Up to Date Real Estate News from the Experts in Urban Living, January 2012

Up to Date Real Estate News from the Experts in Urban Living January, 2012

Bank Repossessions Drop to a 44 Month Low…

Foreclosure activity continues to concentrate over just a few states. According to foreclosure-tracker Realty-Trac, November’s foreclosure filings fell 3 percent as compared to October, and 14 percent from November 2010. “Foreclosure filing” is a catch-all term for the various “action steps” throughout the foreclosure process. The grouping comprises default notices, scheduled home auctions, and bank repossessions.
Forclosures January 2012, The Sousse Group, Luxury Irvine Condos

As in most months, though, foreclosure activity remains concentrated by state. More than half of last month’s bank repossessions can be traced to just 6 states.

  1. California: 14.8% of all bank repossessions
  2. Florida: 12.7% of all bank repossessions
  3. Texas: 7.0% of all bank repossessions
  4. Georgia: 6.9% of all bank repossessions
  5. Arizona: 6.7% of all bank repossessions
  6. Michigan: 6.3% of all bank repossessions

Meanwhile, with just 5 repossessions, South Dakota topped the list of states with the fewest bank repossessions in November. The Mount Rushmore State accounted for just 0.009% of REO nationwide in a month in which bank repossessions dropped to a 44-month low point across the United States.

The drop in REO is coming at a tough time for today’s Orange County home buyers. Distressed properties are in high demand ­ mostly because they sell at steep discounts. According to the National Association of REALTORS®, distressed homes accounted for 28 percent of all home sales in October. As fewer bank-owned homes become available, though, there will be fewer “deals” to be had. Especially as the broader housing market continues to signal its recovery.

If you plan to buy a bank-owned foreclosed property, do your research first. As supplies drop, the price for foreclosed homes throughout California relative to non-distressed homes may rise, rendering REO properties less of a relative “value”. Before you write a contract, therefore, talk with a licensed real estate agent. There’s plenty of foreclosure data available online but, when it’s time to buy, you should have an experienced agent on your side.

JUST LISTED – The Plaza, 8059 Scholarship, $868,888

8059 Scholarship, The Sousse Group, Luxury Irvine Condos

8059 Scholarship, 2 bedroom, 2.5 bath, 1,790 sq ft, $868,888

Views of twinkling city lights, mountains, Fashion Island, golf course and nature habitat preserve that bring the outside in from this ‘big sky’ wrap-a-round terrace. This 2 bedroom plus foyer/gallery, 2.5 bath corner unit on the 5th floor offers gorgeous travertine floors that guide you through the luxury of light cherry wood kitchen cabinetry, granite counter tops, floor to ceiling windows with upgraded window shades, custom paint, custom light fixtures, crown molding, three Plasma TV’s and fireplace with custom built-in entertainment in living room. Experience extraordinary amenities and recreational oasis on nearly one acre of land…The Plaza-Irvine.

Financial Update by Maurice

Interest rates are looking great this week. How about a 30 year fixed at 3.5%. Does that do anything for you??

The jobs report came out today with an increase to jobs in December of approximately 325,000 new jobs created (per ADP), but, the bond market doesn’t seem to care. Bond traders are still more worried about Europe and the strength of the financial institutions there.

If you have a moment, pop open the attached rate sheet. The jumbo mortgages are extremely low as we have a purchase special going on 30 year fixed jumbo rates. We are offering a .25% better than refinances on this program. Great stuff!!

Being a great baseball fan I can relate to this: “Progress always involves risks. You can’t steal second base and keep your foot on first”.

Based in Orange County, California, The Soussé Group is ranked number one in total sales in Irvine, California, 92612. Topped $120 million in sales in 2011, 2010, 2009, 2008, 2007 alone with 320 completed transactions and have successfully risen to the top 50 along the 25,000 agents in Orange County.
Kerry and Maurice Soussé
Realtor / Broker
The Soussé Group
HÔM Real Estate Group
1200 Newport Center Drive, Suite 100
Newport Beach, CA 92660
Direct Line: (714) 412-9014
Direct Line: (714) 412-8512
Direct Fax : (949) 640-7606
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© 2010 The Soussé Group.


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