Boker's Blog

"Glass Half Empty" Perspective

ORANGE COUNTY REGISTER REAL ESTATE SECITON 8/28/2011
Jonathan Lansner
“Selling Newport Homes takes 2.7 times longer”
“The overall Newport Beach home market—beach communities, Corona del Mar, and Newport Coast—had 903 residences listed for sale as of August 18 with 97 new deals opening in the past 30 days. it would take “9.31 months to sell all inventory at current pace of new escrows in the Newport Region vs. 3.46 months countywide.

ORANGE COUNTY REGISTER BUSINESS SECTION 8/18/2011
Marilyn Kalfus
“O.C. Foreclosures take 373 days”
“It took just a little more than a year—an average of 373 days—for banks to foreclose on Orange County homes as of July.” This is up 32% from July 2010. BUT notices of default were down 20%. In July of 2010 it only took about 283 days to foreclose on Orange County Homes, 90 days less than July 2011.

“Statewide, the time it takes to foreclose—from the day a default notice is filed until the sale at auction—went up an average of 20%.”

LOS ANGELES TIMES BUSINESS SECTION 8/17/2011
Roger Vincent
“California home prices drop 6%”
For the month of July, 34,695 homes and condos were sold. According to DataQuick this is actually down 11% from June and 1.4% from 1 year earlier. Median price paid for new and resale houses and condos last month was $252,000 which is down 6% from July 2010.

“Foreclosure have declined sharply, but remain high by historical standards. Financing with multiple mortgages is low, down payment sizes are stable, and cash and non-owner-occupied buying has eased a bit in recent months but remains relatively high.”

LOS ANGELES TIMES REAL ESTATE SECTION 8/16/2011
Roger Vincent
“Home Sales in Region Decline”
“Home sales in Southern California fell to the lowest level for July in four years as some key economic indicators turned downbeat and congressional budget wrangling took the country to the brink of financial default.” July home sales as compared to last year have dropped 4.5% in Southern California.

ORANGE COUNTY REGISTER REAL ESTATE SECTION 8/28/2011
Jonathan Lansner
“Housing sidesteps financial volatility”
According to Register writer Jon Lansner, “housing seems to have sidestepped the financial scare relatively well. House shoppers around Orange County have curiously stepped up summertime activity despite the volatile economic scene.” DataQuick has evaluated that the market has sped up by 5.1% in the last two weeks and that pending sales have increased by 300.

ORANGE COUNTY REGISTER BUSINESS SECTION 8/28/2011
Marilyn Kalfys
“Sales of California distressed properties dip”
“Almost half the homes sold in California in July were distressed properties, the California Association of Realtors reports, BUT the share of foreclosures and short sales dipped slightly from both the prior month and year.”

Distressed sales for July dropped to 44.5% from 47.7% a year earlier. Non distressed sales are at 55.5% which is up from 52.3% a year earlier.

LOS ANGELES TIMES BUSINESS SECTION 8/20/2011
Jim Puzzanghera
“Banks brace for more troubles”
“Bank if America Corporation disclosed another round of layoffs, but federal regulators and industry analysts believe the bank and the financial industry in general are healthy.” BUT now with the investment of Warren Buffet in Bank of America for $5 billion will help “allay fears that America’s biggest bank needs a fresh infusion of capital to withstand mortgage losses and another downturn in the economy.”

"Glass Half Full" Perspective

ORANGE COUNTY REGISTER REAL ESTATE SECTION 8/28/2011
Jonathan Lansner
“Housing sidesteps financial volatility”
According to Register writer Jon Lansner, “housing seems to have sidestepped the financial scare relatively well. House shoppers around Orange County have curiously stepped up summertime activity despite the volatile economic scene.” DataQuick has evaluated that the market has sped up by 5.1% in the last two weeks and that pending sales have increased by 300.

ORANGE COUNTY REGISTER BUSINESS SECTION 8/28/2011
Marilyn Kalfys
“Sales of California distressed properties dip”
“Almost half the homes sold in California in July were distressed properties, the California Association of Realtors reports, BUT the share of foreclosures and short sales dipped slightly from both the prior month and year.”

Distressed sales for July dropped to 44.5% from 47.7% a year earlier. Non distressed sales are at 55.5% which is up from 52.3% a year earlier.

LOS ANGELES TIMES BUSINESS SECTION 8/20/2011
Jim Puzzanghera
“Banks brace for more troubles”
“Bank if America Corporation disclosed another round of layoffs, but federal regulators and industry analysts believe the bank and the financial industry in general are healthy.” BUT now with the investment of Warren Buffet in Bank of America for $5 billion will help “allay fears that America’s biggest bank needs a fresh infusion of capital to withstand mortgage losses and another downturn in the economy.”