Thinking of buying a home? Not sure where to start? In this video I discuss some ways to help you determine if you are financially ready to take on a.
Interest Rate And Real Estate Market Update January 29 2015 Orange County CA
Resale Homes +.8%, Resale Condos +1.1% and New Home Sales +27.7%
All totaled, OC home values are up 1.8% versus last year
Resale Homes -6.8%, Resale Condos -11.1% and New Home Sales -29.0%
All totaled, OC sales volume is down 11.9% versus last year
Median Home Price is $580,000 versus $570,000 a year ago
Sales Volume is 2,639 versus 2,995 a year ago
Average Home Payment is $2,771.46.00 versus $2,542.09 a year ago
Inventory of homes for sale is at 5,255 versus 5,589 just one month ago
Mortgage Defaults, 385, up 5.5% versus one year ago
Foreclosures, 97, down 3% versus one year ago
Average Days on Market 3.29 months (109 days)
$1m+ home now represent 26.9% of all OC home listings
California is the world’s 7th largest economy, mostly due to real estate
30 year fixed Mortgage rate is currently 3.63%, down versus one week ago
15 year fixed rate is 2.93%, down versus one week ago (lowest since 5/2013)
The refinance boom is on, applications up 14% versus one week ago
FHA applications up 57% versus last week
Adjustable Rate Mortgages are on the rise, HELOC’s are back!
New home sales continue to drive the market
Generation Y is ready to buy (born between 1980-2000)
Senior Housing (55+) in demand, OC short in supply
US home sales forecasted to rise 9% in 2015 (CoreLogic)
New Housing Starts rising nationwide (1m), highest level since 2007
Boomerang buyers are back, buyers who now have credit after a short sale or foreclosure.
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FHA home loans are for any financially qualified borrower. You don’t have to earn a minimum amount of money, and there is no maximum income limit for FHA mortgages. There may be a perception that