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  • Fifth was Buena Park at 42 days with 46 listings at an average $656,492 and 33 new escrows. A year ago? 87 days.

    Limited options for house hunters means the market for Orange Countys existing homes starts 2017 at a slightly faster speed than a year ago

    ReportsOnHousing says there were 4,376 listings on local broker networks at an average price of $1.56 million, as of Jan. 12. The local market has started the year with an average supply of 7,544 listings since 2005.

    Demand has dipped in a year. Buyers signed 1,562 contracts to buy a local existing home in the past 30 days, down 31 from a year ago. When combining those trends, ReportsOnHousing estimates homes are going from listing to escrow in a market time of 84 days vs. 86 days a year ago.

    Where do shoppers have to act the fastest? Heres the countys 10 speediest markets, based on 2017s first reading of market time math. Note the below-average cost of these listings:

    Stanton was fastest with a market time of 30 days with 15 listings at an average price of $681,720 and 15 new escrows. A year ago, market time was 60 days.

    Foothill Ranch was next at 39 days with 18 listings at an average price of $661,026 and 14 new escrows. A year ago? 50 days.

    Fountain Valley and Rancho Santa Margarita followed at 39 days. Fountain Valley had 31 listings at an average price of $795,768 and 24 new escrows. A year ago? 70 days. Rancho Santa Margarita had 44 listings at an average $559,948 and 34 new escrows. A year ago? 50 days.

    SEE: There's no exodus from California

    Fifth was Buena Park at 42 days with 46 listings at an average $656,492 and 33 new escrows. A year ago? 87 days.

    Then came Lake Forest at 43 days with 49 listings at an average $648,132 and 34 new escrows. A year ago? 47 days.

    Seventh: La Palma at 50 days with 10 listings at an average $746,066 and six new escrows. A year ago? 55 days.

    No. 8: Cypress at 51 days with 36 listings at an average $620,100 and 21 new escrows. A year ago? 127 days.

    Garden Grove was ninth at 52 days with 98 listings at an average $537,239 and 57 new escrows. A year ago? 43 days.

    No. 10: Aliso Viejo at 53 days with 60 listings at an average $650,785 and 34 new escrows. A year ago? 55 days.

    Slowest-selling communities were decidedly upper-crust housing.

    North Tustin homes took the longest to sell at 470 days with 47 listings at an average price of $2.9 million and 3 new escrows. A year ago? 99 days.

    Then came Corona Del Mar at 287 days with 86 listings at an average price of $4.32 million and nine new escrows. A year ago? 500 days.

    A year ago, the five fastest-selling communities were Los Alamitos with market time of 30 days; Portola Hills at 35 days; Placentia at 40 days; Garden Grove at 43 days; and Lake Forest at 47 days.

    SOURCE: OC REGISTER

  • Mortgage insurance premiums on FHA-backed loans will be lower by 25 basis points on loans endorsed starting January 27, the federal government announced today.

    After four straight years of growth and with sufficient reserves on hand to meet future claims, its time for FHA to pass along some modest savings to working families, Julian Castro, secretary of the U.S. Department of Housing and Urban Development, announced today.

    NAR President Bill Brown praised the move. Dropping mortgage insurance premiums will mean a lot more responsible borrowers are eligible to purchase a home through FHA, he said. That puts more money in the fund to protect taxpayers, and it puts more families in homes so they can live out the American dream.

    The new premium schedule, which takes effect for residential mortgage loans that have an insurance endorsement date on or after January 27, is expected to save the average home buyer $500 a year in insurance costs.

    In its announcement, HUD said the reduced premiums reflect the healthy state of HUDs mutual mortgage insurance fund, which is the agencys principle fund for insuring FHA mortgages. Weve carefully weighed the risks associated with lower premiums with our historic mission to provide safe and sustainable mortgage financing to responsible homebuyers, said Edward Golding, HUD principal deputy assistant secretary for housing. This conservative reduction in our premium rates is an appropriate measure to support [home buyers] on their path to the American dream.

    Under the new schedule, a home purchase with a base loan amount of up to $625,000, with an 85-percent loan-to-value ratio and a 30-year loan term, will require an annual mortgage insurance premium of 55 basis points, down from 80 basis points. A 15-year loan of that same amount and with a 90-percent LTV ratio will require an MIP of 25 basis points, down from 45. Access the full schedule.

    NAR is calling on FHA to take even more steps to help home buyers, including eliminating FHAs life of loan mortgage insurance requirement, which forces borrowers to maintain mortgage insurance regardless of their equity position. Borrowers with traditional mortgage insurance can typically extinguish their mortgage insurance once they reach 20 percent equity in the property. Our work continues, but were encouraged by todays announcement, Brown said.

  • Homebuying in Buena Park in the third quarter rose as 209 residences sold vs. 180 a year ago, according to CoreLogic. That's a sales gain of 16.1 percent.

    Here are nine trends in and around Buena Park from the report:

    1. Buena Park ZIP code 90620 -- 115 homes sold in the period vs. 107 a year ago. That's a sales gain of 7.5 percent. Median selling price of $535,000 vs. $495,000 a year ago, a gain of 8.1 percent.

    2. Buena Park ZIP 90621 -- 94 homes sold vs. 73 a year ago. That's a sales gain of 28.8 percent. Median of $470,000 vs. $435,000 a year ago, a gain of 8.0 percent.

    And here's some countywide trends of note for the July-to-September period:

    3. Orange County median price for the quarter was $643,000 -- up 4.9 percent or $30,000 in a year!

    4. Countywide sales were 10,077 -- up 0.2 percent in a year!

    5. Local single-family home sales totaled 6,111 -- down 3.9 percent from a year ago. Median selling price was $705,000 -- up 3.7 percent from a year ago.

    6. Resales of O.C. condos were 2,920 -- down 0.7 percent from a year ago. Median selling price was $450,000 -- up 5.4 percent from a year ago.

    7. Builder sales in the county were 1,046 -- up 38 percent from a year ago. Median selling price was $820,000 -- down 0.6 percent from a year ago.

    8. In Orange County's 27 least expensive ZIPs -- median sales price at $568,750 and below -- 2,754 homes sold. That's down 5.6 percent compared to a year ago.

    9. In the 27 priciest ZIPs -- median sales price beginning at $705,000 -- 3,147 homes sold. That's up 8.9 percent compared to a year ago.

    Source: OC Register

  • In looking at the most recent REALTORS Confidence Index Survey, the average home price nationwide is expected to rise 3.2% over the course of the year. The numbers come from a survey of over 50,000 National Association of REALTORS members across the country.

    The projection is a sign of stability, as a 3.2% increase is a slow and steady enough increase to not jeopardize housing affordability in most markets. The map below gives a state-by-state breakdown. As you can see, California is predicted to fall between a 3% and 4% increase in home values on the whole.

    According to the polled REALTORS, Washington, Oregon, Colorado, Wyoming, and Florida agents are predicting the greatest increases in home prices falling between 4% and 5%. Meanwhile, agents in Alaska and New Mexico are the least optimistic about increases in prices as they expect increases no greater than 2%, at most.

    With home prices on the rise and mortgage interest rates also predicted to go up over the next 12 months, now may be the right time for you to buy. Interest rates right now are hovering just above 4% which is historically very low. If you are in the position to buy a home right now, then you should be sure to lock in these low rates saving you thousands of dollars over the course of your loan.

    Thank you for reading our latest blog. If you, or someone you know, are looking to buy a home or sell your house, then please consider contacting us here at The Wise Team. We can be reached today by calling 714-698-WISE (9473). We look forward to speaking with you!

  • There are many things to evaluate when looking at how the housing market is doing. Experts consider REO activity, active listing numbers, home prices, average days on market, foreclosure percentages, sold-to-list price ratios, and so much more.

    A recent Home Value Forecast by Pro Teck Valuation Services found that there are less than 4 months of inventory remaining in markets, on average. This indicates that the market is favoring those who are selling right now, but is creating a problem for all of those who are competing to buy a home. There is an increasing shortage of supply for the high demand.

    In fact, 29 of the hottest markets are all seeing double digit percentage drops in the number of active listings. Further, although the construction of new housing is on the rise, this number overall is actually at a historical low. Plus, since the housing market crash, a lot of investors purchased homes and turned them into rental units to make profit so there also limits the purchasable housing supply.

    The research by Pro Teck Valuation Services ranked the following as being the top 10 hottest markets. Next to them we included their remaining months of inventory.

    1. Anaheim, Santa Ana, and Irvine, CA 3.832. Bellingham, WA 2.53. Boise City, ID 2.634. Charlotte, Concord, Gastonia, NC/SC 3.965. Chico, CA 3.726. Durham, Chapel Hill, NC 3.897. Grand Rapids, MI 3.518. Lafayette, West Lafayette, IN 3.619. Los Angeles, Long Beach, Glendale, CA 3.7810. Medford, OR 3.68

    Thank you for reading our latest article. If you, or someone you know, are thinking about buying a home or selling a house, then please do not hesitate to contact us The Wise Team. We can be reached by calling 714-698-WISE (9473).

    We look forward to hearing from you!