I don't like some of the tactics I see from agents. First one is the fee for a "negotiator" that is passed on to the buyer to pay. The buyer didn't hire this specialist, the listing agent did. I would defer my client from this listing unless that was the house they really wanted. There are enough costs being added on the both the seller and buyer that we as agents don't need to add to them. Agents are using negotiators because they don't have the time to work the process that it takes to close the deal. Then pay for it yourself and up your commission to cover it. I feel strong enough on this point that I would pay for it myself, instead of passing it on to my buyers. Now for my pet peeve about banks passing costs on to buyers. I am seeing more listings lately that have Association back ... 09/27/2009

This market report from a Mission Viejo Realtor shows again that in most areas the volume of homes selling in Orange County are up 20 percent for new homes and 11.7 percent in resale condos and 6.1 percent in homes for the previous 4 weeks.  If you are wondering about the prices over all in the County new home are up in price 1.1 percent while everything else in down in price, resale condos down 6.1 percent and resale homes down 2.9 percent for the previous 4 weeks. The cities show what is happening in and around Mission Viejo: Aliso Viejo median price down 3.9 percent and sales volume up 2.2 percent San Clemente Zip code 92672 median price down 30.8 percent and the sales volume up 186.7 percent.   San Clemente zip code 92673 median price down 8.3 percent and the sales volume is even 0.... 09/27/2009

You may have seen the head line Home Resales Dropor something like it in your newspaper.  The National Association of Realtors published the sales of resale homes drop of 2.7% on Thursday.  Why do they always have the negative spin?  The statistics show a 3.4% increase when compared with a year ago.  Although the results surprised the analysts, who had expected an increase to the sales and did not expect to see resale homes dropin number of sales.  If you watch statistics month to month you need a series of months to be able to determine the significance to a one month chance.  It is truly too soon to know if the resale home has dropped in volume.  The inventory of unsold homes on the market fell to an 8.5 month supply the lowest level in 2 years.  That again is a positive note.   I kno... 09/27/2009

California builders are increasing prices according to John Burns real estate consulting firm in Irvine stated this last week.  While U.S. home prices are stabilized at least for the current period Burns stated he thought another round of price drops are coming. More builders are raising their prices (increasing) than dropping them here in California, Burns learned from a survey of 269 homebuilding execuitives in 86 metro areas.  He also found that there are more homes sold nationally per development.  Up 2 from a 1.4 figure in August.  This is due to fewer builders selling homes on the contingency of the buyer selling their previous home.  California has been increasing it housing starts one of just a few in the country.  Burns said the data confirms his belief that the market bottomed... 09/27/2009

Mission Viejo Helps Injured MarineAles Minsky one of its own.  Minsky was critically injured by a roadside bomb in Afghanistan and has been in recovering in hospitals all across the United States.  He is and was a resident of Mission Viejo.  The injuries suffered include, brain injuries, broken jaw severe burns and the amputation of his right leg below the knee. Minsky will receive approximately $6,000 from the Mission Viejo Country Club Golf Tournament in that was held this month and $500 from Mission Viejo's Saddleback Valley Elks helps the injured Marine with expenses.  The Elks will also help through the "Adopt a Veteran" program and culled the donation using bingo charity funds.  Alex is the first injured veteran that the Mission Viejo Elks lodge have adopted.   It is a pleasure to... 09/25/2009

HVCC - Effective May 1, 2009    Promotes the accuracy of the appraisers from undue influence, and ensuring that borrowers have sufficient notice of appraisel content by requiring that the borrowers receive a copy of their appraisel reports no less than 3 days prior to the closing of their loan absent a borrower waiver of the requirement. HERA - Effective July 30, 2009    Amends the Truth in Lending Act (TILA), implemented through Regulation Z. Has a number of provisions including the Mortgage Disclosure Improvement Act, which changes the Truth in Lending Act requirements surrounding early and final disclosure to homebuyers and addresses the timing of when fees can be charged. These regulations were written to provide a more transparent, level and fair regulation of the real estate indus... 09/24/2009

Mission Viejo City Attorney, William P. Curley, filed lawsuit against the Saddleback Valley Unified School District.  According to the Orange County Register Curley said he filed the suit because of a statute of limitations under the California Environmental Quality Act.  If he did not file he would not have been able to file at all. Curley, the Mission Viejo City Attorney stated he had filed the lawsuit but did not serve and therefore commence the litigation.  This is where it gets interesting and maybe a waist of tax payer money.  The lawsuit alleges that while the district paid for an environmental study to be conducted regarding the closure of O'Neill Elementary, it failed to add and the environmental impacts for reopening the facility for adult education.  The district has already ... 09/24/2009

Here comes the begining of the increases in mortgage rates.  Don't look now but the Fed is not going to support lower interest rates.  On Wednesday the Federal Reserve said it was slowing the pace of a program to lower mortgage rate and prop up the housing market. The Fed decided to stretch out its goal of buying $1.45 trillion in mortgage backed securities.  Fannie Mae, Freddie Mac and Ginnie Mae until the end of the first quarter of 2010.  The Fed Chairman Ben Bernanke and his colleagues believe the recovery is here.  The Fed must control inflation.  There for the believe that they must pull back and that will cause the mortgage rate increases so here it comes.  When the interest rates increase they do so at a rapid rate and they tend to fly up.  So now before we actually start to cli... 09/24/2009

The news today let us know that home prices are up slightly 0.3% nationally in July.  The home prices rose slightly according to a government index as further evidence the housing market is stablizing.  We are all glad to see this up tick. The Federal Housing Finance Agency said Tuesday that price showed a 0.3% increase from the prior month.  However, this same agency showed a correction for their calculations in June which was revised down to just 0.1%.  This index is off 4.2% lower than last year at this time.  This index is based on loans owned or guaranteed by mortgage finance companies Fannie Mae and Freddie Mac.  This index has declined less than other housing market measures.  It excludes luxury homes and the subprime loans.  Since the market is softening and more homes qualify f... 09/23/2009

Want to reintroduce you to the community of Stoneridge in Mission Viejo, CA. It sits on a high crest with views for miles around. To the west it looks over the valley, with some distance ocean views. To the east, you see the Saddleback Mountains with a lush valley and preserved wilderness parks in between. These were the last homes to be built within the city limits and the most beautiful views.          It has a 24 hr guard gated entrance, walking and hiking trails that can take you 10 miles from home. Most streets within the community are single load streets and all the slopes are maintained by the association. Houses range in size from 2,400 sqft. to over 4,000 sq. ft. and are 2 to 3 levels. The third floor is a bonus area in most though some have been made into a 6th bedroom with ba... 09/23/2009

The Neighborhood Housing Services of Orange County offers the Orange County Housing Trust Second Loan which is a down payment assistance loan for first time homebuyers in Orange County. The funds are made available by the Institutional Lender Partner Program consisting of the contributions from major banks. Funds are currently available.    The Neighborhood Housing Service of Orange County will require buyers to have 3% of their own funds for the down payment. The Housing Trust second is a 30 year fixed rate second mortgage for 17% of the sales price. The buyer then obtains an 80% 30 year fixed rate new conventional first mortgage from Bank of America for a maximum loan amount of $417,000. There is no mortgage insurance.    There are income restrictions limiting the borrower, depending ... 09/22/2009

Second annual Orange County Triathlon is being held in Mission Viejo and Triatheletes from across the country are gearing up to participSate on Sunday Sept. 27th.   The event this year is expected to draw close to 1,000 participants, boasts the Best of the U.S. Series Championship. It features athletes who have qualified at least in one race in each of the nation's 50 states. The triathlon begins at 7 a.m. with a 1-mile swim in Lake Mission Viejo, followed by a 25-mile bike ride that takes athletes into Santiago Canyon through Olympiad, Marguerite Parkway and El Toro Road. After returning to Aliso Creek Bike Trail, near the Saddleback Community Church, the athletes will run a 10K that will bring them back to Lake Mission Viejo. During the last 1/4 mile, participants will cross the 1984 ... 09/21/2009

Just did a check on how the market in my area is doing. I work out of Mission Viejo, CA Population is over 95,000 Total Active on the market        8/17//09- - 181 detached houses.               9/21/09- - 239 detached houses. Short Sale Active        8/17/09- -49 out of 181                           9/21/09- - 82 out of 239 REO Active       8/17/09-5 out of 181                              9/23/09- - 11 out of 239 In Default Active properties       8/17/09- - 3 out of 181                             9/21/09- - 2 out of 239 That leaves 144 out of 239 as equity sellers for 9/21/09 Sept. has changed more this month than in the last 5 months in Mission Viejo. We are showing an increase in distressed properties on the market with 93 out of 239. Equity sellers last month were 124 out of 181 ... 09/21/2009

This is the Orange County Market Report for the last month from a Mission Viejo Realtor.  In that month we see that resale homes stayed even neither up or down.  New homes went down in price 6.3 percent.  and resale condos went up 4.2 percent.  The sales volume for resale homes uas up .9 percent and the resale condos showed and increase of 8.8 percent.  While new homes went down in price 2.2 percent. The Orange County Market Report from a Mission Viejo Realtor shows the median price for the county is now $427,750 this is down from $440,000 a year ago with a total sales volume of 2,790 homes sold.  Again the most active part of the market is the condo and lower priced single family homes.  The Orange County Market Report by city: Aliso Viejo  Median Price $416,000 down 3.3 percent with t... 09/20/2009

Loans are good right now as I see it a view from a Mission Viejo, CA Realtor.  It is a good time to borrow money for a home car or small business.  Rates are great.  But the lenders (banks) are demanding more collateral, bigger down payments and detailed financial histories from borrowers in most cases.  Bank of America seem to have the lease problem with luxury home with traditional down payments and are not asking for 30 to 40 percent equity positions from the buyer. All banks are in a defensive posture and will remain there for a number of years.  You will have to show your credit worthiness in all cases.  No more no qualifing to get a home loan.  As I write this it seem common sense that there should never have been such a loan.  Since the interest rates are so good loans are good t... 09/20/2009

Picturesque scenic views of the mountains and lake awaits you at the Mallorca Condominiums in Mission Viejo. Stacked on the hillside along the west bank of Lake Mission Viejo, it gives you the feel and look of a European village. Small quaint shopping center with one of a kind shops and local restaurants are within walking distance. Mediterranean          Year around Resort-like living is within a 24 hr gate guarded community of Mallorca. It has 2 Association Pools/Spas and its very own PRIVATE SANDY BEACH, for residents only, plus picnic area and boat slips! You also get to enjoy all the Mission Viejo Lake privileges including 2 more beaches for swimming with BBQ picnic areas, boating, sailing, fishing, free concerts on the lake, 4th of July Fireworks put on by Mission Viejo right from... 09/17/2009

1031/Tenants-in-Common (TIC) Information What is a 1031 exchange? Under section 1031 of the Internal Revenue Code, a real property owner can sell his property and then reinvest the proceeds in ownership of like-kind property and defer the capital gains taxes. To qualify as a like-kind exchange, property exchanges must be done in accordance with the rules set forth in the tax code and in the treasury regulations. The 1031 exchange can offer significant tax advantages to real estate buyers. Often overlooked, a 1031 exchange is considered one of the best-kept secrets in the Internal Revenue Code. What is Tenants-in-Common (TIC)? A TIC is a form of real estate asset ownership in which two or more persons have an undivided, fractional interest in the asset, where ownership shares are not req... 09/17/2009

Attorney General Jerry Brown announced Friday that his office arrested a Huntington Beach, Orange County loan officerand two other men for allegedly placing consumers into $30 million worth of fraudulent loans and pocketing almost $1 million of illicit profits. It is amazing that so many have been caught up in this scandal.  California's Attorney General Jerry Brown has been very agressive on these types of problems as well as the Loan Modification Frauds.  The loan officer was Alan Ruiz who is 28 years. old was arrested at his Huntington Beach home.  Also arrestedwas the sales manager for the Los Angeles based mortgage company ALG Inc. Michael McConville who is 39 years old.  One other person a Garrett Holdridge who is 23 years old was arrested. The Orange County Register reported that... 09/17/2009

As a Realtor from Mission Viejo here is my view of the  Federal Reserve Chairman Ben Bernanke's comment Tuesday that the worst recession since the 1930's is probably over.  However, he did say there will still be pain especially for the unemployed. He stated that the economy is growing now but not enough to prevent the unemployment rate, from raising.  He went on that it will feel like a very weak economy.  Perhaps that feeling might come from the fact that the economy is weak for some time to come.  That weak economy view is significant to how we proceed is selling real estate in Mission Viejo (Recession is Over). Do you realize that the economy which started Dec. 2007 has caused 6.9 million jobs to have been lost.  With his expection of the economy being weak and lethargic the Federal... 09/17/2009

Jumbo Financing is Available in Orange County, CA a view by a Mission Viejo realtor.  During the first half of 2009 statistically most sales were at or below $500,000 sales price. Beginning the second half of 2009 the activity level in South Orange County in the Jumbo market is showing signs of life. We are seeing a substantial increase in pre-qualifications and sales for higher priced properties. When clients call for financing they are shocked how low our rates are for Jumbo financing. Jumbo financing is considered in Orange County loan levels above $729,750. No other lender has this great of Jumbo financing pricing and the client can only get these rates by going direct it is available. Here are a few examples from a Mission Viejo realtor as of today.    80% Loan to Value to $1,500,0... 09/16/2009