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Mission Viejo and Orange County, California Real Estate Blog

Housing and Economy Headed for Sustainable Recovery; First-Time Homebuyers Lead the Way

November 18th, 2009 9:36 AM

RISMEDIA, November 18, 2009—Aided by the home buyer tax credit, the outlook for housing and the economy appears headed for a sustainable recovery, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said the projections are enhanced by a tax credit expansion to more home buyers through the middle of 2010. “Given the success of the first-time buyer tax credit to date, and the need for qualified buyers to continue to absorb inventory that will include additional foreclosures over the coming year, we are hopeful about the impact of the expanded tax credit because it will stabilize home prices,” he said. “In fact, the credit is working better than first projected – it now looks like we’ll have 2.3 to 2.4 million first-time buyers this year.”

The 2009 National Association of Realtors® Profile of Home Buyers and Sellers, shows first-time buyers accounted for a record 47% share of home sales over the past year, up from 41% in the 2008 survey. The share has risen steadily since a cyclical low of 36% in 2006.

Existing-home sales are expected to total 5.01 million in 2009, a gain of 2.0% over last year, and then are forecast to rise 13.6% to 5.69 million in 2010. “A steady draw down of inventory will help home values to turn positive in 2010, but risks such as unemployment remain in the economy,” Yun said.

New-home sales are projected at 397,000 this year, recovering to 549,000 in 2010. Housing starts, including multifamily units, should total 564,000 units this year but grow to 752,000 in 2010.

The 30-year fixed-rate mortgage will probably average 5.3% in the fourth quarter, rising gradually to 5.8% by the end of next year. NAR’s housing affordability index will set a record in 2009, averaging 30 percentage points higher than 2008. Affordability will decline from record highs next year but will remain at historically attractive levels for home buyers.

“We’ve seen a steady downtrend in housing inventory for well over a year and home prices appear to be in the early stages of stabilizing. With the expansion of the tax credit to additional buyers through the middle of next year, and no major unforeseen events impacting the economy, home prices should rise between 3 and 5% in 2010, but with wide geographic differences,” Yun said. He expects growth in the U.S. gross domestic product to be at a pace of 2.5% in the current quarter, with GDP up 2.8% in 2010.

The unemployment rate is close to peaking and is projected to ease to 9.5% by the end of next year.

“The size of the U.S. budget deficit is a concern going forward, and carries the risk of higher inflation. At this point, that risk appears to be restrained,” Yun said. Inflation, as measured by the Consumer Price Index, is seen contracting 0.4% this year, then rising 1.6% in 2010. Inflation-adjusted disposable personal income is estimated to grow 0.4% this year and 1.2% next year.

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Update on Bank owned homes available in Mission Viejo - For more information or to see these homes call Gail @ 949 422-4343. You can also visit www.viphousesearch.com to view more Bank owned, Foreclosed homes in other cities.

Gail McClendon Residential Wed, Nov 18, 2009 09:34 AM Ref: 1

Condominium Attached RES Active 27951 Redondela 201 Mission Viejo (MV) Price $267,900*

Mission Viejo Central (MC) Zip 92692-1209 TGNO 892E5

Orange County (OR) XSTS Alicia/Marguerite Aerial Map

Y905157 Media: 3 Builder Tract Finisterra On The Lake (OTHR)

Style Other
Bed 2 Model (X)

Baths 2 Stories One Level Floor Floor 1 of 2

View Mountain View HOA Dues $ 450 + $ 0

ASqFt 1,228 Assessor YrBlt 1978 Assessor Land Fee

ALotSize 0 Dim Acres

Prkng

Garage, # cars 1 Remotes # Uncovered Spaces Carport # Garages RV Access Range Price Listing: No

Gated community with amenities galore! Beach and sand area for swimming, BBQ area with picnic tables and year round activities. Walk in level with no stairs and garage a few feet from the front door. Flowing floorplan with balcony and mountain view too!

Directions Alicia to Finisterra

Special Conditions: REO/Lender-Owned

Listing Activity

LP/SqFt $218.16 Orig Price $ 275,900 Prev Price $ 275,900 Current Price $267,900

Contact Information

Display Name: Gail McClendon DRE License: 01292955 Preferred Phone: 949-422-4343

Preferred Phone Ext: Agent Direct Phone Number: 949-422-4343 Agent Toll Free Phone Number:

Preferred Fax: 949-597-4015 Mobile Phone: Pager: 000-0000

Voicemail: 000-0000 Blog: Office Phone: 949-597-4000

Primary e-mail address: viphousesearch@yahoo.com Website address: www.viphousesearch.com

Gail McClendon Residential Wed, Nov 18, 2009 09:34 AM Ref: 2

Condominium Attached RES Active 27754 La Costa 13 Mission Viejo (MV) Price $329,900*

Mission Viejo Central (MC) Zip 92692-1543 TGNO 892E5

Orange County (OR) XSTS Alicia Cypress Point Aerial Map

S588981 Media: 8 Builder Tract Cypress Point (CYP)

Style Contemporary
Bed 2 Model Penthouse (B)

Baths 2 Stories One Level Floor Floor 1 of 1

View Greenbelt HOA Dues $ 300 + $ 20

ASqFt 1,462 Assessor YrBlt 1986 Assessor Land Fee

ALotSize 0 Assessor Dim Acres

Prkng Garage Detached

Garage, # cars 2 D Remotes 0 # Uncovered Spaces Carport # Garages RV Access Range Price Listing: No

Great Cypress Point Penthouse with new carpet, paint & dishwasher, turn key property, walk to the Lake Mission Viejo and Casta Del Sol Golf Course. Partial view of the golf course and wilderness area. Gated community w/pool and spa. First street as you pull in the gate.

Directions Alicia To Cypress Point to La Costa

Special Conditions: REO/Lender-Owned

Listing Activity

LP/SqFt $225.65 Orig Price $ 370,470 Prev Price $ 354,000 Current Price $329,900

Contact Information

Display Name: Gail McClendon DRE License: 01292955 Preferred Phone: 949-422-4343

Preferred Phone Ext: Agent Direct Phone Number: 949-422-4343 Agent Toll Free Phone Number:

Preferred Fax: 949-597-4015 Mobile Phone: Pager: 000-0000

Voicemail: 000-0000 Blog: Office Phone: 949-597-4000

Primary e-mail address: viphousesearch@yahoo.com Website address: www.viphousesearch.com

If a listing displays "Short Sale/Subj to Lender Approval**" then that listing has been identified by the seller and the listing broker as a "short sale". This means that, at the listed price, the proceeds from the sale may not be adequate to pay all liens and costs of sale. Any offer made that does not fully cover the existing amount(s) owed to the lienholder(s) plus the costs of sale could be subject to lienholder approval, which approval may be exercised at the sole and exclusive discretion of the lienholder(s). The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. © Copyright, SoCalMLS®, Copyright, CRISNet Regional MLS®, Copyright, CARETS®

Gail McClendon Residential Wed, Nov 18, 2009 09:34 AM Ref: 3

Single Family Residence Detached RES Active 24146 Juaneno Dr Mission Viejo (MV) Price $450,000

Mission Viejo Central (MC) Zip 92691-4235 TGNO 892B7

Orange County (OR) XSTS Carlota/ Trabuco Aerial Map

S595094 Media: 10 Builder Tract El Dorado (ED)

Style Other
Bed 3 Model (0)

Baths 2 Stories One Level Floor Floor

View No View HOA Dues $ 19 + $ 0

ASqFt 1,385 Assessor YrBlt 1972 Assessor Land Fee

ALotSize 8,160 Assessor Dim 64x100 Acres 0.15

Prkng Direct Garage Access

Garage, # cars 2 Remotes # Uncovered Spaces Carport # Garages RV Access Range Price Listing: No

This is a nice 3 bedroom 2 bath home located in the El Dorado complex of Mission Viejo. Buyer to verify any and all permits for conversions. Property is sold AS IS with no repairs or warranties.

Directions TNGO 892B7

Special Conditions: REO/Lender-Owned

Listing Activity

LP/SqFt $324.91 Orig Price $ 450,000 Prev Price $ Current Price $450,000

Contact Information

Display Name: Gail McClendon DRE License: 01292955 Preferred Phone: 949-422-4343

Preferred Phone Ext: Agent Direct Phone Number: 949-422-4343 Agent Toll Free Phone Number:

Preferred Fax: 949-597-4015 Mobile Phone: Pager: 000-0000

Voicemail: 000-0000 Blog: Office Phone: 949-597-4000

Primary e-mail address: viphousesearch@yahoo.com Website address: www.viphousesearch.com

Gail McClendon Residential Wed, Nov 18, 2009 09:34 AM Ref: 4

Condominium Detached RES Active 64 MELROSE Dr Mission Viejo (MV) Price $464,900*

Mission Viejo Central (MC) Zip 92692- TGNO 922E3

Orange County (OR) XSTS OSO Aerial Map

MRM-T09089250 Media: 6 Builder Tract ()

Style
Bed 3 Model ()

Baths 2 Stories Two Levels Floor Floor

View No View HOA Dues $ 235 + $ 19

ASqFt 1,582 Estimated YrBlt 1996 Land Fee

ALotSize 3,500 Estimated Dim Acres

Prkng Garage Attached

Garage, # cars 2 A Remotes # Uncovered Spaces Carport # Garages RV Access Range Price Listing: No

HIGHLY DESIRABLE TURNKEY HOME LOCATED IN A PRIVATE GATED COMMUNITY IN MISSION VIEJO! ONE OF THE LOWEST PRICED ACTIVE HOMES IN THE TRACT, CUSTOM PAINT & FLOORING, TURNKEY, BEAUTIFUL CURB APPEAL, PRIVATE CORNER LOT, 2 CAR ATTACHED GARAGE, MAKE AN OFFER TODAY BEFORE ITS TOO LATE!

Directions

Special Conditions: REO/Lender-Owned

Listing Activity

LP/SqFt $293.87 Orig Price $ 484,900 Prev Price $ Current Price $464,900

Contact Information

Display Name: Gail McClendon DRE License: 01292955 Preferred Phone: 949-422-4343

Preferred Phone Ext: Agent Direct Phone Number: 949-422-4343 Agent Toll Free Phone Number:

Preferred Fax: 949-597-4015 Mobile Phone: Pager: 000-0000

Voicemail: 000-0000 Blog: Office Phone: 949-597-4000

Primary e-mail address: viphousesearch@yahoo.com Website address: www.viphousesearch.com

Gail McClendon Residential Wed, Nov 18, 2009 09:34 AM Ref: 5

Single Family Residence Detached RES Active 24642 Chrisanta Dr Mission Viejo (MV) Price $469,900

Mission Viejo Central (MC) Zip 92691-4811 TGNO 922A1

Orange County (OR) XSTS La Paz/Chrisanta Aerial Map

S595091 Media: 7 Builder Tract El Dorado (ED)

Style Contemporary
Bed 3 Model (b)

Baths 2 Stories One Level Floor Floor

View No View HOA Dues $ 0 + $ 0

ASqFt 1,309 Assessor YrBlt 1967 Assessor Land Fee

ALotSize 6,000 Assessor Dim Acres 0.14

Prkng Driveway, Garage - Front Entry, Garage - Single Door, Garage Attached, Garage Door Opener

Garage, # cars 2 A Remotes 0 # Uncovered Spaces Carport # Garages RV Access Range Price Listing: No

Very popular single story El Dorado home with laminate floors and new double paned windows and sliding doors. Big fenced yard with a white picket fence out front. Near all schools, shops and easy freeway access. This won't last at this price!!

Directions La Paz to Chrisanta

Special Conditions: REO/Lender-Owned

Listing Activity

LP/SqFt $358.98 Orig Price $ 469,900 Prev Price $ Current Price $469,900

Contact Information

Display Name: Gail McClendon DRE License: 01292955 Preferred Phone: 949-422-4343

Preferred Phone Ext: Agent Direct Phone Number: 949-422-4343 Agent Toll Free Phone Number:

Preferred Fax: 949-597-4015 Mobile Phone: Pager: 000-0000

Voicemail: 000-0000 Blog: Office Phone: 949-597-4000

Primary e-mail address: viphousesearch@yahoo.com Website address: www.viphousesearch.com

Gail McClendon Residential Wed, Nov 18, 2009 09:34 AM Ref: 6

Single Family Residence Detached RES Active 24831 San Andres Ln Mission Viejo (MV) Price $474,900*

Mission Viejo Central (MC) Zip 92691-4928 TGNO 922B1

Orange County (OR) XSTS la paz/mosquero Aerial Map

S590741 Media: 2 Builder Tract Deane Homes (DE)

Style Traditional
Bed 5 Model (0)

Baths 2 Stories One Level Floor Floor

View Trees/Woods View HOA Dues $ 23 + $ 16

ASqFt 1,987 Assessor YrBlt 1965 Assessor Land Fee

ALotSize 12,375 Assessor Dim 75x165 Acres 0.28

Prkng Driveway, Garage Attached, Garage Door Opener

Garage, # cars 2 A Remotes # Uncovered Spaces Carport # Garages RV Access Range Price Listing: No

!!!Attention all Buyers and Agents!!! This is the home that you have been waiting for!! Where else are you going to find a detached home in Orange County that has 5 bedroom 2 bathrooms on a huge lot for this price!!! RIGHT HERE!! This home also has a detached workshop in the back yard... Bring your offer. This home won't last long. Hurry before it's sold.

Directions From the I-5 Southbound: exit 89 for La Paz Rd Merge onto Cabot Rd (signs for Mission Viejo) Turn left at La Paz Rd 0.5 mi Turn left at Mosquero Ln 489 ft Take the 2nd left onto San Roque Dr Destination will be on the left

Special Conditions: REO/Lender-Owned

Listing Activity

LP/SqFt $239.00 Orig Price $ 519,900 Prev Price $ 519,900 Current Price $474,900

Contact Information

Display Name: Gail McClendon DRE License: 01292955 Preferred Phone: 949-422-4343

Preferred Phone Ext: Agent Direct Phone Number: 949-422-4343 Agent Toll Free Phone Number:

Preferred Fax: 949-597-4015 Mobile Phone: Pager: 000-0000

Voicemail: 000-0000 Blog: Office Phone: 949-597-4000

Primary e-mail address: viphousesearch@yahoo.com Website address: www.viphousesearch.com

Gail McClendon Residential Wed, Nov 18, 2009 09:34 AM Ref: 7

Condominium Attached RES Active 26264 Via Roble 38 Mission Viejo (MV) Price $371,500*

Mission Viejo North (MN) Zip 92691-2544 TGNO 892A4

Orange County (OR) XSTS Trabuco Aerial Map

P692184 Media: 1 Builder Tract Other (OTHR)

Style Contemporary
Bed 3 Model (0)

Baths 2 Stories Two Levels Floor Floor 1 of 2

View No View HOA Dues $ 375 + $ 19

ASqFt 1,200 Assessor YrBlt 1972 Assessor Land Fee

ALotSize 0 Other Dim Acres

Prkng

Garage, # cars 1 Remotes # Uncovered Spaces Carport # Garages RV Access Range Price Listing: No

3 BR, 2 Bath condo with one car attached garage. Association allows owner use of the Mission Viejo Lake throughout the year. Large pato allows for BBQ, table and chairs.

Directions El Toro Rd, right on Trabuco, right on Via Nuez, left on Via Roble, first right then first left until 26264.

Special Conditions: REO/Lender-Owned

Listing Activity

LP/SqFt $309.58 Orig Price $ 299,900 Prev Price $ 297,000 Current Price $371,500

Contact Information

Display Name: Gail McClendon DRE License: 01292955 Preferred Phone: 949-422-4343

Preferred Phone Ext: Agent Direct Phone Number: 949-422-4343 Agent Toll Free Phone Number:

Preferred Fax: 949-597-4015 Mobile Phone: Pager: 000-0000

Voicemail: 000-0000 Blog: Office Phone: 949-597-4000

Primary e-mail address: viphousesearch@yahoo.com Website address: www.viphousesearch.com

Gail McClendon Residential Wed, Nov 18, 2009 09:34 AM Ref: 8

Single Family Residence Detached RES Active 18 Copperstone Ln Mission Viejo (MV) Price $555,000

Mission Viejo North (MN) Zip 92692-5940 TGNO 862G6

Orange County (OR) XSTS El Toro Rd @ Wandering Trail Aerial Map

S596378 Media: 5 Builder Tract Copperstone (COPS)

Style Other
Bed 4 Model (*)

Baths 3 Stories Two Levels Floor Floor 2 of 2

View No View HOA Dues $ 117 + $ 111

ASqFt 2,250 Estimated YrBlt 2000 Assessor Land Fee

ALotSize 3,419 Assessor Dim Acres 0.08

Prkng Direct Garage Access, Driveway, Garage Attached

Garage, # cars 2 A Remotes 0 # Uncovered Spaces 0 Carport 0 # Garages RV Access 0 Range Price Listing: No

Spacious four bedroom plus two and one half bath home with open upstairs loft area. Kitchen offers granite counter tops and tile backspash, center island. Upstairs laundry. Entertaining backyard with in ground spa, built-in bar area with space for bbq. Cul-de-sac location. Walking distance to park

Directions El Toro Rd to Wandering Trail to Copperstone

Special Conditions: REO/Lender-Owned

Listing Activity

LP/SqFt $246.67 Orig Price $ 555,000 Prev Price $ Current Price $555,000

Contact Information

Display Name: Gail McClendon DRE License: 01292955 Preferred Phone: 949-422-4343

Preferred Phone Ext: Agent Direct Phone Number: 949-422-4343 Agent Toll Free Phone Number:

Preferred Fax: 949-597-4015 Mobile Phone: Pager: 000-0000

Voicemail: 000-0000 Blog: Office Phone: 949-597-4000

Primary e-mail address: viphousesearch@yahoo.com Website address: www.viphousesearch.com

Posted by Gail McClendon on November 18th, 2009 9:36 AMPost a Comment (0)