RIP Old Friend!

On Wednesday, at 86, legendary personal growth and development guru Zig Ziglar passed away peacefully.

There's not a single person you'll hear from here is sales that wasn't influenced by Zig in one way or another. Today, we do our best to keep Zig's attitude and teachings in memory. We still have so much to learn from him.

"Your attitude, not your aptitude, will determine your altitude." - Zig Ziglar

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BBVA: Housing market recovery expected to soar through 2013

Title365 posted: " By Christina Mlynski • November 26, 2012 • Housingwire.com A strong housing market gained momentum in November and is expected to continue through 2013, especially with low mortgage rate, which will keep affordability high, a" BBVA: Housing market recovery expected to soar through 2013    By Christina Mlynski • November 26, 2012 • Housingwire.com A strong housing market gained momentum in November and is expected to continue through 2013, especially with low mortgage rate, which will keep affordability high, according to the BBVA Compass ($8.25 -0.08%) US Weekly Flash analysis. The Housing Market Index rose to 46 compared to 41 October, which is the highest level since 2006. The jump is a result of homebuilder’s confidence in the housing market. New home sales and construction are expected to continue on a strong trend throughout the remainder of the year. However, the index of potential homebuyers did not change between October and November. Existing home sales increased 2.1% to 4.79 million, with most of the strength centered in the West region, up 4.4% and the South region, up 2.1%. Sales in the Northeast decline 1.7% as an impact of Hurricane Sandy. Click on the graph to view existing home sale trends. Supply of the existing homes on the market is down to 5.4 months in October as a result of constrained supplies, which is limiting immediate sales. While median sales prices increase, it was not enough to offset the declines from the last three months. Housing starts rose 3.6% in October following a 15.1% leap in September. Multifamily housing is up 26.4% in September and 11.9% in October. Building permits declined 2.7% after a large increase from last month. Although there was a decline, permits are still slightly below the highest level of the recovery so far. Click on the graph to view housing starts and building permit trends. For the remainder of the month there is expected impact from Hurricane Sandy on the Northeast region. However, the effect is projected to be positive. The complete restoration and rebuilding of properties will effect upcoming housing starts, according the analysis.

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Fiscal battle over mortgage deduction

Title365 posted: "By Jennifer Liberto @CNNMoney November 27, 2012 WASHINGTON (CNNMoney) -- Washington should stay away from touching the mortgage interest tax deduction, warns the U.S. housing industry. Lately, housing is on the mend and one of the few bright spo" Fiscal battle over mortgage deduction    By Jennifer Liberto @CNNMoney November 27, 2012 WASHINGTON (CNNMoney) -- Washington should stay away from touching the mortgage interest tax deduction, warns the U.S. housing industry. Lately, housing is on the mend and one of the few bright spots in a lumbering economic recovery. Taking away a key tax break could throw a wrench into home buying plans and hurt a long-sputtering recovery. Lawmakers in both parties are on the lookout for tax revenue as a way to avert the fiscal cliff. But the housing industry is preparing to fight against any move to get rid of the mortgage interest tax break. "[Getting rid of it] would throw the housing sector into turmoil ... and chill the market just as it is trying to recover," said Jerry Howard, CEO of the National Association of Home Builders. Powerful housing lobbying groups are taking their fight to the grass roots, armed with granular data on the benefits of the homeowner tax break in every congressional district. Lobbyists from the industry have spent a combined $30 million this year, up from $27 million last year, according to Center for Responsive Politics figures. The bulk of that came from the powerful group, the National Association of Realtors, which spent a record $25 million on lobbying this year, more than any other year, federal records show. They're ensuring that leaders don't do anything "penny-wise and pound foolish," said David Stevens, CEO of the Mortgage Bankers Association. This isn't the first time Washington has taken a critical look at the mortgage interest tax deduction. It is one of the oldest tax breaks and designed to encourage home ownership, by lowering the tax bill for homeowners. It tends to benefit upper middle class families the most, according to the Tax Policy Center. For those earning more than $250,000 a year, the annual tax savings run about $5,460. For those with annual incomes of less than $40,000 a year, the average savings is just $91, according to the center. The deduction is the third largest tax expenditure on the federal budget, according to the Congressional Research Service. The amount of revenue the government would forgo from those claiming mortgage interest deductions is estimated to reach $100 billion by 2014. President Obama has proposed in his budget a cap on itemized deductions to 28% of gross income from 35% for high-income Americans. The cap would apply to many popular deductions such as mortgage interest and charitable donations. But Obama's proposals have gotten nowhere, thanks to lobbying from home builders, the National Association of Realtors and the Mortgage Bankers Association. But this time, lobbyists are worried. That's because for the first time in years, House Republicans say they are open to scrubbing any tax breaks from the books as part of shrinking federal deficits. Stevens of the Mortgage Bankers Association said the economy "could actually move backwards" if the deduction is taken away, he warned because it has a significant impact on middle class Americans' cash flow. The National Association of Realtors, which has spent the most on lobbying this year, declined to share its plans on defending the deduction. But earlier this month, president Gary Thomas touted that the NAR had "secured 183 bipartisan cosponsors," this year to support a House resolution that would protect the current tax deduction for mortgage interest. "We will continue to work with members of Congress on the consumer's behalf on this issue," Thomas said in a statement.

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Home prices: Biggest rise in more than 2 years

Title365 posted: "By Chris Isidore @CNNMoney November 27, 2012 Home prices are up for the 2nd straight quarter, the biggest year-over-year increase in more than two years. NEW YORK (CNNMoney) -- In another sign of a housing market rebound, home prices posted th" Home prices: Biggest rise in more than 2 years    By Chris Isidore @CNNMoney November 27, 2012 Home prices are up for the 2nd straight quarter, the biggest year-over-year increase in more than two years. NEW YORK (CNNMoney) -- In another sign of a housing market rebound, home prices posted the biggest percentage gain in more than two years in the third quarter, according to the closely followed S&P/Case-Shiller index. The 3.6% increase from a year earlier is more than three times the rise in the previous quarter and was the biggest jump in prices since the second quarter of 2010. But that 2010 rise was much more of a temporary blip caused by a homebuyer's tax credit of up to $8,000 on homes purchased in late 2009 and early 2010. This latest rise comes as the housing market has shown numerous other signs of recovery in recent months. The rebound is spurred by a combination of record low mortgage rates, an improving jobs market and a drop inforeclosures to a five-year low, reducing the supply of distressed homes available. There is also a tighter supply of both new and previously owned homes on the market. The improvement in housing market fundamentals have helped to lift the pace of both home sales and home building. Dean Baker, the co-director of the Center for Economic and Policy Research who was one of the earliest economists to warn about the housing bubble and the trouble that lay ahead, said this recovery in the housing market should lead to some sustained housing price increases in the coming years. "I've been an optimist as of late," he said. "Some think it'll get back to bubble prices and that's crazy. But we'll probably do better than inflation for the next few years, and people who have been underwater on their mortgage will get out from that, and build some equity." The latest rise in the Case-Shiller index was the second straight quarter of year-over-year improvement, while the monthly annual reading has climbed for four months in a row, with six straight month-over-month increases. "With six months of consistently rising home prices, it is safe to say that we are now in the midst of a recovery in the housing market," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices. The increases are widespread, with only two of the 20 cities tracked by index -- Chicago and New York -- showing modest price declines from a year earlier. The biggest rise was in Phoenix, one of the cities hardest hit when the housing bubble burst. Prices there in September were 20.4% higher than a year ago. "Home price gains are becoming more widespread across cities, and some of the largest rebounds have been in areas that were most heavily affected during the initial housing slump," said Cooper Howes, an economist with Barclays Capital. "We expect this trend to persist into next year as part of a broad-based housing recovery that includes starts, sales and prices" Home prices are now back to where they were in early 2003, before the housing bubble inflated over the next three years before bursting. Even with the recent gain, the national index is down 28.6% from the peak level reached the first quarter of 2006.

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Fannie Mae Releases Forecast on Housing, Economy

Fannie Mae Releases Forecast on Housing, Economy Given improvements seen in housing, Fannie Mae revised its housing forecast higher for 2012 and 2013 in its November economic outlook report. According to the GSE, the fundamentals are set in place for a “solid” housing recovery, such as low interest rates, rising prices, and a labor market that’s healing. Considering these developments in housing, the GSE’s Economic & Strategic Research Group anticipates single-family housing starts will jump 25 percent this year, then rise by another 22 percent in 2013. Existing-home sales should also rise and see a 9 percent increase in 2012 and a 4 percent gain in 2013. When combining new and existing-home sales, the increase is expected to be 10 percent this year and an additional 6 percent in 2013. And if there’s any risk in this forecast, Fannie Mae says it’s that housing demand may actually result in stronger housing activity than currently anticipated. Based on the Federal Housing Finance Agency’s purchase-only index, home prices should see an increase of 2.9 percent for the remainder of 2012 and a 1.6 percent increase in 2013. Fannie Mae was also optimistic about originations and expects originations to reach $1.81 trillion in 2012 and $1.54 trillion in 2013. The refinance share of originations should rise to 71 percent in 2012 before dropping to 62 percent in 2013, according to the report. The 30-year fixed-rate mortgage is expected to stay low and average 3.5 percent in 2013. The GSE also expects the Federal Reserve to continue buying $40 billion in mortgage-backed securities (MBS) each month through 2013. Unemployment is expected to dip further into 2013 and fall to 7.6 percent. GDP is expected to grow at a rate of 2.2 percent in 2013. Even though reports on the housing sector give reasons to be optimistic, Fannie Mae still warned “data continue to show a sluggish recovery overall.” For full story click here:  http://www.dsnews.com/articles/fannie-mae-makes-forecast-on-housing-economy-2...

“The road to success is always under construction" -- Unknown

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Plastic forks don't work as $$?

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Duane Beisner
Coldwell Banker Real Estate
949-510-4750

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Forty-One AGs Sign Letter Urging Congress to Extend Debt Relief Act

Forty-One AGs Sign Letter Urging Congress to Extend Debt Relief Act Forty-one state attorneys general signed a letter Tuesday urging U.S. House and Senate leaders to extend the expiring Mortgage Debt Relief Act of 2007-. The attorneys general argued failure to extend the act would take away from the national mortgage settlement. “Requiring a homeowner to pay income tax on forgiven or canceled mortgage debt would make the National Mortgage Settlement much less effective,” the letter states. The act, which is set to expire December 31, 2012, allows taxpayers to be excluded from paying taxes on forgiven debt from a foreclosure, short sale, or loan modification. In a release, Nevada Attorney General Catherine Cortez Masto explained the act is expiring at a time when homeowners are benefiting from the national mortgage settlement, which obligates five of the largest mortgage services to provide $20 billion in credited consumer relief. The relief must be provided within three years as of March. “I urge Congress to extend this critical tax exclusion so that families in need are not stuck with an unexpected tax bill or deterred from participating in this historic settlement,” Masto said. The letter also points out that failure to extend the act could lead to $1.3 billion in tax increases, according to the Congressional Budget Office. http://www.dsnews.com/articles/forty-one-ags-sign-letter-urging-congress-to-extend-debt-relief-act-2012-11-20

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October pending and distressed sales report

October pending and distressed sales report California pending home sales post monthly and annual gains in October; share of equity sales continues to expand   http://www.car.org/newsstand/newsreleases/2012releases/octpending LOS ANGELES (Nov. 21) – California pending home sales rose both from the previous month and year in October for the first time in seven months, while the share of equity sales grew slightly, marking a four-year high, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. Pending home sales data: C.A.R.’s Pending Home Sales Index (PHSI)* rose 4.3 percent from a revised 115.2 in September to 120.2 in October, based on signed contracts. Pending sales were up 3.6 percent from the 116.1 index recorded in October 2011. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market. “The strong pace of pending sales in October is a continuation of what we’ve experienced for most of 2012, with demand remaining robust across all parts of the state,” said 2013 C.A.R. President Don Faught. “Non-distressed sales – which are up nearly 50 percent from a year ago – are especially strong, while REO sales are down more than 51 percent, primarily due to a short supply of REOs. The significant increase in non-distressed sales has driven the share of equity sales to its highest level in more than four years.” Distressed housing market data: ·         The share of equity sales – or non-distressed property sales – compared with total sales expanded slightly in October. The share of equity sales in October increased to 63.4 percent, up from 63 percent in September, the highest level since June 2008. Equity sales made up about half (49 percent) of all sales in October 2011. ·         The share of REO sales statewide contracted in October, while the share of short sales essentially was unchanged. The combined share of all distressed property sales dipped to 36.6 percent in October, down from 37 percent in September and down from 51 percent in October 2011. ·         Of the distressed properties, the share of short sales was 24.4 percent in October and 22.6 percent a year ago. ·         The share of REO sales fell further in October, dropping from 12.3 percent in September to 11.8 percent in October and was down from 28 percent in October 2011. ·         The available supply of REOs tightened in October, with the Unsold Inventory Index for REOs falling from 2.2 months in September to 1.9 months in October. The Unsold Inventory Index for short sales was 3.1 months and was 3.2 months for equity sales. Type of Sale Oct. 2011 Sept. 2012 Oct. 2012 Equity Sales 49.0% 63.0% 63.4% Total Distressed Sales 51.0% 37.0% 36.6% REOs 28.0% 12.3% 11.8% Short Sales 22.6% 24.3% 24.4% Other Distressed Sales (Not Specified) 0.4% 0.4% 0.4% All Sales 100.0% 100.0% 100.0%

“The road to success is always under construction" -- Unkonw

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Think Big!

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Look whose going to be roasted!

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Duane Beisner
Coldwell Banker Real Estate
949-510-4750

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Turkey Day Troubleshooting - 11/16 Money Pit e-Newsletter

Home Remodeling Repair & Improve Ideas & Solutions Radio & Podcasts Contact Us Community Listen 24/7 Presented by: The Welcome Mat With Thanksgiving just days away, now is the time to take steps to avoid common holiday headaches. To that end, we've prepared a feast of guides and tips for preventing problems with plumbing, appliances and more. You can do-it-yourself, but you don't have to do it alone. This Issue Solving Turkey Day Troubles The potatoes are mashed, the pumpkin pie is cooling and the turkey is ready to be carved; but what's a homeowner to do when the unpredictable happens? Here are solutions to some of the holidays' most common home repair hurdles. read more Head Off Holiday Plumbing Problems Did you know that the day after Thanksgiving is the single busiest of the year for plumbers? Big holiday meal preparation and cleanup can lead to a lot of unwanted waste in the kitchen drain and garbage disposal. But you can avoid a visit from your plumber by following these clog-preventing tips. read more Hot Tip: Oven Thermostat Troubleshooting The key to perfect turkey and side dishes is a good recipe…and a well-tuned oven. If the temperature is off, Aunt Edith’s famous green bean casserole won’t be at its best! Here's how to check your oven thermostat to make sure it is working properly. read more Don't Let Your Kitchen Appliances Gobble Up Energy Thanksgiving is less than week away, and that means both your kitchen and your energy bill are about to go into hyper-drive. But there are some easy practices you can begin now to help lower your energy usage throughout the preparations and festivities. read more ON THE AIR: Get Ready for Holiday Guests Learn how to make overnight guests comfortable when they stay for the holidays. Keep your home safe with fire-resistant insulation. Plus get answers to your home improvement questions about appliance cleaning, houses on slabs, kitchen countertop options, and more. read more Share This Information With A Friend! Simply forward this Email. And invite friends to register to receive this E-newsletter each week. If you would like to unsubscribe from our weekly newsletter, please refer to the unsubscribe directions at the bottom of this newsletter.

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October home sales and price report

October home sales and price report For release -November 15, 2012 Summary California housing market continues strong performance in October: LOS ANGELES (Nov. 15) – California’s housing market continued its momentum in October, posting strong year-over-year sales and price gains in nearly every county of the state, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.  “Sales surged to the highest level since May, with demand continuing to be strong across all parts of the state,” said 2013 C.A.R. President Don Faught. “Sales were particularly robust in the coastal markets, but they also rose significantly in many non-metropolitan areas, as confidence toward the housing market continued to improve. Most counties in the Northern California region, for example, posted double-digit year-over-year sales gains in October.” The statewide median price of an existing, single-family detached home declined 1.1 percent from September’s $345,000 median price to $341,370 in October. October’s price was up 23 percent from a revised $277,450 recorded in October 2011, marking the eighth consecutive month of annual price increases and the fourth consecutive month of double-digit annual gains. The year-to-year increase was the largest since May 2010. “Other key facts of C.A.R.’s October 2012 resale housing report include: California’s housing inventory tightened in October, with the Unsold Inventory Index for existing, single-family detached homes dropping to 3.1 months, down from 3.7 months in September and a revised 5.5 months in October 2011. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered normal. • Homes continued to sell at a faster pace in October, with the median number of days it took to sell a single-family home falling to 38 days in October 2012 from 39.3 days in September and down from a revised 55.1 days for the same period a year ago. For full report click here:  http://www.car.org/newsstand/newsreleases/2012releases/octobersales

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NAR Economist: Home Prices to Rise 15% in 3 Years

NAR Economist: Home Prices to Rise 15% in 3 Years By Kris Hudson and Dawn Wotapka ORLANDO—National Association of Realtors Chief Economist Lawrence Yun foresees U.S. home prices rising by 15% over the next three years, a boost for the beleaguered housing market. Mr. Yun is widely known for his optimistic forecasts, given his employer, the nation’s largest housing cheerleader. Still, any talk of rising home prices is welcome news. Home values have plunged a third or more from the peak, leaving millions of Americans underwater, or owing more than their mortgage, and unable to move. If their values increase, they might feel comfortable enough to buy a bigger home or retire to a smaller one, helping everyone from real-estate agents, who would earn a commission, to retailers selling everything from furniture to paint. However, Mr. Yun expressed concern about home affordability, citing both supply and demand. Supply remains relatively scarce because builders are not producing as many homes as in past years. Mr. Yun predicts that construction will ramp up to 1.3 million units by 2014, but that still would be below the historic average of 1.5 million. One factor hampering construction: Small home builders still are having difficulty getting financing from local lenders. “Builders need to add more,” Mr. Yun said at the group’s annual conference. “We need to moderate the price growth.” If only it were that easy. Builders are dealing with increased labor and material costs, which threaten the nascent recovery. They also don’t want to build too many homes, just in case the economy weakens again. And, for builders, raising prices is a great thing—particularly if that trickles down to shareholders. On the demand side, U.S. job growth has picked up, but it is, at best, keeping up with population growth. Many of the country’s new jobs are low-paying positions in retail, home health care and other such fields. Thus, U.S. household earnings aren’t growing robustly, and the country’s total employment level is not posting great gains. “Every single month, we would have to create 250,000 jobs for the next eight years to get back to normal” employment levels, Mr. Yun said. An affordability gap could emerge if prices rise due to restricted supply and buyers lose momentum due to sluggish wage growth. Mark Vitner, an economist with Wells Fargo, predicted that mortgage rates will remain at historic lows through 2014, keeping home buying affordable. Mr. Vitner forecast that the rate on a traditional, 30-year mortgage, now at roughly 3.4%, will “bottom out” at 3.3% in next year’s first quarter amid concerns about federal budget-balancing efforts. “We will probably be at an all-time-low in interest rates late this year or early next year.”

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Homebuying doubles in 17 O.C. ZIPs

Title365 posted: "November 13th, 2012,  by Jon Lansner OC Register An October “surpriseâ€� — a homebuying burst — meant that house sales in rose in 72 of 83 Orange County ZIPs, and were up by 100% or more in a year in 17 of those neghborhoods. 63 of O.C.â" Homebuying doubles in 17 O.C. ZIPs November 13th, 2012, by Jon Lansner OC Register An October surprise... a home-buying burst meant that house sales in rose in 72 of 83 Orange County ZIPs, and were up by 100% or more in a year in 17 of those neighborhoods. 63 of O.C.'s 83 ZIP codes with gains in their respective median selling price. Overall, buyers prices were +12.3% vs. a year ago. Taking sales volume in consideration, home-sale pricing is up in ZIPs representing 81% of the Orange County market. 7 of 83 O.C. ZIPs with median sales prices above $1 million in the period vs. 11 million-dollar ZIPs when the county median price peaked in June 2007. Since that pricing pinnacle, there has been a 29% drop in the countywide median price! Priciest ZIP? Newport Coast 92657 with a $2,525,000 median selling price. Current million-dollar ZIPs were 5% of all sales in the most recent period tracked. Million-dollar ZIPs had 171 home sales in this period up 68% vs. a year ago. Cheapest ZIP? Laguna Woods 92637 with a $208,500 median selling price. There were 1 ZIPs with medians under $250,000 vs. 4 a year ago. ZIPs with medians under a quarter million had 2% of all sales in the most recent period. 72 of 83 O.C. ZIPs had year-over-year sales gains in the period or 87% of the market. Overall, countywide sales were up 40.5% vs. a year ago. NOTE! 55 local ZIPs had both sales gains and price gains in the period. (Highlighted in green below!) These double-gainers had combined sales volume equal to 74% of the Orange County market. For a detailed report on the price moves, CLICK HERE! Chart shows data for the current period by ZIP code, ranked by year-over-year growth Town ZIP Price Yr. chg. Sales Yr. chg. Newport Beach 92661 $1,400,000 +53.4% 8 +300.0% La Palma 90623 $438,750 -10.9% 14 +250.0% Corona del Mar 92625 $1,200,000 -12.7% 28 +211.1% Brea 92823 $600,000 -38.0% 3 +200.0% Orange 92866 $455,000 -10.4% 9 +200.0% Irvine 92618 $677,000 +37.6% 62 +169.6% Garden Grove 92843 $316,000 +0.3% 32 +146.2% Villa Park 92861 $1,000,000 +33.3% 7 +133.3% Anaheim 92806 $369,000 +15.3% 27 +125.0% Mission Viejo 92691 $450,000 +9.8% 85 +117.9% Huntington Beach 92647 $475,000 +11.8% 37 +117.6% Irvine 92620 $633,000 +28.7% 76 +117.1% Orange 92867 $475,500 +14.6% 41 +115.8% San Clemente 92672 $590,000 +19.8% 45 +114.3% Irvine 92614 $480,000 +20.0% 23 +109.1% Buena Park 90621 $346,000 +9.8% 27 +107.7% Laguna Woods 92637 $208,500 +12.7% 49 +104.2% Fullerton 92835 $531,000 +13.3% 27 +92.9% Irvine 92602 $595,000 -15.6% 21 +90.9% Ladera Ranch 92694 $440,000 +11.4% 54 +86.2% Huntington Beach 92649 $562,500 +6.1% 46 +84.0% Orange 92869 $410,000 -4.7% 53 +82.8% Irvine 92606 $669,750 +31.3% 20 +81.8% Garden Grove 92844 $331,500 +32.6% 20 +81.8% La Habra 90631 $329,500 +6.3% 70 +79.5% Seal Beach 90740 $699,000 +19.5% 23 +76.9% Garden Grove 92845 $420,000 +1.2% 23 +76.9% Santa Ana 92705 $645,000 +29.0% 43 +72.0% Los Alamitos 90720 $725,000 +9.0% 15 +66.7% Costa Mesa 92627 $462,500 +1.1% 43 +65.4% Dana Point 92629 $561,500 -4.7% 46 +64.3% Newport Coast 92657 $2,525,000 +54.6% 29 +61.1% Laguna Niguel 92677 $550,000 +31.9% 116 +58.9% Foothill Ranch 92610 $430,000 +28.4% 11 +57.1% Orange 92865 $410,000 +17.1% 22 +57.1% Newport Beach 92663 $910,000 +40.0% 34 +54.5% Anaheim 92802 $360,000 +2.9% 23 +53.3% Brea 92821 $440,000 +8.6% 41 +51.9% Yorba Linda 92886 $635,000 +15.5% 75 +47.1% Santa Ana 92706 $377,000 -0.8% 22 +46.7% Mission Viejo 92692 $500,000 +28.2% 71 +44.9% San Clemente 92673 $687,000 +16.3% 57 +42.5% Laguna Beach 92651 $1,125,000 -24.7% 44 +41.9% Newport Beach 92660 $1,037,250 +15.6% 51 +41.7% Rancho Santa Margarita 92688 $378,250 +1.7% 69 +40.8% Lake Forest 92630 $450,000 +30.4% 72 +38.5% San Juan Capistrano 92675 $440,000 +0.6% 44 +37.5% Costa Mesa 92626 $494,500 -0.5% 42 +35.5% Huntington Beach 92646 $550,000 +28.2% 71 +34.0% Newport Beach 92662 $1,390,500 -12.5% 4 +33.3% Fullerton 92833 $375,000 +11.1% 40 +33.3% Yorba Linda 92887 $600,000 +33.3% 33 +32.0% Anaheim 92801 $323,000 +16.4% 30 +30.4% Dana Point 92624 $554,000 -0.7% 9 +28.6% Aliso Viejo 92656 $390,000 -1.3% 93 +27.4% Anaheim 92804 $357,500 +7.5% 48 +26.3% Fullerton 92831 $342,000 -14.3% 24 +26.3% Tustin 92780 $415,000 +18.6% 34 +25.9% Westminster 92683 $395,000 +3.9% 59 +25.5% Irvine 92612 $514,000 +14.3% 27 +22.7% Anaheim 92807 $430,000 +5.9% 40 +21.2% Placentia 92870 $400,000 -4.8% 46 +21.1% Irvine 92603 $855,000 +16.7% 33 +17.9% Cypress 90630 $431,000 +14.9% 41 +17.1% Fountain Valley 92708 $524,000 +0.8% 42 +13.5% Tustin 92782 $576,000 +8.1% 45 +12.5% Santa Ana 92707 $275,000 +12.2% 34 +9.7% Laguna Hills 92653 $347,000 -23.9% 35 +9.4% Santa Ana 92704 $338,000 +17.0% 35 +9.4% Trabuco/Coto 92679 $680,000 +22.5% 48 +9.1% Anaheim 92805 $305,000 +0.0% 44 +4.8% Huntington Beach 92648 $613,750 -1.0% 54 +1.9% Orange 92868 $372,500 +30.7% 12 +0.0% Buena Park 90620 $398,000 +19.8% 42 -2.3% Fullerton 92832 $330,000 +3.6% 10 -9.1% Midway City 92655 $325,750 -6.9% 6 -14.3% Garden Grove 92840 $321,000 +14.6% 35 -14.6% Stanton 90680 $256,000 +6.7% 17 -15.0% Anaheim 92808 $490,000 +25.0% 22 -15.4% Garden Grove 92841 $339,500 -6.3% 18 -21.7% Irvine 92604 $450,000 -2.2% 21 -25.0% Santa Ana 92703 $313,000 +20.4% 21 -30.0% Santa Ana 92701 $281,500 +72.7% 19 -36.7% Total O.C. $455,000 +12.3% 3,148 +40.5%

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Report: 1 in 3 buyers can afford O.C. home

Title365 posted: "By MARILYN KALFUS / THE ORANGE COUNTY REGISTER Nov 12th, 2012 Just 1 in 3 Orange County households could afford to buy a median-priced, single-family home as of the third quarter, the California Association of Realtors said Monday. Climbing " Report: 1 in 3 buyers can afford O.C. home    By MARILYN KALFUS / THE ORANGE COUNTY REGISTER Nov 12th, 2012 Just 1 in 3 Orange County households could afford to buy a median-priced, single-family home as of the third quarter, the California Association of Realtors said Monday. Climbing home prices drove affordability down from the previous quarter everywhere in Southern California, while affordability improved or stayed the same in most San Francisco Bay Area counties, the association said. In Orange County, homebuyers needed at least $108,510 in annual income to qualify for an existing home costing $560,320. That translates to a monthly payment, including taxes and insurance, of $2,710 for a 30-year fixed-rate loan with 20 percent down and interest of 3.7 percent. By comparison, the interest rate was 4.6 percent in the third quarter of 2011. Many Orange County real estate agents, however, cite an unprecedented low supply of homes on the market as a more significant hurdle to homeownership. "I don't think affordability is the biggest issue right now,'' said Rob Magnotta, a broker with First Team Estates in Newport Beach. "I think inventory is a much larger problem. That's having more of an effect on prices. "You put a $560,000 home on the market now, if it's priced right, it's gone," he said. "I'm not seeing anything below $700,000 having any difficulty moving at all." The report also showed: •In Orange County, 34 percent of households could afford an existing, median-priced single-family house in the third quarter, up by 1 percentage point from the same period last year, but down by 1 point from the second quarter of 2012. •The 34 percent compares with 39 percent of Orange County households able to afford a home in the first quarter of 2012, the highest percentage since 2006. •Statewide, 49 percent of homebuyers could afford an existing home at the median price of $339,860 in the third quarter, down from 51 percent who could afford to do so in both the second quarter of 2012 and the third quarter of 2011. The annual income needed would be $65,810. •The monthly payment in California, including taxes and insurance on a 30-year fixed-rate loan, would be $1,650 for a home at the median price. That assumes a 20 percent down payment and an interest rate of 3.7 percent. Solano County in the Bay Area and San Bernardino County were the most affordable in the state, with 77 percent of homebuyers able to buy a home, the Realtors association said. Least affordable was San Mateo County in the Bay Area, at 24 percent. A nationwide study recently found that a median-income household could afford a median-priced home in 14 of the country's 25 largest metro areas. The study, by Interest.com, found that Detroit, Atlanta and Minneapolis are the most affordable markets, while San Diego, New York and San Francisco are the least affordable. "Dealing with rising expenses and stagnant wages is a struggle," said Mike Sante, the site's managing editor. "Even after years of declining home prices and record-low mortgage rates, median-income households are unable to afford a median-priced home in nearly half of the metropolitan areas that we looked at."

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