estate market. Warren is one of the wealthiest men on the planet and the reason? He is not fearful to do the opposite of the herd. With all the doom and gloom on TV about how bad things are, here's Warren saying how very optimistic he is.
Remember this famous quote by him - "Be fearful when others are greedy and be greedy when others are fearful". There sure is a lot of fear out there right now, which is why Mr. Buffet sees opportunity.
To check out great inventory on foreclosures and short sales (Hot Buys) and even leases do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast Real Estate, Newport Beach Real Estate, Corona Del Mar, and Irvine Real Estate.
Remember this famous quote by him - "Be fearful when others are greedy and be greedy when others are fearful". There sure is a lot of fear out there right now, which is why Mr. Buffet sees opportunity.
To check out great inventory on foreclosures and short sales (Hot Buys) and even leases do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast Real Estate, Newport Beach Real Estate, Corona Del Mar, and Irvine Real Estate.
Thursday, April 30, 2009
HOW WILL MORTGAGE RATES AFFECTS NEWPORT COAST REAL ESTATE?
Rates on long-term home mortgages are lower than short-term home loans, according to Freddie Mac's weekly survey.
"Interest rates for one-year ARMs exceeded those for 30-year fixed-rate mortgages over the last two weeks; this is the first time this has happened since Freddie Mac began collecting data for ARMs in January 1984," said Frank Nothaft, Freddie Mac chief economist.
The 30-year fixed-rate mortgage averaged 4.80% for the week ended Thursday, down from 4.82% last week and 6.03% a year ago.
Fifteen-year fixed-rate mortgages averaged 4.48%, unchanged from last week's low, and down from 5.62% a year ago.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.85%, down from 4.88% last week and 5.68% a year ago. One-year Treasury-indexed ARMs averaged 4.82%, down from 4.91% last week and 5.29% a year ago. (Printed in The Wall Street Journal, page C9)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on http://www.roxanagreenman.com/ for your area of interest including Newport Coast Real Estate, Newport Beach, Corona Del Mar, and Irvine Real Estate.
"Interest rates for one-year ARMs exceeded those for 30-year fixed-rate mortgages over the last two weeks; this is the first time this has happened since Freddie Mac began collecting data for ARMs in January 1984," said Frank Nothaft, Freddie Mac chief economist.
The 30-year fixed-rate mortgage averaged 4.80% for the week ended Thursday, down from 4.82% last week and 6.03% a year ago.
Fifteen-year fixed-rate mortgages averaged 4.48%, unchanged from last week's low, and down from 5.62% a year ago.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.85%, down from 4.88% last week and 5.68% a year ago. One-year Treasury-indexed ARMs averaged 4.82%, down from 4.91% last week and 5.29% a year ago. (Printed in The Wall Street Journal, page C9)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on http://www.roxanagreenman.com/ for your area of interest including Newport Coast Real Estate, Newport Beach, Corona Del Mar, and Irvine Real Estate.
Wednesday, April 29, 2009
Home Sales Jump!
Home sales jumped 65.6 percent in the Los Angeles area in March, compared to the same period a year ago, while the median home price fell 31.9 percent, according to figures released today.
The median price of an existing single-family home in Los Angeles was $295,100 in March, compared to $308,540 the previous month and $433,400 last year, according to the California Association of Realtors.
In Orange County, home sales increased 47.4 percent in March, compared to the same month last year, while the median home price was $444,520, down 24.9 percent from $592,100 in March 2008.
Home sales increased 63.8 percent in March in California, compared with the same period a year ago, while the median price of an existing home declined 39 percent, according to CAR's report.
"The March sales figure of 522,980 homes indicates that the market continues to be very active," said CAR President James Liptak. "All of the regions in the state experienced increases in month-to-month raw sales, with the smallest gain in the Sacramento region at 9.7 percent and the largest gain in the Riverside/San Bernardino region at 32.2 percent."
The median price of an existing, single-family detached home in California in March was $253,040, compared to $247,590 the previous month and $414,520 in March of last year, according to CAR.
"The statewide median price showed the first monthly increase since August 2007, and has remained in the $250,000 range over the past three months," said CAR Chief Economist Leslie Appleton-Young. "A number of regions around the state also have registered monthly gains for one or more months since the beginning of this year. While these are welcome signs, it remains to be seen whether home prices have stabilized."
Statewide, the 10 cities with the highest median home prices in California during March were:
-- Santa Monica, $755,000;
-- Danville, $738,500;
-- Santa Barbara, $735,000;
-- Mountain View, $700,000;
-- Redondo Beach, $630,000;
-- San Ramon, $621,000;
-- San Clemente, $620,000;
-- San Francisco, $617,000;
-- Santa Cruz, $610,000; and
-- Yorba Linda, $561,500.
The cities with the greatest median home price increases in March compared with the same period a year ago were Lemon Grove, 18.6 percent, and Rancho Santa Margarita, 3.1 percent.
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast, Newport Beach, Corona Del Mar, and Irvine.
The median price of an existing single-family home in Los Angeles was $295,100 in March, compared to $308,540 the previous month and $433,400 last year, according to the California Association of Realtors.
In Orange County, home sales increased 47.4 percent in March, compared to the same month last year, while the median home price was $444,520, down 24.9 percent from $592,100 in March 2008.
Home sales increased 63.8 percent in March in California, compared with the same period a year ago, while the median price of an existing home declined 39 percent, according to CAR's report.
"The March sales figure of 522,980 homes indicates that the market continues to be very active," said CAR President James Liptak. "All of the regions in the state experienced increases in month-to-month raw sales, with the smallest gain in the Sacramento region at 9.7 percent and the largest gain in the Riverside/San Bernardino region at 32.2 percent."
The median price of an existing, single-family detached home in California in March was $253,040, compared to $247,590 the previous month and $414,520 in March of last year, according to CAR.
"The statewide median price showed the first monthly increase since August 2007, and has remained in the $250,000 range over the past three months," said CAR Chief Economist Leslie Appleton-Young. "A number of regions around the state also have registered monthly gains for one or more months since the beginning of this year. While these are welcome signs, it remains to be seen whether home prices have stabilized."
Statewide, the 10 cities with the highest median home prices in California during March were:
-- Santa Monica, $755,000;
-- Danville, $738,500;
-- Santa Barbara, $735,000;
-- Mountain View, $700,000;
-- Redondo Beach, $630,000;
-- San Ramon, $621,000;
-- San Clemente, $620,000;
-- San Francisco, $617,000;
-- Santa Cruz, $610,000; and
-- Yorba Linda, $561,500.
The cities with the greatest median home price increases in March compared with the same period a year ago were Lemon Grove, 18.6 percent, and Rancho Santa Margarita, 3.1 percent.
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast, Newport Beach, Corona Del Mar, and Irvine.
Tuesday, April 28, 2009
Housing Analysts Predict the Bottom Is Near
The bottom of the housing decline is near, predicted analysts and home builders attending the National Association of Home Builders’ semiannual Construction Forecast Conference last week.Mark Zandi, chief economist of Moody’s Economy.com, facetiously picked a date when home prices would stop falling: Dec. 15, 2009. Other observers weren’t so precise, but they did generally agree that the federal government’s efforts to shore up the market would take effect by the end of 2009 or early in 2010.Analysts also predicted that consumers will spend less on remodeling. Eric Belsky, executive director at Harvard University’s Joint Center for Housing Studies, predicted that spending on remodeling would fall 12.3 percent by the end of this year compared to last.Analysts project that the credit crisis will loosen, although people with blemished credit records may continue to have trouble getting mortgage loans.
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast, Newport Beach, Corona Del Mar, and Irvine.
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for your area of interest including Newport Coast, Newport Beach, Corona Del Mar, and Irvine.
US to offer Incentives to Modify Seconds
The Obama administration is announcing incentives today for mortgages servicers to modify home equity loans and other second mortgages.Servicers must agree to modify second mortgages when the first mortgage has been modified. They must extend the term of the second mortgage and match the rate of the first mortgage. Then the government will share the cost with the servicer of cutting the rate to 1 percent for amortizing loans and 2 percent for interest-only loans. Under the program, the government will pay mortgage servicers $500 upfront and $250 a year for three years for the modifications. Borrowers will receive payments of up to $250 a year for five years if they stay current on the modified loan.There will also be a schedule of incentives for holders of second liens to drop their claims altogether. The Department of Housing and Urban Development and Treasury will make the announcement jointly.Bank of America, Wells Fargo, and JPMorgan Chase have already agreed to participate in the program.A separate announcement will include changes to the Hope for Homeowners program, which helps homeowners refinance into more affordable government-backed loans. To get this program moving, the administration is announcing a $2,500 upfront payment to servicers. Lenders will receive $1,000 a year for three years if the loan stays current.
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on http://www.roxanagreenman.com/ for your area of interest including Newport Coast, Newport Beach, Corona Del Mar, and Irvine.
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on http://www.roxanagreenman.com/ for your area of interest including Newport Coast, Newport Beach, Corona Del Mar, and Irvine.
Monday, April 27, 2009
Have New-Home Sales Found the Floor?
It looks like sales of new homes have finally bottomed out. The Commerce Department reported Friday that after hitting a record low in January — 74 percent lower than they were in July 2005 — new home sales rose in February and were flat in March. "We believe that the bottom is at hand and that sales will begin turning in the second half of this year," writes IHS Global Insight economist Patrick Newport. "As previous recessions show, demand for new homes does not evaporate altogether, even in the hardest of times."Median sales prices are still falling, down 12 percent in March compared to the same month the previous year. Analysts say they are likely to remain low until inventory is sold off.Source:
The Associated Press, Alan Zibel (04/24/2009)
However, DataQuick’s March report shows Orange County’s median home-selling price up $10,000, or 2.7%, in a month to $385,000. It was the second consecutive monthly price gain
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for Newport Coast, Corona Ddel Mar, Newport Beach, or your favorite area in OC.
The Associated Press, Alan Zibel (04/24/2009)
However, DataQuick’s March report shows Orange County’s median home-selling price up $10,000, or 2.7%, in a month to $385,000. It was the second consecutive monthly price gain
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for Newport Coast, Corona Ddel Mar, Newport Beach, or your favorite area in OC.
Monday, April 20, 2009
Fed Officials: The Worst is Over
The worst of the economic crisis is over, according to U.S. officials speaking at a financial conference Friday at Vanderbilt University.
Frank Nothaft, the chief economist for Freddie Mac, said housing sales have just about hit bottom and a third of home sales are now foreclosed properties.
Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, warned that the declining commercial real estate market still poses a risk to the economy.
New York Fed chief William Dudley complained that the programs the government has put in place are being undermined by public perception that they are unfair to average taxpayers and that has made some potential investors fearful that they would be the focus of public outrage if they profit from the programs."It is worth emphasizing (that) actions that lead investors to shun taking risk, especially in this environment, are ultimately detrimental to the ability of households and businesses to secure credit at reasonable borrowing rates,"
Dudley said.Source: Reuters News, Ros Krasny and Kristina Cooke (04/18/2009)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com. This is even true to some extent in in Newport Coast and Newport Beach real estate.
Frank Nothaft, the chief economist for Freddie Mac, said housing sales have just about hit bottom and a third of home sales are now foreclosed properties.
Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, warned that the declining commercial real estate market still poses a risk to the economy.
New York Fed chief William Dudley complained that the programs the government has put in place are being undermined by public perception that they are unfair to average taxpayers and that has made some potential investors fearful that they would be the focus of public outrage if they profit from the programs."It is worth emphasizing (that) actions that lead investors to shun taking risk, especially in this environment, are ultimately detrimental to the ability of households and businesses to secure credit at reasonable borrowing rates,"
Dudley said.Source: Reuters News, Ros Krasny and Kristina Cooke (04/18/2009)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com. This is even true to some extent in in Newport Coast and Newport Beach real estate.
Friday, April 17, 2009
Market Commentary
Looks like Market is improving for Newport Beach, Newport Coast Area Real Estate.
Last week we discussed expanding loan guidelines and parameters for jumbo loans, which I believe is a good sign because it indicates banks are becoming more comfortable with the state of the market. Corporate earnings reporting is in full swing right now and surprise, surprise… large companies such as JP Morgan Chase, Wells Fargo, Google, and conglomerate GE are reporting better than expected earnings. While we are not out of the thick of it yet, it is very encouraging to me to see companies from different sector of the economy doing well despite the current economic environment.
The New York Federal Reserve Bank reported that they purchased nearly $21.7 Billion in mortgage backed securities, mostly in the 4-6% range. It is important for us to remind our clients that unless the Fed starts buying 3.0% and 3.5% mortgage bonds, rates will not improve further. The Fed has given no indication they are going to buy 30 year fixed coupons in the 3.0% - 3.5% range and I personally do not see them doing this, thus now is probably the most opportune time to lock a 30 year fixed rate mortgage. Additionally, interest rates really have no where to go but up.
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com
Last week we discussed expanding loan guidelines and parameters for jumbo loans, which I believe is a good sign because it indicates banks are becoming more comfortable with the state of the market. Corporate earnings reporting is in full swing right now and surprise, surprise… large companies such as JP Morgan Chase, Wells Fargo, Google, and conglomerate GE are reporting better than expected earnings. While we are not out of the thick of it yet, it is very encouraging to me to see companies from different sector of the economy doing well despite the current economic environment.
The New York Federal Reserve Bank reported that they purchased nearly $21.7 Billion in mortgage backed securities, mostly in the 4-6% range. It is important for us to remind our clients that unless the Fed starts buying 3.0% and 3.5% mortgage bonds, rates will not improve further. The Fed has given no indication they are going to buy 30 year fixed coupons in the 3.0% - 3.5% range and I personally do not see them doing this, thus now is probably the most opportune time to lock a 30 year fixed rate mortgage. Additionally, interest rates really have no where to go but up.
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com
Thursday, April 16, 2009
Foreclosures are up!
Foreclosures Jump as Moratorium Ends Foreclosures jumped 46 percent in March compared to a year earlier and were up 17 percent compared to February with more than 340,000 properties affected nationwide, according to foreclosure marketer RealtyTrac.Nearly 804,000 homes received at least one foreclosure-related notice from January through March, up from about 650,000 in the same time period a year earlier, RealtyTrac says.Many lenders and servers had put a moratorium on foreclosures, waiting for the details of the Obama administration’s foreclosure plan. But now they are back with a vengeance. The end of the moratorium is also driving an increase in the availability of REO properties, according to RealtyTrac.Nevada, Arizona and California had the nation’s highest foreclosure rate. Other states in the top 10 in the first quarter were Florida, Illinois, Michigan, Georgia, Idaho, Utah and Oregon.States with the highest number of actual foreclosures, 60 percent of the total, were California, Florida, Arizona, Nevada and Illinois. Rounding out the top 10 were Michigan, Ohio, Georgia, Texas and Virginia.One in every 159 homes nationwide was at some stage of foreclosure, according to RealtyTrac.Source: RealtyTrac (04/09/2009)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals in Newport Coast, Newport Beach, Corona Del Mar or your favorite city do a search on www.RoxanaGreenman.com
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals in Newport Coast, Newport Beach, Corona Del Mar or your favorite city do a search on www.RoxanaGreenman.com
Thursday, April 9, 2009
Pending home sales increased in February
Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 2.1 percent to 82.1 from a reading of 80.4 in January, but is 1.4 percent below February 2008 when it was 83.3.
"Pending home sales have a way to go for there to be a meaningful increase, but recent increases in shopping activity are hopeful indicators that we’ll see additional sales gains,” said Lawrence Yun, NAR’s chief economist. “More buyers are getting into the market to take advantage of stimulus incentives and much-improved housing affordability conditions, but it will take a few months before we could see this turn up in measurable sales contract activity.”
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for Newport Beach, Newport Coast Real estate or your favorite area.
"Pending home sales have a way to go for there to be a meaningful increase, but recent increases in shopping activity are hopeful indicators that we’ll see additional sales gains,” said Lawrence Yun, NAR’s chief economist. “More buyers are getting into the market to take advantage of stimulus incentives and much-improved housing affordability conditions, but it will take a few months before we could see this turn up in measurable sales contract activity.”
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for Newport Beach, Newport Coast Real estate or your favorite area.
Wednesday, April 8, 2009
Mortgage Applications on Rise in Newport Beach and Newport Coast
Mortgage applications continued to rise as home owners took advantage of low rates to refinance and more buyers put their toes in the market, according to the Mortgage Bankers Association’s weekly survey.Mortgage application volume rose 4.7 percent last week on a seasonally adjusted basis to 1,250.6 from 1,194.4 the previous week. On an unadjusted basis, the index rose 4.9 percent. It was up 67.6 compared with the same week a year ago.The refinance share of mortgage activity declined slightly to 77.9 percent of total applications from 79.1 percent the previous week, while the seasonally adjusted purchase index increased 11.1 percent. Mortgage rates rose slightly, but fixed rates remained below 5 percent:
30-year fixed-rate mortgages increased to 4.73 percent from 4.61 percent.
15-year fixed-rate mortgages increased to 4.49 percent from 4.45 percent.
1-year ARMs increased to 6.23 percent from 6.20 percent.
Source: Mortgage Bankers Association (04/08/2009)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for newport Beach and Newport Coast real estate or your favorite location.
30-year fixed-rate mortgages increased to 4.73 percent from 4.61 percent.
15-year fixed-rate mortgages increased to 4.49 percent from 4.45 percent.
1-year ARMs increased to 6.23 percent from 6.20 percent.
Source: Mortgage Bankers Association (04/08/2009)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com for newport Beach and Newport Coast real estate or your favorite location.
Friday, April 3, 2009
A Record Low for Mortgage Rates, Again
A Record Low for Mortgage Rates, Again
This is a great time refinance your current mortgage, buy an investment home, or trade up to get the house of your dreams in Newport beach, Newport Coast or Cornona del Mar. Take advantage of the record low mortgage rates to achieve your real estate dream.
Just one week after 30-year mortgage rates fell to a record low of 4.85 percent, the average dropped even further to 4.78 percent this week, Freddie Mac reported. Refinancing activity has picked up because of the low rates, and the Mortgage Bankers Association says approximately 80 percent of mortgage applications came from borrowers seeking to refinance.
Source: Boston Globe (04/03/09)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com
This is a great time refinance your current mortgage, buy an investment home, or trade up to get the house of your dreams in Newport beach, Newport Coast or Cornona del Mar. Take advantage of the record low mortgage rates to achieve your real estate dream.
Just one week after 30-year mortgage rates fell to a record low of 4.85 percent, the average dropped even further to 4.78 percent this week, Freddie Mac reported. Refinancing activity has picked up because of the low rates, and the Mortgage Bankers Association says approximately 80 percent of mortgage applications came from borrowers seeking to refinance.
Source: Boston Globe (04/03/09)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com
Thursday, April 2, 2009
Mortgage Protection for First home time buyers
More help for first home time buyers interested in buying in Newport Beach, Newport Coast, Corona Del Mar or any where in California. Good time to buy real estate ... see below.
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today launched the C.A.R. Housing Affordability Fund Mortgage Protection Program for first-time home buyers. Through the Housing Affordability Fund Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.’s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program, and estimates that as many as 3,000 families will benefit from the program this year.
To qualify for the Mortgage Protection Program, applicants must:
· Be a first-time home buyer – someone who has not owned a home in three or more years
· Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
· Use a California REALTOR® in the transaction
· Purchase the property in California
· Be a W-2 employee (cannot be self-employed)
To apply for the program please contact me!
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today launched the C.A.R. Housing Affordability Fund Mortgage Protection Program for first-time home buyers. Through the Housing Affordability Fund Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.’s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program, and estimates that as many as 3,000 families will benefit from the program this year.
To qualify for the Mortgage Protection Program, applicants must:
· Be a first-time home buyer – someone who has not owned a home in three or more years
· Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
· Use a California REALTOR® in the transaction
· Purchase the property in California
· Be a W-2 employee (cannot be self-employed)
To apply for the program please contact me!
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com
Monday, March 30, 2009
6 Good reasons to Still Buy Real Estate in Newport Coast and Newport beach
The housing market is looking healthier in Newport Coast and Newport Beach. Here are six reasons why now is the time to jump into the market.
1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available. (Sign up for a Webinar to learn more about the home buyer tax credit)
2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.
3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.
4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.
5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.
6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front.
Source: The Wall Street Journal, June Fletcher (03/27/2009)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com
1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available. (Sign up for a Webinar to learn more about the home buyer tax credit)
2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.
3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.
4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.
5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.
6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front.
Source: The Wall Street Journal, June Fletcher (03/27/2009)
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com
Sunday, March 29, 2009
Housing experts predict that multi-family rental properties and apartments will recover fastest from the current downturn, followed by housing in cities that didn’t overbuild. Newport Coast and Newport Beach areas are starting to see this.The market is likely to hit bottom in the next few months, says Bernard Markstein, senior economist and director of forecasting for the National Association of Home Builders."Next year will see slow but steady improvement, as home builders are controlling their inventory," Markstein says.Apartments and other multi-family residences will snap back quickly once businesses start hiring again, predicts Victor Calanog, director of research at Reis.Baby boomers looking for retirement homes and first-time home buyers also will lead the way out of the decline, predicts Bill Singer, a securities attorney and trader who is a member of Forbes.com’s panel of financial gurus.
Finally, maybe some positive real estate news for the housing market in Newport Beach, Corona del Mar, and Newport Coast!
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com
Finally, maybe some positive real estate news for the housing market in Newport Beach, Corona del Mar, and Newport Coast!
To check out great inventory on foreclosures and short sales (Hot Buys) and even rentals do a search on www.RoxanaGreenman.com
Thursday, March 26, 2009
Have we hit the bottom of the real estate market in Newport Coast
Many people feel it very close to being to the bottom. I attended numerous workshops and seminars during the last week regarding specifically Newport Coast and Newport Beach (even Corona Del Mar, that was for my sister-in-law’s house) real estate. The consensus among the experts is that they have no clue but they do know it is probably a real good time to buy because indicators point that in this area we are close to bottom.
To check out great inventory on foreclosures and short sales (Hot Buys) do a search on www.roxanagreenman.com
To check out great inventory on foreclosures and short sales (Hot Buys) do a search on www.roxanagreenman.com
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