Up to Date Real Estate News from the Experts in Urban Living, July 2011

Up to Date Real Estate News from the Experts in Urban Living July, 2011

Pending Home Sales Unexpectedly Spike in May…

The summer housing market is heating up. According to data from the National Association of REALTORS®, the Pending Home Sales Index smashed analyst expectations, jumping 8 percent on a monthly basis in May.

Wall Street calls were for an increase of just 0.5 percent. It was a surprise result that, coupled with the recent stronger-than-expected New Home Sales and Existing Home Sales readings, has sparked housing market optimism in California and nationwide. The biggest reason for the optimism is because of what the Pending Home Sales Index measures.

In contrast to “traditional” housing data which reports on how housing performed two months ago, for example, the Pending Home Sales Index is a forward-looking indicator; a predictor of future market activity based on freshly-written contracts between buyers and sellers. In other words, the Pending Home Sales Index looks ahead — not back. This is reflected in its methodology which states that 80% of homes under contract close within 2 months, and a large percentage of the rest close within Months 3 and 4.

Because May’s Pending Home Sales Index rose sharply, therefore, we can expect similar jumps in the Existing Home Sales figures of June and July. For housing and home prices, this is a positive but the gains won’t apply to each home equally. The Pending Home Sales Index is still a national report for a market built on local sales. What’s happening on your particular street in your particular neighborhood may not reflect what’s happening somewhere else.


JUST LISTED – The Plaza, 8059 Scholarship, $888,000

8059 Scholarship, The Sousse Group, Luxury Irvine Condos

8059 Scholarship, 2 bedroom, 2.5 bath, 1,790 sq ft, $888,000

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

Rates are almost the same as last week. We had a mid week bump in rates, with jobless numbers coming out today with a horrid report. This drove 10 year treasury bills down to 3.0% at the closing bell pushing rates down by a .25%. They are about the same rates as last Friday.

Just a reminder as we had a loan this week that was a flip; please let us know right away if the seller has just recently purchased the property. Luckily the seller had bought the property over 30 days ago and the price was not more than 120% over the seller’s acquisition price. There are still very restrictive guidelines in regards to flip properties. Call me for details.

Remember “The positive thinker sees the invisible, feels the intangible, and achieves the impossible.”


Based in Orange County, California, The Soussé Group is ranked number one in total sales in Irvine, California, 92612. Topped $96 million is sales in 2010, 2009, 2008, 2007 along with 260 completed transactions and have successfully risen to the top 50 among 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
info@thesoussegroup.com
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