Mission Viejo CA real estate listings and homes for sale, home buying, home selling information – Century 21 Beachside on Lake Mission Viejo

Mission Viejo and Orange County, California Real Estate Blog

FANNIE'S, FREDDIE'S ROLE IN HOMEOWNERSHIP Video

September 12th, 2008 9:40 AM

Click below to see a video from C.A.R. newsletter on Fannie and Feddie.

Fannie and Freddie: Why they matter to you

Now is the time to buy. Home prices are low, Bank Owned homes are being listed way below current market values. Home prices will begin to rise again very shortly.

If you are interested in finding the best home values on the market including Bank Owned properties call me at 949 422-4343. Visit my website at www.viphousesearch.com

Posted by Gail McClendon on September 12th, 2008 9:40 AMPost a Comment (0)

REO's (Bank owned) Homes in South Orange County

September 19th, 2008 1:16 PM

Have you been wondering how many REO, Bank Owned homes, are currently for sale in South Orange County?

Here is the total for each city, (condos, townhomes, and single family detached homes), currently on the market as of September 19th, 2008.

Mission Viejo= 23

Lake Forest= 39

Aliso Viejo= 13

Irvine= 29

Laguna Niguel= 20

Rancho Santa Margarita= 25

Laguna Hills= 13

Ladera Ranch= 16

Dana Point= 9

Newport Beach and Newport Coast= 9

San Clemente= 27

San Juan Capistrano= 17

Laguna Beach= 2

If you would like a list of these homes call me at 949 422-4343 or email me at gail@viphousesearch.com. Visit my website at www.viphousesearch.com.

Posted by Gail McClendon on September 19th, 2008 1:16 PMPost a Comment (0)

Fast Facts for the housing market

September 18th, 2008 11:08 AM

Calif. median home price - July 08: $350.760 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region July 08: Santa Barbara So. Coast $940,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region July 08: High Desert $177,330 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Second Quarter 08: 48 percent (Source: C.A.R.)
Mortgage rates - week ending 09/11/08 30-yr. fixed: 5.93% Fees/points: 0.7% 15-yr. fixed: 5.54% Fees/points: 0.7% 1-yr. adjustable: 5.21% Fees/points: 0.6% (Source: Freddie Mac)

Visit my website at www.viphousesearch.com

Posted by Gail McClendon on September 18th, 2008 11:08 AMPost a Comment (0)

Wed, Sept. 17 Rate Lock Advisory

September 17th, 2008 9:52 AM

Wednesday's bond market has opened in positive territory following significant losses in the stock markets. The Dow is currently down 281 points while the Nasdaq has lost 70 points. The bond market is currently up 9/32, but we will still see an extremely large increase in mortgage rates compared to yesterday's. Overall, this morning's rates should be approximately one full discount point higher, or a quarter of a percent in rate.

This morning's stock weakness is a result of more concerning news in the financial sector, particularly the need for the Fed to intervene in the AIG crisis and other related issues. The stock markets managed to rally late yesterday after the Fed meeting adjourned, leading to selling in bonds that affected this morning's mortgage pricing. Despite today's stock weakness, the bond market cannot overcome its concerns nor erase the losses from yesterday that are helping to drive mortgage rates higher this morning.

Today's only relevant economic news was the release of August's Housing Starts that showed new starts for homes fell to a 17 year low last month. This was a level that was much weaker than analysts had expected. However, because this data is not considered to be of high importance to the markets, its impact on this morning's mortgage rates has been limited.

The Labor Department will give us weekly unemployment claims tomorrow morning. They are expected to show that 440,000 new claims for benefits were filed last week. This would be a slight decline from the previous week.

Late tomorrow morning, the Conference Board will release its Leading Economic Indicators (LEI). This index attempts to measure economic activity over the next three to six months. If it estimates an increase in activity, the bond market will probably fall and mortgage rates will rise slightly. If it shows weaker than expected readings, the bond market may rally and mortgage rates should f all. Current forecasts are calling for a 0.2% decline from July's reading.

I am still expecting to see more volatility in the markets and potentially mortgage rates. Accordingly, please maintain fairly constant contact with your mortgage professional if you have not locked an interest rate yet.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

©Mortgage Commentary 2008

In the market to buy or sell a home? Call Gail @ 949 422-4343 or visit www.viphousesearch.com

Posted by Gail McClendon on September 17th, 2008 9:52 AMPost a Comment (0)

Tuesday afternoon rate lock advisory update

September 16th, 2008 2:41 PM

TUESDAY AFTERNOON UPDATE:

Today's FOMC meeting has adjourned with an announcement of no change to key short-term interest rates. The post-meeting statement indicated that the Fed felt key rates were low enough to spur economic activity. The stock markets initially reacted negatively to the news since traders were expecting a rate cut, but then staged a rally that pushed the Dow up 141 points and the Nasdaq up 28 points.

The bond market did not fair so well. As expected, as soon as stocks started to rise, bonds suffered. The same funds that were moved into bonds and drove prices higher yesterday, now were hurting bonds as they were shifted back into stocks. The result was the bond market closing down 26/32 and a sizable increase to mortgage rates. I suspect that there is more room for bonds to fall if stocks continue to move higher. Therefore, holding the lock recommendations seem to be the prudent stance at this time.

Today's on ly relevant economic data was August's Consumer Price Index (CPI). It showed a decline in the overall reading of 0.1% and an increase of 0.2% in the core data reading. Both of these readings matched forecasts, therefore, they had little impact on the bond market or mortgage rates.

August's Housing Starts report is the only relevant data being posted tomorrow morning. This report will probably not have much of an impact on the bond market or mortgage rates. It gives us a measurement of housing sector strength and mortgage credit demand, but is usually considered to be of low importance to the financial markets. Tomorrow's report is expected to show a drop in new housing starts from July's levels.
If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

www.viphousesearch.com

Posted by Gail McClendon on September 16th, 2008 2:41 PMPost a Comment (0)

Bond Market Update- Rate Lock Advisory

September 16th, 2008 11:13 AM

Tuesday's bond market has opened in positive territory again as yesterday's frantic buying has carried into this morning's trading. The stock markets are showing modest gains compared to yesterday's massive sell-off that had the Dow closing down over 500 points. The Dow is currently up 35 points while the Nasdaq has gained 6 points. The bond market is currently up 9/32, which will likely improve this morning's mortgage rates by another .250 of a discount point.

Today's only relevant economic data was August's Consumer Price Index (CPI). It showed a decline in the overall reading of 0.1% and an increase of 0.2% in the core data reading. Both of these readings matched forecasts, therefore, they have had little impact on the bond market or mortgage rates.

The biggest influence on this morning's trading is still the financial sector woes and the stock markets. There is still talk of more bank and financial company collapses that could still create widespread panic in the markets. The spotlight is currently on insurance giant AIG and its ability to continue to remain solvent. Whether or not that will be accomplished remains to be seen. However, the markets often overreact to a crisis and then correct. The stock volatility that came as a result of news from the past few days has certainly benefited bonds as investors seek safe-haven. But, I suspect that this may end in the immediate future, hence the extended lock recommendation yesterday. I am going to hold the lock recommendations for the time being as any type of correction in stocks could drive bond prices sharply lower and create a significant spike in mortgage rates.

The FOMC meeting will adjourn at 2:15 PM today. The recent financial and bank news has some analysts now thinking that the Fed may lower key short-term interest rates at this meeting. I don't believe that to be the case and that the Fed will leave rates unchanged. However, I would no t be surprised to see the post-meeting statement address the recent events. Depending on what is said or addressed in the statement, we may see another round of volatility in stocks and bonds during afternoon trading today.

Visit www.viphousesearch.com to search for REO, Bank owned homes or call Gail @ 949 422-4343

Posted by Gail McClendon on September 16th, 2008 11:13 AMPost a Comment (0)