Showing posts with label Zillow. Show all posts
Showing posts with label Zillow. Show all posts

Wednesday, April 14, 2010

With caution, Americans still want a house

Nearly two-thirds of Americans would still prefer to own a home, although the recent housing market turmoil and uncertain economy have made them a little more cautious about how and when, according to a survey released Tuesday.

A nationwide survey conducted by mortgage lender Fannie Mae found 65% of the homeowners and renters believe there is still value in owning a home.

But the survey also suggests that potential home buyers have become more cautious in the years since the housing bubble burst, giving rise to a wave of foreclosures and a severe recession.

"Consumers are still committed to owning a home, but are showing increased cautiousness," said Doug Duncan, chief economist at Fannie Mae.

He said the downturn in the housing market has led to a "rebalancing" of consumer attitudes towards homeownership. Americans are adopting a more realistic approach and are now less willing to take risks, he said.

The survey showed that home buyers are growing more concerned with longer- term priorities, as opposed to the house "flipping" mentality that characterized the market during the boom years.

Over 40% said personal safety was their main consideration when buying a home, while a third indicated that the quality of local schools was the dominant factor.

One of the purposes of the survey is to try to more closely monitor the market, according to Duncan. That way, industry players and policy makers can take steps to stimulate the housing market when it slows too much and put the brakes on when it threatens to overheat.

"This survey was done to get a level set about what the public is thinking about housing after the huge disruption," said Duncan. "We wanted to understand the current and expected behavior of borrowers, and how to help people who have had difficulties."

The survey showed that 60% believe buying a home today is harder than it was for their parents, and nearly seven in ten believe it will be even more difficult for their children.

Still, about two-thirds of respondents believe now is a good time to buy a house, and nearly one in three said now is a very good time to buy a house. This is nearly as many who said it was a good time to buy in 2003, well before home prices peaked, Fannie Mae said.

A full 70% said they believe buying a home continues to be one of the safest investments available. That's down from 83% in 2003.

"The investment motive took a hit," said Duncan.

Nearly three-quarters anticipate housing prices will go up or stay the same over the next year, according to the survey. That includes 37% who see prices will increase and 36% who feel prices will remain about the same.

A majority of respondents said it is unacceptable for a homeowner to stop making payments on their mortgage when the value of the property falls below the balance of the loan, a condition known as being "underwater."

However, the survey showed that 15% believe it is acceptable to stop making payments on an underwater mortgage if the homeowner is financially distressed.

The survey was conducted by telephone this winter with 3,451 Americans age 18 and older.

Posted via web from The Newport Beach Blog

Saturday, March 13, 2010

$35 million OC home assessed at $3.2 million

A home currently asking $35 million in North Laguna Beach has a strange history, according to the Southern California MLS.

The home, located at 31887 Circle Drive, was listed March 17, 2006 with the following listing prices:

  • $33.9 million
  • $31.9 million
  • $33.5 million

After 575 days on the market, the listing was canceled on October 18, 2007.

The home was listed again January 21, 2008 for $2.9 million. Then the listing expired May 21, 2008.

Then, it was listed Feb. 17 at $35 million.

Offering only 3 bedrooms, 3 baths and a 5,640-square-foot lot, the position on the promontory and panoramic views are the driving force behind the price of the home.

The assessed property value of this oceanfront home is $3,289,744.

The only other home in Laguna Beach listed at $35 million is located at 22 Emerald Bay and includes two oceanfront lots with the intention to demo the existing structure.

A home in Laguna’s prestigious Irvine Cove Abalone Point community listed for $31.5 million (reduced from $40 million) is the next priciest listing in Laguna Beach. This home, however, spans 10,8000-square-feet, has 5 bedrooms and 8 baths and boasts 23,997-square-feet total for the lot.

Posted via web from The Newport Beach Lifestyle

Homes in 16 Orange County cities get foreclosure dates

Every week, homes throughout Orange County go to foreclosure auctions. The owners can be millions of dollars in debt, foreclosedhomesmediumor owe just a few thousand.

Often these homes revert to the lenders, who eventually put them back on the market. Sometimes the homes are bought by investors and resold.

Foreclosures affect more than the homeowners involved. They can impact entire neighborhoods. At the very least, they can affect nearby home sales.

All of these homes and addresses have been listed in the public notices, as required by law.

For auction info, click on city:


widget-lansner-text-messageRead more:

How foreclosure auctions work

Trustee, trustor … what’s the difference? Click here for foreclosure terms and definitions

Top tips for buying investment properties

Posted via web from The Newport Beach Lifestyle

Wednesday, March 10, 2010

Home Buyers Check Out Apps

Just in time for the spring house-hunting season, smart-phone applications that provide information to home buyers are proliferating.

Real-estate firms have long vied to have the most engaging Web site to attract people searching for homes. Now they also feel compelled to have an "app" for Apple Inc.'s iPhone and other smart phones. Rather than being moneymakers—brokers tend to offer their apps for free—the apps are seen as a tool to make the home-buying process easier.

"I don't think it's driving revenue for us, but it's making customers happier," says Glenn Kelman, chief executive of Redfin Corp., a Seattle-based broker that operates in nine states.

Jeff Moores

Many of the apps' functions—such as listing which nearby homes are for sale and which have sold recently, then fetching pricing and other data—have long been available via traditional Web sites. But the apps combine those functions with smart phones' global-positioning technology, so that users can get information on their immediate surroundings without having to type the address or zip code.

"It's like having your laptop with you on the ride," says Rachel Ashby, a marketing manager in Seattle who is using Redfin's app in her search for a house.

Jon Mirmelli, a real-estate investor in Scottsdale, Ariz., got an email last week informing him that a home in Phoenix was about to be put up for auction at a minimum bid of $668,000. With a few taps on his iPhone, he got details on the size of the house, a map and then panoramic photos of the relevant street. The images showed an older home that likely needed a lot of work.

"Within a minute, I had enough information to say it's not worth driving" 25 miles to inspect the home, says Mr. Mirmelli, who also occasionally uses an app from to get estimates of home values and other data.

Apps have become more than "just a cool little novelty," says Myron Lo, vice president of innovation at ZipRealty Inc. The Emeryville, Calif.-based real-estate broker provides services in 22 states and offers a free app that includes home listings, value estimates and other data.

Zillow, a Seattle-based provider of real-estate information, says people are looking up two million homes a month on its free app, which has been downloaded 970,000 times. "We were blown away by how much usage it gets," a spokeswoman says.

Move Inc. offers a free home-search app with listings and open-house information, among other things. Smarter Agent LLC also has a home-search app, as do more and more real-estate brokers, including the Coldwell Banker and Better Homes and Gardens real-estate chains, and Corcoran Group, which operates in New York City and South Florida.

Some apps not designed for real-estate searches may nonetheless be useful in that quest. InnovationGeo LLC has a series of local-crime apps under the Are You Safe brand. These apps, which cost 99 cents apiece, tell you what sorts of crimes and how many of them have occurred near your location. As you move from an area deemed relatively safe into one with more crime, the app's meter shifts from green to red.

"We've created a Geiger counter for crime," says Benjamin Mokotoff, who helped create the app for InnovationGeo.

So far, that service is available for only a few cities: Washington, Atlanta, Sacramento, Indianapolis and Milwaukee. But the company says it is trying to add more cities.

The free Walk Score app, from Front Seat LLC in Seattle, rates neighborhoods based on the ease of walking to shops, restaurants and other public places. The free EveryBlock app, produced by EveryBlock LLC, provides news, crime information, real-estate listings and foreclosure data, among other things, in 15 cities.

Posted via web from The Newport Beach Lifestyle

Tuesday, March 2, 2010

What OC ZIP has biggest hike in mortgage defaults?

Here’s how filings of notices of default — the first step in the foreclosure process — compare from Q4 of 2009 with the previous quarter and the previous year, according to an analysis by DataQuick.

It’s a mixed bag: Countywide, default notices are down 24% from the previous quarter, but up 29% year over year.

ZIP codes are ranked in descending order below by the annual comparison.


CommunityZip codeQ4 2008Q3 2009Q4 2009Qtr-Qtr changeYOY change
Villa Park 92861 2 18 13 -28% 550%
Seal Beach 90740 4 16 19 19% 375%
Newport Beach 92661 1 4 4 0% 300%
Brea 92823 2 11 7 -36% 250%
Corona del Mar 92625 5 18 16 -11% 220%
Irvine 92606 12 32 32 0% 167%
Huntington Beach 92648 34 91 86 -6% 153%
Newport Beach 92660 25 62 62 0% 148%
Irvine 92618 10 22 24 9% 140%
Newport Coast 92657 12 46 28 -39% 133%
Newport Beach 92663 22 43 46 7% 109%
Tustin 92782 22 91 46 -50% 109%
Ladera Ranch 92694 71 167 147 -12% 107%
Trabuco/Coto 92679 61 148 126 -15% 107%
Huntington Beach 92646 47 93 95 2% 102%
Irvine 92604 24 56 47 -16% 96%
Anaheim 92808 35 80 68 -15% 94%
Costa Mesa 92627 37 91 71 -22% 92%
Irvine 92612 28 49 53 8% 89%
Los Alamitos 90720 9 22 17 -23% 89%
Midway City 92655 9 17 17 0% 89%
San Clemente 92673 45 108 83 -23% 84%
Placentia 92870 48 110 86 -22% 79%
Brea 92821 38 63 65 3% 71%
Irvine 92603 20 56 33 -41% 65%
Dana Point 92629 37 79 61 -23% 65%
Laguna Woods 92637 11 20 18 -10% 64%
Garden Grove 92844 25 57 40 -30% 60%
Irvine 92602 19 43 30 -30% 58%
Anaheim 92807 63 96 97 1% 54%
Yorba Linda 92886 68 109 103 -6% 52%
Yorba Linda 92887 33 54 50 -7% 52%
Orange 92867 51 86 77 -11% 51%
Aliso Viejo 92656 114 198 172 -13% 51%
Orange 92865 30 41 45 10% 50%
Fullerton 92831 35 57 52 -9% 49%
Huntington Beach 92647 31 84 46 -45% 48%
Santa Ana 92705 48 94 71 -25% 48%
Mission Viejo 92691 99 157 146 -7% 48%
Dana Point 92624 11 25 16 -36% 46%
San Clemente 92672 44 84 64 -24% 46%
Fullerton 92835 28 56 40 -29% 43%
Irvine 92620 40 86 57 -34% 43%
Orange 92869 64 100 91 -9% 42%
Laguna Beach 92651 32 56 45 -20% 41%
Huntington Beach 92649 26 47 36 -23% 39%
Garden Grove 92845 22 34 30 -12% 36%
Lake Forest 92630 121 191 165 -14% 36%
Buena Park 90620 78 112 105 -6% 35%
Foothill Ranch 92610 35 59 47 -20% 34%
Rancho Santa Margarita 92688 117 228 157 -31% 34%
Silverado 92676 6 10 8 -20% 33%
Laguna Niguel 92677 124 239 165 -31% 33%
Irvine 92614 25 47 33 -30% 32%
Costa Mesa 92626 51 94 66 -30% 29%
Westminster 92683 84 178 108 -39% 29%
Laguna Hills 92653 58 114 74 -35% 28%
Garden Grove 92841 49 88 62 -30% 27%
Stanton 90680 46 64 57 -11% 24%
Cypress 90630 48 75 59 -21% 23%
Mission Viejo 92692 83 137 101 -26% 22%
Fullerton 92833 95 150 111 -26% 17%
Buena Park 90621 49 69 55 -20% 12%
Santa Ana 92706 59 100 66 -34% 12%
Fountain Valley 92708 60 103 66 -36% 10%
Tustin 92780 85 140 92 -34% 8%
Fullerton 92832 40 44 42 -5% 5%
San Juan Capistrano 92675 82 164 83 -49% 1%
Newport Beach 92662 0 2 2 0% 0%
Garden Grove 92840 95 135 95 -30% 0%
La Palma 90623 17 23 17 -26% 0%
Anaheim 92806 57 75 55 -27% -4%
Orange 92866 16 17 15 -12% -6%
La Habra 90631 141 186 132 -29% -6%
Garden Grove 92843 80 108 74 -32% -8%
Orange 92868 32 47 29 -38% -9%
Anaheim 92802 53 64 47 -27% -11%
Anaheim 92804 150 212 133 -37% -11%
Santa Ana 92701 105 106 92 -13% -12%
Santa Ana 92703 106 142 92 -35% -13%
Santa Ana 92704 180 216 142 -34% -21%
Anaheim 92805 117 135 92 -32% -21%
Anaheim 92801 112 119 87 -27% -22%
Santa Ana 92707 143 182 110 -40% -23%




Posted via web from The Newport Beach Lifestyle

Monday, March 1, 2010

Collecting, Interpreting and Disseminating Orange County Real Estate Data

Existing Home Listing Statistics for Orange County, California

The data below provides a snapshot of residential real estate listing statistics for Orange County, California as of 2010-02-22. Asking price and inventory statistics are shown for combined single family home and condo listings.

2010-02-22 Month/Month Year/Year
Listing Price
$450,000 0.0% 5.3%
of Listings
11,434 11.6% -16.2%

Last 5 Weeks of Orange County Data

Weekly inventory and median asking prices (as well as 25th and 75th percentiles) for single family and condo homes (combined) for the last five weeks are shown in the table. For a longer history of trends see the monthly averages data further down.

Week of SFH+Condo
Median 75th
2010-02-22 11,434 $310,000 $450,000 $729,000
2010-02-15 10,804 $309,900 $450,000 $730,000
2010-02-08 10,504 $310,000 $455,000 $739,000
2010-02-01 10,471 $305,000 $450,000 $729,000
2010-01-25 10,243 $300,000 $450,000 $729,000

Orange County 25th Percentile, Median and 75th Percentile Home Price

Orange County Home Inventory

Posted via web from The Newport Beach Lifestyle

Friday, February 26, 2010

Better to Wait Until Home Buyer Tax Credit Expires?

The home builders and Realtors are jazzed for the home buyer tax credit’s remaining weeks. It’s tempting for home buyers to get caught up in the hype. But perhaps you’re better off waiting?

In case you missed the news, the federal government will give you money if you buy a house–$8,000 for first-time buyers and up to $6,500 for current homeowners within certain price and income limits. The benefit covers buyers who enter into contracts before April 30 and close by June 30.

Over at Zillow’s Blog, they’re debating a Denver reader’s question: “It it better to buy now or wait until the credit expires?” He explains that competition is heated in his price range of below $150,000 in Denver and wonders if that will ebb after April.

Answers are mixed. One commenter says that prices will fall after the credit expires: “I’ve seen prices in my neighborhood jump up over $30k since the credit started,” he writes. Indeed, some analysts have argued that the benefit of the tax credit has been priced into the market and that by stimulating demand, home sellers have been able to hold off on steeper price cuts. When the credit expires, the thinking goes, home prices could fall a bit to compensate.

Others tout low mortgage rates. As we’ve written, these historically low rates may rise in the months ahead as the Fed pulls back on its mortgage purchase program–or they may not. Chances are fair that the Fed extends the program. One fellow, with the handle “NYC condos,” writes “I truly wish this meant more in Manhattan.” (Ed. note: Us, too!)

Of course, every market’s different. In Las Vegas there’s a flood of investors (with cash) who are scooping up “bargain-priced” foreclosed homes, as James R. Hagerty wrote this week. Inventory is shrinking and competition for these homes is heated, making it tough to find something to buy. One renter says he’s been outbid eight times trying to get a house. It doesn’t look likely that the credit’s expiration will quell the frenzy.

Readers, are any of you waiting out the tax credit in the hopes that prices will fall further?

Posted via web from The Newport Beach Lifestyle

Tuesday, February 23, 2010

South Orange County hardest place to buy home

South County is a hard place to find a home to buy. The latest O.C. home inventory report says that as of February 18 …

HottestSupplyDealsMon.Yr. agoPrice
Aliso Viejo 133 102 1.3 3.1 $459k
Rancho Santa Marg. 126 95 1.3 2.1 $393k
Lake Forest 110 76 1.4 2.2 $436k
Ladera Ranch 116 74 1.6 2.8 $825k
Foothill Ranch 45 28 1.6 2.8 $430k
CountySupplyDealsMon.Yr. agoPrice
All of O.C. 8,135 3,244 2.5 4.1 $1.1m
CoolestSupplyDealsMon.Yr. agoPrice
Laguna Beach 320 35 9.1 19.2 $3.7m
Newport Beach 497 59 8.4 18.4 $2.4m
Corona Del Mar 153 19 8.1 21.8 $3.2m
Laguna Woods 338 45 7.5 10.3 $221k
Newport Coast 149 22 6.8 16.9 $4.0m
  • The “hardest” O.C. town to find a home to buy in terms of “market time” (supply of homes for sale vs. new purchase deals inked in past month) is Aliso Viejo at 1.3 months to theoretically sell all for-sale homes at the current buying pace. A year ago, this town was at 3.1 months.
  • The 5 “hardest to buy” markets — a south of the 55 group that’s Aliso Viejo plus Rancho Santa Margarita, Lake Forest, Ladera Ranch and Foothill Ranch — combined have a market time of 1.4 months. These markets have only 7% of the supply of homes for sales but are 12% of the deals in escrow.
  • “Hardest” market to sell a home in, based on the same math, is Laguna Beach with market time at 9.1 months to theoretically sells all for-sale homes at the current buying pace. A year ago, this town was at 19.2 months.
  • The 5 “hardest to sell” markets have a combined market time of 8.1 months and were 18% of the supply of homes for sale but just 5.5% of the homes in escrow.
  • All told, countywide market time was 2.5 months last week.
  • Note: 35% of the communities tracked by Thomas had “market times” less than 2 months, a clear sellers’ market. Four weeks ago? 18% – and it was 3% a year ago.
  • Chart at right looks at the 5 hottest and 5 coldest markets in O.C. as of last Thursday (supply for sale; new deals made; market time in months vs. a year ago and average listing price) by Thomas’ market time math!

Posted via web from The Newport Beach Lifestyle

Saturday, February 20, 2010

Check out these Laguna Beach open houses for today and Sunday

Here’s a list of homes for sale offering open houses in Laguna Beach this weekend (Feb. 20 and 21).

CLICK on address links for additional information, and happy hunting!

32019 Point Place

Sunday, Feb. 21, 1 p.m. to 4 p.m.

165 Crescent Bay Drive

Saturday, Feb. 20, 1 p.m. to 4 p.m. and Sunday, Feb. 21, 1 p.m. to 4 p.m.

708 Gainsborough Place

Saturday, Feb. 20, 1 p.m. to 4 p.m. and Sunday, Feb. 21, 1 p.m. to 4 p.m.

639 Buena Vista Way

Saturday, Feb. 20, 1 p.m. to 4 p.m. and Sunday, Feb. 21, 1 p.m. to 4 p.m.

31912 Sunset Avenue

Saturday, Feb. 20, 2 p.m. to 5 p.m. and Sunday, Feb. 21, 2 p.m. to 5 p.m.

382 Ledroit Street

Sunday, Feb. 21, 1 p.m. to 5 p.m.

629 Alta Vista Way

Saturday, Feb. 20, 1 p.m. to 4 p.m. and Sunday, Feb. 21, 1 p.m. to 4 p.m.

31651 Table Rock Drive #214

Sunday, Feb. 21, 1 p.m. to 4 p.m.

32021 Virginia Way

Saturday, Feb. 20, 1 p.m. to 4 p.m. and Sunday, Feb. 21, 1 p.m. to 4 p.m.

30801 Marilyn Drive

Saturday, Feb. 20, 1 p.m. to 4 p.m. and Sunday, Feb. 21, 1 p.m. to 4 p.m.

31712 Jewel Avenue

Saturday, Feb. 20, 1 p.m. to 4 p.m. and Sunday, Feb. 21, 1 p.m. to 4 p.m.

Posted via web from The Newport Beach Lifestyle

Thursday, February 18, 2010

Survey: Home Owner Perceptions of Property Value "Overly Cynical"

Zillow, the Seattle-based company that collects data on home values throughout the country, has released results of it's homeowner confidence survey conducted during the 4th quarter of 2009.  Zillow found that only 20 percent of the 2200 homeowners surveyed felt that their home's value had increased during 2009 while, based on its own data, Zillow believes that 28 percent of homes nationally had appreciated in value during the year.

Based on this response, Zillow assigned a negative two score to its Home Value Misperception Index where an index value of 0 would mean that homeowner's perceptions were in line with actual values.  The original index when the survey was first conducted seven quarters ago was 32.  Last quarter the Index was at 10 and one year earlier it was 11. Zillow interprets the current index to mean that homeowners are "overly cynical" about the value of their own homes.  Perception was most out-of-line with reality in the Northeast where 22 percent of respondents felt that their homes had appreciated during the year where Zillow's figures put the actual number at 42 percent.   

Nationally, exactly one half of respondents felt that their home's value had decreased over the year.  Zillow's figures put the actual decline at 65 percent.  On a regional basis, the Northeast had an actual decline of 49 percent while home owners' perceptions were at 46 percent; in the Midwest and the South the actual figure was 64 percent, the perceptions were 46 and 49 percent respectively.  73 percent of western homes decreased in value while 62 percent of respondents felt their own homes had lost value.

Zillow said that the results of it's survey demonstrate the "not my home" sentiment, which was once prominent among American homeowners, has faded.  One year ago, nearly half (47 percent) of homeowners believed values in their local market would decrease in the next six months. However, when asked about their own home, fewer than one in three (30 percent) believed their own home's value would decrease. Now that gap has shrunk, with 22 percent of homeowners believing their local market will lose value over the next six months and 14 percent believing their own home will lose value.

Where homeowners appear to be most out of touch with the reality of the market is in the numbers who felt there had been no change in the value of their homes.  Nationally 30 percent felt that there had been no change where the reality, according to Zillow, is that prices have been stagnant in only 7 percent of home values.  These numbers were remarkably stable across regions - between 26 and 32 percent felt there had been no change while the actual figures were 6 to 9 percent.

When asked to look forward, 38 percent of national respondents think their home will increase in value over the next six months; 14 percent think it will decrease, and 47 percent see it remaining the same.  The percent expecting an increase was virtually identical in every region.

The large number of homeowners who view prices as having been stable over the past year and expect no change in the coming six months make it difficult to assess whether the results show unwarranted optimism or insufficient pessimism.  However, Zillow chief economist, Dr. Stan Humphries, said in a press release, "Homeowners are finally succumbing to the notion that, in most areas, declining home values over the past year are no longer the exception, they are the rule.  Almost three times as many people believe their home's value will increase over the next six months as believe it will decrease in value, a level of optimism that is likely to outpace actual performance in the near-term.  Given recent news about the stabilization of home values in some markets, I can see why homeowners are so optimistic.  However, home values in many markets are still under substantial downward pressure from high levels of foreclosures and we don't believe we'll


Posted via web from The Newport Beach Lifestyle

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