Filings outweigh the loss of homes - Florida Today
08.02.09
That hasn't happened -- at least not yet, anyway. In fact, fewer than 1,100 homestead properties have been lost to foreclosure in the past two years, according to court records.
While that number is not insignificant -- especially for the homeowners involved -- it is only about 8 percent of all foreclosure filings over that time period.
Borrowers often catch up on payments or make other arrangements with lenders before foreclosure suits make it to court.
The sheer number of delinquent loans has overwhelmed both lenders and the courts, stretching out the time it takes to foreclose on a property.
It now can take as long as 12 to 18 months for banks to force a sale or for them to take possession of a property, according Clerk of the Court Scott Ellis, whose office handles foreclosure filings in the county. A few years ago, the process typically was complete in eight months or less.
The lag time means that potentially thousands of suits filed last year -- and perhaps in 2007 -- still have to work their way through the courts.
Source: Florida Today, FL
Local Housing Market Update - Irvine, California - February 2, 2009
With some of the best residential neighborhoods and homes in South OC, Irvine is located next to Newport Beach, Laguna Beach, Newport Coast, and within a 10 minute drive of the Pacific Ocean at Crystal Cove.
Irvine is especially known for its pleasant weather with lots of sunshine, excellent and award winning public schools, healthy business climate with good job opportunities, University of California Irvine, encouragement for business development, celebration of diversity, places for freedom of worship, and one of the safest cities in the United States.
As of today, February 2, 2009 ~ there are 653 homes listed for sale at Irvine with average list price of homes is $751,576 (average time on the market is 105 days).
Of the 653 Irvine homes now listed for sale, 299 are SFR detached, and 354 are attached or condo homes.
Of the 653 Irvine homes now listed, 157 are proposed short sales not yet bank approved (24 percent of homes on the market at Irvine).
Of the 653 Irvine homes now listed for sale, 33 are REO bank owned (That's less than one percent of the market, and one of the lowest by percentage in South OC).
Sold homes during January 2009 ~ During the past thirty days since January 1, 2009 ~ 70 Irvine homes were sold with escrow closed (about 11 percent sold as compared to the 653 number of homes now listed for sale).
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What are my best chances of buying a Irvine Townhome in Foreclosure?
Nov 13, 2006 by jamiepar76 | Posted in Renting & Real Estate
It has been a dream for me to own a home and start my new family in Irvine, CA since my early 20s. Three years ago, I flew out to the Irvine ranch to be on the lottery to purchase a towhhome in Irvine, CA for $459,000 for a 3bed/3bath 1600 square feet. At that time i was single, and i had cold feet when my name was called. I thought the price was too high then. Til this day i regret not purchasing. Now as i am trying again to move to Irvine. I am looking for a townhome between 0-5 years (3 bed/ 3 bath 1600 square feet )for about $550,000 in Irvine. What are my best chances to get a home in foreclosure in Irvine. How can i go about seeking those opportunities? Also i am waiting to see if the Irvine real estate cools down a bit. Do you think the prices will go down about 10% by first quarter of 2008?
I have a feeling prices will not increase but also certainly not decrease. The market is slow but housing costs are still steady. You may want to look into buying a foreclosure. There are plenty of sites that you can search for properties nationwide or specifically in Irvine. There is a lot involved but it may be worth it if your motivated.
I use http://www.foreclosure.com when I was purchasing rental properties. You can take the 7-day trial to see if that's really what route you want to take.
Happy hunting. You sound pretty motivated. That's great just keep saving and go get that house in Irvine!
lu_candid | Nov 13, 2006
which one is better to own a home ,Pasadena or Irvine?
Jan 08, 2007 by MJ | Posted in Renting & Real Estate
We are planning to buy a condominium in the Los Angeles area,We liked one in Pasadena & one in Irvine,Dont know much about the places as we recently moved to LA,Which place would be a better option,And how abt the schools in these areas,
ThankYou.
The schools in Irvine are outstanding! Infact a brand new 80 million dollar high school was just built last year in central irvine. I happen to live in Irvine. Pasadena is much closer to LA though. If you need to comute everyday to LA then I would stick with pasadena. But personally renting may not be a bad idea too. There are some great lease deals in northpark irvine right now. Beautiful gated neighboorhood. Shoot me an e-mail or give me a call and we can discuss further.
ondreforsure | Jan 08, 2007
Is it crazy to commute from irvine (my home) to UCLA for school???
Apr 30, 2008 by Samantha | Posted in Higher Education (University +)
If it's Irvine, Ayrshire, Scotland to California every day, then yes, more than crazy. Work out the time/distance/cost/benefit analysis for yourself dear, and then tell us!
iain h | Apr 30, 2008