Blog Archive: February, 2009

Home Sales Heating Up, Distressed Inventory Down

Monday, February 23rd, 2009 at 5:04pm. 448 Views, 0 Comments.

Seven Consecutive Months of Year-Over-Year Increases

January 2009 marked the seventh month in a row that more homes were sold compared to the same month in the previous year, as reported by the Orange County Register. The 1,806 homes sold in Orange County in January marked a 40% over the same period in 2008,

Homes Under $500,000 are Hot

A closer look shows that lower priced homes continue to drive the market, fueled largely by first-time buyers and investors. Sales of houses and condos under $400,000 jumped almost 257%, and those priced between $400,000 and $500,000 were up 10.5%. All higher priced homes actually sold at a slower pace than in 2008, as shown by the table below.

Price Range	Sales Jan'09	% Change from Jan '08
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Getting an FHA or a VA Loan on an REO Home for Sale?

Thursday, February 19th, 2009 at 9:15pm. 2196 Views, 2 Comments.

Orange County REO Homes for Sale + FHA or VA Financing = Some Things to Watch Out For

So you are ready to make the move off the “I’m one of the hundreds, if not thousands, of Orange County home buyers who can finally get into the Orange County Real Estate market but are sitting on the proverbial fence, waiting for the bottom of the market to finally arrive” because you’ve decided that rates are finally low enough and you’ve found the home that works for you. Congratulations!! Best move you’ll make this decade. But here’s the 411 on your upcoming purchase - if you are using FHA or VA financing and are buying an REO (also known as Bank Owned of Lender Owned) home in Orange County today.

FHA and VA Loans Have Property Condition Requirements…

$8,000 Tax Credit for First-Time Home Buyers

Tuesday, February 17th, 2009 at 8:16pm. 330 Views, 1 Comments.

The economic stimulus package passed by Congress last week, and signed into law by President Obama today, includes a provision that will be of value to those buying their first home. First-time buyers who buy a primary residence between January 1 and December 1, 2009, are eligible for up to an $8,000 credit on their Federal Income Tax. Unlike the $7,500 credit which it replaces, the new credit does not have to be repaid unless the home is sold within two years.

First-time buyers are already driving the action in the Orange County real estate market, and this new provision in the law will reinforce that trend.

The tax credit is phase out for buyers who's adjusted gross income exceeds $75,000, or $150,000 for couples filing jointly.

Click here for…

First-Time Buyers Make a Comeback

Monday, February 2nd, 2009 at 9:15pm. 363 Views, 1 Comments.

Depressed Values for You, Buying Opportunity for Me!

It's old news that Real Estate prices in the United States, and particularly in California, have seen a severe downturn over the last two or three years, and Orange County has seen it's fair share of that downturn. The media is full of bad news stories about the Real Estate market, with "Bank Owned", "Short Sale", and "Foreclosure" out-pacing the not-so-distant-memory early-90's market.

One silver lining in this cloud of bad news that doesn't get much discussion is affordability. Check out the chart below showing the California Association of Realtors' "First-Time Buyer Affordability Index":