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

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

Foreclosures Fall 24% in Irvine

OC Register, April 29, 2011

Mortgage defaults in Irvine — the start of the foreclosure process — opened 2011 by falling by 24 percent vs. a year ago, according to a report from Data-quick on first-quarter foreclosure trends. There were 258 mortgage defaults on houses and condos in Irvine ZIPs in 2011′s first three months — that was down 24% from a year ago. But, we note, foreclosure starts rose 4% from the final quarter of 2010. Also …

  • Irvine 92612 had the highest rate of defaults per 1,000 residences (8.6); 92620 had the lowest at 3.2.
  • 92620 had the biggest drop in defaults (45%); 92612 had the biggest gain.
  • Chart below lists mortgage default statistics for Irvine ZIP codes, ranked by rate of foreclosure starts per 1,000 homes.

Orange County Foreclosure by Zip Code (.pdf)

Foreclosure Rates Orange County Zip Codes (4-25-2011) (.pdf)

JUST LISTED – Beautiful Astoria Residence in Newest Luxury High-Rise

401 Rockefeller Unit 805, The Sousse Group, Luxury Irvine Condos

401 Rockefeller Unit 805, Irvine, CA – $625,000 2 bedroom, 3 bath, 1,583 square feet

Astoria is Irvine’s preferred newest High-Rise Luxury Urban Living. This dual master suite is located on the 8th floor with unobstructed 180 degree view of City and Mountain with a large terrace for entertaining. The Gourmet kitchen features stainless steel appliances, drop-in gas 5-burner cook top, built in microwave and wall oven combination, elegant stone flooring, stylish granite countertops with full-height backsplash. Private upgrades over $85,000, such as Lurton lighting, motorized floor to ceiling window shades, fully integrated entertainment system with 3 in-unit 6 inch touch screens, 12 built-in surround system speakers, 2 wall-mounted televisions, including a 60 inch Pioneer ‘Elite’ Plasma TV. Resort-style landscaping featuring an elevated terrace with pool & spa, fitness center, outdoor entertaining areas, a private wine tasting room, secured wine vault, business center, concierge service & secure parking. Live in Orange County’s newest, resort-style & recreational Oasis master planned community… The Central Park West.

Financial Update by Maurice

Please stop and take a quick second to look at these rates!!!!!! Conforming 15 year fixed rates are in the low 3’s??? Incredible!

How about the jumbo 5 year fixed in the 3’s up to $3 million. Outstanding. Remember, this drop in rates can really assist some clients who are on the qualifying border to help qualify.

The beginning of 2010 showed 10 year Treasury bills hovering at approximately 3.85%. A year later we are down at 3.2% as the 10 year struggles to stay in the 3’s. What is driving down this index? Bond buyers are almost being forced into buying these cheap T-bills as the concern for over weighted stocks and commodities cause concern for investors. What drove the DOW back to 12,700? Companies cutting costs? An increase of consumer spending? Or, may it have been the shear revolt of a 3% yield on Treasury bonds which can lose their value if rates increase?

This combination of things has paralyzed investors as they try to figure out if they bite on the sour taste of 3% bonds from a government that is laden in debt, or, do they risk it on the entrepreneurs of Wall Street to run efficient companies hoping we won’t see another DOW at 10,000 or below.

Personally, I like cash sewn in the mattress these days…

Shaquille O’Neal said “Excellence is not a singular act, but a habit. You are what you repeatedly do.”

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
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