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Lake Forest, CA Real Estate News

By Valorie Stover, Realtor for Casta del Sol, Mission Viejo,CA, Active Adult Community!
(Casta del Sol Real Estate / HomeSmart Everygreen Realty)
The news is out! Just released on the news is the Fannie Mae and Freddie Mac will not put people out on the street for the next 2 weeks!   Fannie Mae and Freddie Mac will suspend foreclosure evictions from December 19, 2009 through January 3, 2010.  To help struggling families over the holidays, both owner-occupants and tenants living in properties foreclosed upon by Fannie Mae will not be evicted.  Freddie Mac's suspension of evictions will be limited to properties up to four units. In a similar move, Citigroup Inc. will suspend foreclosure sales and evictions for 30 days through January 17, 2010 for loans it owns.  Citigroup's foreclosure moratorium, however, does not extend to loans it services on behalf of other investors.  Given these developments, other lenders may follow suit, so...
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By John Alesi, (Orange County California Real Estate)
(Century 21 Award)
Of all the recreation areas of Lake Forest, one of the most popular is the Etnies Skatepark, A joint venture of Etnies and the City of Lake Forest. Located off Lake Forest Dr near the 241 tollroad, the skate park is currently free to use for skate boarding and BMX activities.  The website is loaded with information about the park as well as upcoming events such as classes, fundraisers and their annual Etnies Annual Shoe Giveaway on Devember 9th, 2009.  Other upcoming events include the annual Anniversary Party, Band Night with live music and the Winter Classic Street and Flow Skateboard Contest on Dec 19, 2009. Take a ride and see the skatepark from a skateboarders perspective:  
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By John Alesi, (Orange County California Real Estate)
(Century 21 Award)
Lake Forest has recently released a video highlighting their proactive approach with the goal of attracting business to set up shop in Lake Forest.  Several high profile companies have already established roots here including Oakley, Etnies Skate Park and Sole Technologies as well as many small businesses.  The city touts it's strong city/business partnership and is striving to attract even more world class companies. Take a look at this video and consider Lake Forest, CA as headquarters for your company or business. Business video
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By Len Malena, OC Realtor
(ZipRealty)
This month, Obama signed into law an expanded Homebuyer Tax Credit bill, which extended the deadlines and added a new $6,500 credit. Several provisions in the bill became effective immediately. Homebuyers who owned their primary residence for five out of the last eight years can claim the $6,500 tax credit for purchases made after November 6th. In addition, the extended income limits in the bill are now applicable for both first-time homebuyers and repeat homebuyers. The extended income limit for couples filing jointly is now $225,000, with the credit phased out over the next $20,000 in income. These new limits cannot be applied retroactively to deals completed before November 7th.
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By Valorie Stover, Realtor for Casta del Sol, Mission Viejo,CA, Active Adult Community!
(Casta del Sol Real Estate / HomeSmart Everygreen Realty)
To all the service men who are serving our great country or have served in the past, I send my gratitude to you and your families!       
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By Valorie Stover, Realtor for Casta del Sol, Mission Viejo,CA, Active Adult Community!
(Casta del Sol Real Estate / HomeSmart Everygreen Realty)
Just did a check on how the market in my area is doing. I work out of Lake Forest, CA Population is over 78,000 Total Active on the market        11/2/09- - 145 homes,  89 detached, 56 attached .Short Sale Active        11/2/09- -59 out of 145                        REO Active       11/2/09- -10 out of 145 In Default Active properties       11/2/09- - 5 out of 145 That leaves 71 out of 145 as equity sellers for 11/2/09 October is looking better than September did. The changes that have happened in Lake Forest are showing an improvement. We are showing a decrease in distressed properties on the market with 69 out of 145. Short sales sellers and REOs are taking a larger percentage of the active market. October is one of the slower buying months and inventory has remained the same lower th...
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By Valorie Stover, Realtor for Casta del Sol, Mission Viejo,CA, Active Adult Community!
(Casta del Sol Real Estate / HomeSmart Everygreen Realty)
Reported in the Orange County Register by Jonathan Lansner, buying a home in Lake Forest instead of renting is just about perfect right now. Buying costs reached a point, using a simple math formula, sides with the house shopper instead of the renter. Every shopper is different and every house is different so no formula will be able to fit all buyers into one scenario. Orange County Index indicates that the prices of recent home purchases when compare to a benchmark of local rents in and around Lake Forest is looking better than it has in ten years. The last time this happened in Orange County was just before prices took off in the late 1999. In the late 80s and up till then mortgage payments were close to double the rents. Once they reached about 56% of the cost to own a house, the mar...
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By Ann Urias, Your Real Estate Concierge
(Aston Group - Orange County Real Estate)
RE/MAX Homes & Estates Pre-Foreclosure Division  (714) 588 -7676 ∙  www.orangecountyshortsalerealtor.com   If you are in a situation where: • You lost your job • Your Medical Expenses are too high • Just went through/going through a divorce • You are behind on your payments • You have no equity • You can't afford the cost of selling your home • Your income has been reduced • You are in foreclosure   WE CAN HELP YOU! It's easy and doesn't cost you any MONEY! Our services are Free!!! WHEN THE DEBT EXCEEDS YOUR HOME'S VALUE... we can help is with a SHORT SALE.   Benefits of a Short Sale: • Avoid Foreclosure • Avoid Bankruptcy • Reduced damage to your credit • Postpone your foreclosure sale date • A short sale will stay on your credit approx 3 years • BE FREE of financial and emotional burd...
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By Valorie Stover, Realtor for Casta del Sol, Mission Viejo,CA, Active Adult Community!
(Casta del Sol Real Estate / HomeSmart Everygreen Realty)
UCLA is forecasting a rosy housing recovery for Orange County, CA with median home price increases next year of 15.9 to 16.6%. That is better than the projected 8.8% reported gain for CA and a 2.4% increase nationwide they estemated perviously. They are saying that home prices will not get back to the high of 2006 till most likely 2016 ot 2017 but that we will have an increase each year at a steady pace up. We are at 16% up just since March and that is only six months. The increases will continue year-over-year because we went up to fast and then we over corrected to the down side. Projection is as follows 2011 to 2015, local home prices will increase by 2.5% to 8.7% a year, Median price this year is $406,481, 2011 projection is $500,000 and 2015 it will be over $600,000. Foreclosures w...
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By Valorie Stover, Realtor for Casta del Sol, Mission Viejo,CA, Active Adult Community!
(Casta del Sol Real Estate / HomeSmart Everygreen Realty)
Reported in the Orange county Register this week was Federal Chairman Ben Bernanke sent a fresh signal that he's in not in any hurry to change direction and start raising interest rates. At a Fed conference, Bernanke said that the Fed's key bank lending rate is now near zero, a record low and is planned to staythat way for an "extended period". So far he is holding to the goal that was set in September at their meeting. duper-low rates will entice more spending by people and businesses helping the recovery along.
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By Vicki Lloyd, (619)452-9798, Real Estate San Diego California
(The Lloyd Realty Group)
The September closed sales number of 47 properties was 19% below the number of sales in September 2008, when 58 were sold.   The good news was that the average price per square foot only fell 4% since then!  There may be a few more closings reported in the next few days, so I may update this to show the late closings.   Bank owned sale $120K   Read the rest of this report.....  
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By Valorie Stover, Realtor for Casta del Sol, Mission Viejo,CA, Active Adult Community!
(Casta del Sol Real Estate / HomeSmart Everygreen Realty)
The Beach and Tennis Club of Lake Forest is planning a Halloween Party for all the children to come and have a wonderful time together. All children will leave with a bag of treats and goodies. Date: Friday October 30th                                             Time: 6:00 to 8:00 p.m. Place: Beach and Tennis Club Age: this is a children's event Cost: Tickets are $7.00 till the 29th and $9.00 on the 30th. The evening will be full of games, "Witches Potion" "Goblin Goo" and a ghoulishly goo time to have FUN!
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By Ann Urias, Your Real Estate Concierge
(Aston Group - Orange County Real Estate)
RE/MAX Homes & Estates Pre-Foreclosure Division 9241 Irvine Boulevard, Suite 150, Irvine, California 92618 (714) 588 -7676 ∙  www.orangecountyshortsalerealtor.com   If you are in a situation where: • You lost your job •Your Medical Expenses are too high •Just went through/going through a divorce •You are behind on your payments •You have no equity •You can't afford the cost of selling your home •Your income has been reduced • You are in foreclosure   WE CAN HELP YOU! It's easy and doesn't cost you any MONEY! Our services are Free!!! WHEN THE DEBT EXCEEDS YOUR HOME'S VALUE... we can help is with a SHORT SALE.   Benefits of a Short Sale: • Avoid Foreclosure • Avoid Bankruptcy • Reduced damage to your credit • Postpone your foreclosure sale date • A short sale will stay on your credit appr...
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By Valorie Stover, Realtor for Casta del Sol, Mission Viejo,CA, Active Adult Community!
(Casta del Sol Real Estate / HomeSmart Everygreen Realty)
Going to take a look at what ONE property did in its life in the city of Lake Forest CA! It was built in Dec, 1972 and the first family moved in the next March. The price new was $27,300. It didn't have anything fancy, was the basic 3 bedroom 2 bath 2 story house with 1545 sq ft. It had Formica counters, a dishwasher, 2 car garage, end of a cul-de-sac, fireplace, roof was asphalt shingles and linoleum flooring. Carpet was extra, which was the only upgrade the new owners paid for. The owners kept this property till 1984 and did some changes to the property. In 1975 the owners put in a pool and added on a family room, costing them about $10,000. Other than that they didn't do much to the property. Now let's go forward to March 2009 a total of 36 years later. This house was an REO and sold...
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By Kelly Turbeville, Turning Real Estate Dreams into Reality
(Keller Williams)
Did you know the state of California offered a $10,000 tax credit on the purchase of a new home?  Nice thought, right.  Unforunatly, with such great demand the $100 million dollars allocated by the state is just about used up.  For details and how the money was allocated the Franchise Tax Board has it all detailed.  Don't mistake this credit as the $8000.00 tax credit coming from the Federal Gov't.  That is still available. Though make sure to understand how the credit can be utalized in your individual state. This is a perfect example why 29% of the current buyer pool is first time buyers.  If you are considering buying your first home, the opportunity before you is one you will want to consider seriously before it passes you by. Unfortunatly, history has proven most miss the opportuni...
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By Mike Pahua, Orange County Short Sale Realtor
(Orange County Real Estate)
View all the Lake Forest Foreclosures. Search addresses, map the properties, view pictures and virtual tours. No cost with easy registration. Updated every 4 hours. Lake Forest is a city in Orange County, California, United States. The population was 78,243 as of 2007.[1] With 6,274 inhabitants per square mile (2,422 /km2), it is currently the most densely populated city in South Orange County. Lake Forest incorporated as a city on December 20, 1991. Since being incorporated, it has expanded its limits to include the communities of Foothill Ranch and Portola Hills. Foothill Ranch and Portola Hills are master planned developments that brought new homes and commercial centers to the Eastern boundary of Lake Forest throughout the 1990s. Lake Forest (along with its neighboring cities Missio...
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By Ann Urias, Your Real Estate Concierge
(Aston Group - Orange County Real Estate)
RE/MAX Homes & Estates Pre-Foreclosure Division 9241 Irvine Boulevard, Suite 150, Irvine, California 92618 (714) 588 -7676 ∙  www.orangecountyshortsalerealtor.com   If you are in a situation where: • You lost your job • Your Medical Expenses are too high • Just went through/going through a divorce • You are behind on your payments • You have no equity • You can't afford the cost of selling your home • Your income has been reduced • You are in foreclosure   WE CAN HELP YOU! It's easy and doesn't cost you any MONEY! Our services are Free!!! WHEN THE DEBT EXCEEDS YOUR HOME'S VALUE... we can help is with a SHORT SALE.   Benefits of a Short Sale: • Avoid Foreclosure • Avoid Bankruptcy • Reduced damage to your credit • Postpone your foreclosure sale date • A short sale will stay on your credi...
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By Harrison K. Long, REALTOR , GRI, Broker associate, Attorney
(HomeSmart, Evergreen Realty)
Fannie Mae is smarter now ... offering special financing on its REO BANK OWNED HOMES at Lake Forest,  California. 22713 MALAGA WAY 3  - 2 bedroom, 2 bath - $199,900 24255 LARKWOOD LN  - 2 bedroom, 1 bath - $312,000 25583 MONT POINTE   - 2 bedroom, 2 bath - $213,500 23216 ORANGE AVE - 1 bedroom, 1 bath - $104,000 289 CHAUMONT CIR - 2 bedroom, 2 bath - $245,900 These are bank owned REO homes after foreclosure, which sold for much higher prices between 2004 to 2007. Look for the Fannie Mae special financing opportunities on its REO homes at HomePath.com. Fannie Mae guidelines on its REO homes ~   97% loan with three percent down payment for owner occupied financing with no mortgage insurance.             Fannie also offers SPECIAL FINANCING FOR INVESTORS who want to buy its REO homes. FHA ...
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By Kelly Turbeville, Turning Real Estate Dreams into Reality
(Keller Williams)
Ok, I will start out with full disclosure.  I am frustrated to no ends with Ocwen,  I am working with for a client on a short sale.  Unfortunatly, the lender decided to go to Auction/Sale on this short sale with 1 good offer in hand and 3 strong ones behind it.  Makes no sense to me, much less my client! I get sometimes that hard decisions need to be made. But what I don't get is when stupid (yes, I said stupid) decisions are made due to a lack of interest or that it can't be fit into a process. Maybe that is because we are calling India to get answers these days from Lenders.  Sorry, side note, but don't you think some unemployed americans would be willing to work a graveyard shift and a homeowner would feel more comfortable talking with someone who had a vested interest in getting the...
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