Sweet Orange

Up today is Irvine’s 92604 ZIP numbers. This ZIP  includes the Upper Woodbridge and El Camino neighborhoods.

The photo is of 4931 Karen Ann Lane, a five-bedroom, single-family, custom-built home in El Camino. This home was built in 2009 and is currently the most expensive home on the market in this ZIP. However, at $217 per square foot, this home has a low price per square foot when compared to other homes in the area.

92604 Median Selling Price

• July 2010: $440,000 (down 15.4% y-o-y)
• June 2010: $575,000 (up 5.5% y-o-y)
• May 2010: $530,000 (up 6.2% y-o-y)
  For comparison: Redfin’s May 2010 number is $538,000 (up 8.8% y-o-y) or $340/SF (down 2.4% y-o-y).
• April 2010: $587,000 (up 17.4% y-o-y)
• March 2010:$525,000 (up 3.96% y-o-y)

92604 Number of Sales

• July 2010: 19 (down 20.8% y-o-y)
• June 2010: 31 (up 47.6% y-o-y)
• May 2010: 25 (up 8.7% y-o-y)
• April 2010: 35 (up 191.7% y-o-y)
• March 2010: 36 (up 89.47% y-o-y)

Source unless otherwise noted: DQnews

Up today is Irvine’s 92606 ZIP housing numbers. This ZIP includes the Westpark and Walnut neighborhoods. The photos are of 59 Del Cambrea, a three-bedroom, single-family home in Westpark, and 39 Royal Victoria, a four-bedroom condo in Walnut. Both have HOA fees and Mello Roos taxes, and both are priced near the overall median for homes in this ZIP. However, the price per square foot is considerably cheaper for the Royal Victoria home ($309/SF) than for the Del Cambrea home ($441/SF).

92606 Median Selling Price:

• 

  39 Royal Victoria, Irvine (Walnut)

  July 2010: $584,000 (up 9.5% y-o-y)

• June 2010: $457,000 (down 25.4% y-o-y)
• May 2010: $408,000 (down 16.7% y-o-y)
  For comparison: Redfn’s May median numbers are $457,000 (down 30% y-o-y) or $347/SF (up 1.5% y-o-y)
• April 2010: $498,000 (down 20.3% y-o-y)
• March 2010: $613,000 (up 12.07% y-o-y)

92606 Number of Sales:

• 

  59 Del Cambrea, Irvine (Westpark)

  July 2010: 14 (down 22.2% y-o-y)

• June 2010: 17 (up 6.3% y-o-y)
• May 2010: 21 (up 40.0% y-o-y)
• April 2010: 12 (up 33.3% y-o-y)
• March 2010: 15 (up 25.00% y-o-y)

Source unless otherwise noted: DQNews

Up today is the 92620 ZIP numbers. This ZIP includes the old and the new, the expensive and not so expensive: Oak Creek, Orange Tree, Portola Springs and Woodbury East. Currently, the least expensive home in this ZIP is located in the well established area of Orange Tree. The most expensive home is located in newly built community of Portola Springs.

325 Tangelo #324, Irvine (Orange Tree)

92618 Median Selling Price

• June 2010: $605,500 (up 89.2% y-o-y)
• May 2010: $628,500 (up 44.5% y-o-y)
• April 2010: $690,500 (up 29.4% y-o-y)
  For comparison: According to Redfin, the April median selling price for this ZIP was $615,000 or $315 per square foot.
• March 2010: $602,500 (up 28.26% y-o-y)

20 Small Grove, Irvine (Portola Springs)

92618 Number of Sales

• June 2010: 140 (up 775.0% y-o-y)
• May 2010: 76 (up 300.0% y-o-y)
• April 2010: 25 (up 92.3% y-o-y)
• March 2010: 35 (up 483.33% y-o-y)

Note: The photos are of the least expensive ($208,800–a short sale) and the most expensive ($1,799,000) homes that are currently on the market in this ZIP code.

Source unless otherwise noted: DataQuick

Do you think that you know how to solve the California budget crisis? Do you think that you know what programs to cut or taxes to raise? If so (or even if not), you can put your assumptions to the test by taking the California Budget Challenge from the nonpartisan NextTen group.

Since its debut in 2005, more than 175,000 people have used the “California Budget Challenge,” the online simulation that lets users try their hand at managing the Golden State’s finances by creating a budget reflecting their values.

The new June 2010 California Budget Challenge includes the most up-to-date figures from Governor Schwarzenegger’s May Revise. You’ll be confronted with many of the current proposals under consideration by the legislature. In addition to choices about education spending and income tax, you now have the opportunity to weigh in on topical proposals such as further cuts to human service programs, imposing an oil severance or marijuana tax, or increasing the current cigarette tax.

You might be surprised to learn that the Big Orange is a green jobs hub. In addition, green jobs on the national level are growing faster than most other job categories. Here is a breakdown of how green jobs are an important feature of our economy:

Green jobs on the county level:

Orange County will likely add 3,130 new energy-related jobs over the next three years, most of them in the realm of project managers for construction or design work, according to a new report by a local college-affiliated group.–Pat Brennan, “Report: O.C. to add 3,000 jobs in energy sector”

Green jobs on the state level:

From January 2007 to January 2008, green jobs in California increased by 5 percent, while jobs decreased by 1 percent in the economy as a whole.–Pat Brennan, “Need a job? Think ‘green’ - jobs booming in O.C., statewide“

Green jobs on the national level:

The push for clean energy could lead to explosive job growth in the United States, according to a new report by a clean-energy research group.

The report, Clean Tech Job Trends 2009, says activity is high in the renewable energy market, with some predicting the biggest chance for wealth and job creation since the rise of computers and the Internet.–Pat Brennan, “Report: job potential high in renewable energy“

Green jobs and national security:

According to Mayor Michael Bloomberg, going green is important not only because of the personal job benefits it might bring us, but also for our national security.

We are transferring our wealth to countries around the world who don’t agree with us and, in many cases, are funding the very terrorists that we are sending our young men and women out to fight….We have got to get somehow or other to [energy] independence. It’s doesn’t matter if you are a greeny or not. The bottom line is we cannot keep funding our enemies.–Michael Bloomberg on Meet the Press

For more information on green jobs and the economy, see:

• Energy Efficient Occupations in Orange County, Center for Excellance, California Community Colleges
• Green Business by Media Planet
• EDF’s Clean Energy Jobs State Fact Sheets
  

Graph Courtesy Wikipedia

Following is a quote straight from the MakingHomeAffordable.gov website. Remember: Help with preventing foreclosure and obtaining loan modifications is free.

Beware of Foreclosure Rescue Scams - Help Is Free!

• There should never be a fee for assistance with or information about the Making Home Affordable Program.
• Beware of any person or organization that asks you to pay an upfront fee in exchange for a counseling service or modification of a delinquent loan. Do not pay - walk away!
• Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house.  Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
• Never make your mortgage payments to anyone other than your mortgage company without their approval.

The Obama Administration has launched a coordinated effort across federal and state government and the private sector to target mortgage loan modification fraud and foreclosure rescue scams that threaten to hurt American homeowners and prevent them from getting the help they need during these challenging times. Click here for more information.

On February 11th, the Orange County Home Ownership Preservation Collaborative (OC HOPC) is offering a free workshop for anyone who needs help with preventing a foreclosure on their home. This is part of the on-going free foreclosure prevention workshops that OC HOPC is providing in partnership with various organizations. The February 11th workshop is in partnership with the U.S Department of Housing and Urban Development (HUD), City of Santa Ana, National Association of Realtors, California Association of Realtors, Orange County Association of Realtors, and Calvary Church.

HUD-approved housing counselors, legal counselors and lenders will be on-site to help at the workshop. However, only homeowners whose names are on the mortgage can be assisted, so OC HOPC asks that you do not send someone in your place. If you need assistance but can’t make this workshop, you might contact OC HOPE and ask what other help is available or when and where the next workshop will be held.

Here are the details for the upcoming OC HOPC workshop:

When: Thursday, February 11, 2010
Session 1–2:30 to 4:30 pm (English, registration begins at 2:00 pm)
Session 2–5:30 to 7:30 pm (Spanish, registration begins at 5:00 pm)

Where: Calvary Church, 1010 N. Tustin Avenue, Santa Ana

Who: Open to public
RSVP Recommended (www.oc.myhousingforall.org or e-mail myhousingforall@aol.com)

What to Bring:

• Your loan documents and recent mortgage statement
• Your two most current pay stubs
• Your most recent W2s–two-years worth
• Your most recent tax returns–two-years worth
• A list of your monthly expenses

Cost: Free

Again, if you need help with preventing a foreclosure but can’t attend this workshop, contact OC HOPC to see what other help is available.

Here are the most recent Orange County foreclosure numbers from DQNews:

Notice of Defaults (NODs)–This is the first step in the foreclosure process; however, this does not necessarily end in the home being taken back by the lender.

Fourth Quarter 2009 Year-Over-Year Numbers:

• 2009–5,555
• 2008–4,481
• This is a 24.0% year-over-year increase. However, the quarter-to-quarter number of NODs deceased.

Third Quarter 2009 Year-Over-Year Numbers:

• 2009–7,436
• 2008—5,692
• This is a 30.6% year-over-year increase.

Trustee Sales Recorded–This is the last step in the foreclosure process. The home is sold to a new owner at a trustee auction or taken back by the lender in this stage of the foreclosure process.

Fourth Quarter 2009 Year-Over-Year Numbers:

• 2009–2,235
• 2008–2,088
• This is a 7.0% year-over-year increase. In addition, the quarter-to-quarter number of trustee sales is approximately the same.

Third Quarter 2009 Year-Over-Year Numbers:

• 2009–2,238
• 2008—3,997
• This is a 44.0% year-over-year decrease.

Recently, I wrote about some new laws that went into effect on January 1 and apply to the real estate industry. A new law that applies to the building and remodeling industries also went into effect.

Before January 1, all pipes, pipe fittings, plumbing fixtures and other fixtures that might become wet were allowed up to a total contain of 8% lead. On January 1, 2010, the allowed amount was reduced to 0.25%.

I am sure that there are differencing opinions on what amount of lead would be harmful. But, no matter what that level is, exceeding that amount can result in the following:

Lead can increase blood pressure and cause fertility problems, nerve disorders, muscle and joint pain, irritability, and memory or concentration problems. It takes a significantly greater level of exposure to lead for adults than it does for kids to sustain adverse health effects.–”Lead and Your Health,” National Institute of Environmental Health Science  (NIEHS)

As the NIEHS quote states, lead poisoning can be particularly harmful to children. The KidsHealth website provides more information on this:

Lead poisoning can lead to a variety of health problems in kids, including:

• decreased bone and muscle growth
• poor muscle coordination
• damage to the nervous system, kidneys, and/or hearing
• speech and language problems
• developmental delay
• seizures and unconsciousness (in cases of extremely high lead levels)
  –”Lead Poisoning,” KidsHealth

It’s a new year which means that many new laws went into effect on January 1st.

Here are some of the new regulations that now apply to California real estate:

• Loan officers must register with the state.
• Making inaccurate information during the mortgage application process in now a crime.
• Banks must inform potential borrowers of all their loan products.
• Lenders are not allowed to steer borrowers who qualify for a fixed-rate loan into riskier, higher-priced loans.
• Negative amortization loans are banned in most cases.
• Penalties that are assessed to a borrower when they pay off a loan early are now capped.
• Lenders must give potential customers of a reverse mortgage the following: a list of counseling agencies that deal with reverse mortgages and a list that checks off the potential risks associated with reverse mortgages as well as alternatives to reverse mortgages. Reverse mortgages converts a borrower’s home equity into cash. They are geared to senior citizens. For additional information on reverse mortgages, see the AARP website.

For related information, see Realty World, Arnold CA Blog.

Source: “News laws shield buyers,” The Associated Press as printed in The Orange County Register on January 1, 2010