September Sales Stats

Check out these stats for Laguna Beach in September.

September LB Stats

Sales Stats

Check out these home sales statistics for Laguna Beach.

LB stats

RESPA/HUD-1 CHANGES

Check out these changes!!!

1397_001

UCLA Sees 16% Home-Price Gain In 2010

As seen in the Orange County Register:

Double-digit housing appreciation will return to Orange County next year, with the median home price rising somewhere from 15.9% to 16.6%, UCLA economists forecast in a report released today.

That compares to a projected 8.8% gain in California next year and a 2.4% increase nationwide.

It also differs sharply from Cal State Fullerton’s outlook. An economist there said Tuesday that Orange County home prices will rise 2% to 3% next year – at most.

But Mark Schniepp, author of UCLA Anderson Forecast for Orange County, said he’s not predicting the return of the housing bubble.

Even after six years of appreciation, UCLA economists still don’t expect home prices to reach the 2006 peak. In fact, home prices likely won’t get back to that level again until 2016 or 2017, Schniepp said.

“We’re already at 16% (appreciation) from March. That’s just six months, and I’m talking about a year-over-year (change),” said Schniepp, chief economist with the California Economic Forecast. “When you have a cycle where you’ve over-corrected, you can go up 16%. It doesn’t really mean much.”

The gist of the forecast, Schniepp said, is that the Orange County housing market is in recovery.

“The train has left the station. It’s going down the track. This isn’t a head fake,” he said.

He added: “Now is the time to buy. (Actually), the time to buy was the spring and early summer.”

The UCLA housing forecast is part of an outlook that projects a jobs turnaround in O.C. in 2011.

In addition, the Orange County housing forecast states:

• That from 2011 to 2015, O.C. home prices will increase by 2.5% to 8.7% a year. The median home price, at $406,481 this year, is projected to top $500,000 by 2011 and to be above $600,000 in 2015.
• That foreclosures are expected to rise again early next year, but won’t derail the recovery.
• That homebuilding this year will fall to 1,912 units, the lowest number in records dating back to 1946.
• That homebuilding will pick up by 2012, rising above 11,000 units a year — levels not seen since 2002. In 2013, UCLA projects that housing starts will total 12,537.
• That mortgage interest rates will remain low. Southern California rates likely will be below 6% through 2015, the forecast said.
• That commercial real estate will be hampered by high unemployment through 2010, with recovery not expected until around 2011.
• Office vacancies — currently at 18% to 20% — will start to drop in 2010, but lease rates won’t resume going up until 2011.
• Retail sales are expected to start picking up in late 2010, aided by the recovery in the housing market.

“We do look for a much more robust recovery, certainly by 2011 and for homebuilding by 2012,” Schniepp said.

CSUF sees tiny O.C. home-price gain in 2010

As seen in the Orange County Register:

Cal State Fullerton’s dean of business forecasts that Orange County home prices will continue dropping until mid-2010, then will climb no more than 2% to 3% by the end of the year.

Appreciation likely will remain in the 3% to 5% range for several years after that, added Anil Puri, dean of the CSUF Mihaylo College of Business and Economics.

The rapid, double-digit gains of the recent past are just that: a thing of the past, he said.

“We don’t expect much of an increase in housing prices, but the decline in housing prices will end in 2010,” Puri said. “We don’t expect housing prices to start increasing until the second part of the year, and (it will be) very little in the second half.”

Demand for housing is tied to employment growth, and the CSUF economic forecast for Orange County, released Tuesday, doesn’t foresee any increases in payroll until the latter half of next year.

A bump in mortgage payment resets in early 2010 also is expected to unleash a new wave of foreclosures that could impact local housing.

“We don’t know how big that will be, but we will see (an increase) in foreclosures,” he said.

In a sense, that’s the good news — or as good as it gets. CSUF’s real estate forecast adds:

“The commercial real estate market, on the other hand, presents a gloomier picture and will be the next troubled spot. According to FDIC, one-sixth of all construction loans were in trouble in the second quarter of this year, placing additional strains on regional and local banks which are the major lenders to small businesses. All indicators suggest that this market is a particular danger zone.”

The forecast predicts that office vacancies will hit 20% in mid-2010; industrial vacancies, 16%; and as much as 13% of retail space will be empty.

O.C. home-price bottom forecast for 2010

As seen in the Orange County Register:

Orange County median home prices are expected to decline an additional 6.9% this year, dropping to 2002 levels before a mild rebound begins sometime next year, a forecast included in a Wells Fargo Bank report says.

But the rebound’s appreciation rates are expected to be in the low-to-mid, single-digit percentage-point gains through 2012.

The forecast by the Rosen Consulting Group is contained in Wells Fargo’s “Special Report on the Outlook for Housing,” released in February. The report projects that nationwide home prices will hit bottom sometime between mid-2009 to early 2010, and that price gains after that will be at or below the rate of inflation.

“The majority of the country is in a multi-year housing correction. As we suggested in our earlier housing market outlooks, the regions of the country that experienced the greatest price appreciation during the housing boom are already experiencing the largest correction and the most prolonged as prices retreat to more reasonable levels.”

The report provides housing forecasts for regions across the nation, citing the Pacific Northwest, the Rocky Mountain states and Texas as having the strongest housing markets. California, Florida, Arizona and Nevada, meanwhile, lead the nation in foreclosures and declining home prices, the report said.

As for Orange County, the forecast states:

“Recovery is expected to begin in 2010, with prices up 2.7 percent, followed by potential increases of 4.5 percent in 2011 and 6.8 percent in 2012.”

Berkeley-based Rosen Group identified the Inland Empire as “one of the weakest markets in the country,” predicting a 7.7 percent price decline there this year, the report said. Los Angeles home prices are forecast to drop 6.8% this year, while San Diego prices are expected to fall 7.1%.

The report says that federal stimulus plans may help the housing market, but to what extent remains to be seen:

“Intervention by President Obama, Congress and the Federal Reserve, as well as the lenders, including banks, savings & loans, and credit unions, may alleviate the crisis somewhat. The Obama administration has pledged aggressive action, but has yet to decide what strategy or combination of strategies will be deployed.”

Making Homes Affordable Program To Include Short Sales!!!

Recently U.S. Department of the Treasury Secretary Geithner announced details on the expansion of the Making Home Affordable program to include short sales under the new Foreclosure Alternatives Program. One great benefit of this, is that borrowers may receive up to $1,500 to assist with relocation expenses.

Program 3648, a privately owned nationwide initiative, originally based on HR 3648, the Mortgage Forgiveness Debt Relief Act, is leveraging this and other legislation to help as many homeowners as possible avoid foreclosure by completing a short sale.

You can learn more about this company and this exciting program here.

Stats For Sales In Laguna Beach

Check out these stats on past sales in Laguna Beach. This information is from the MLS. It may not reflect sales that are private.


LB stats

Great Information On The HomeBuyer Tax Credit

Homebuyer Tax Credit SD

Here Is An Overview On The HomeBuyer Tax Credit

Everyone thinking about buying a house should take a look at this.

Homebuyer Tax Credit Overview_sd

Check Out This Rare Find!!!

Located at 121 Wave st. in beautiful Laguna Beach.

This North Laguna , New construction, Contemporary Craftsman home exudes Style and Warmth. The numerous doors , windows and sky lights bring in the sun while allowing magical misty cool ocean breezes. Panoramic Ocean Views span the decks and windows from this 3000 sq ft home. The four bedroom three bath open design, exceptional property, also has an office, formal dining room and laundry room. The kitchen is a chef’s delight, complemented by a Thermador 6 burner gas range and built in wine refrigerator as well as custom cabinets and counter tops. The grassy back yard as well as the low maintenance front yard invite year round ,indoor/outdoor living. Above the direct access, two car garage, sits a charming guest suite with coastal views. Take advantage now of this rare opportunity to own a piece of the Laguna Beach dream.

Contact Anthony Cupo today.