Up to Date Real Estate News from the Experts in Urban Living, May 2013

Up to Date Real Estate News from the Experts in Urban Living May, 2013

O.C. Home Listings Near 9-Year Low…

Source: OC Register

The number of homes for sale in Orange County last week fell to their second-lowest level in numbers dating back nearly nine years. As of March 14th, 3,183 Orange County homes were listed for sale in the Realtor-run Multiple Listing Service, or MLS. The only time in the period that listings were lower was on Jan. 3, when there were 22 fewer homes for sale. A year earlier, Orange County had 7,000 homes for sale. The average in figures dating back to June 2004 is 10,000 listings.

Although the inventory “sits at an unprecedentedly low level,” the local housing market shed 54 homes in the preceding two weeks and 89 in the previous month. The inventory is off to such an anemic start because the number of short sales and foreclosures coming on the market thus far this year has plummeted compared to 2012.

Orange County had just 226 distressed property listings – foreclosures and homes selling “short” of the amount needed to pay off the mortgage. That’s the lowest number in the past nine years, accounting for 7.1 percent of all listings. A year ago, the county had nearly 2,200 distressed listings, or 30.4 percent of the market. The market shed about a third of its distressed listings in the past month. The current market time needed to sell all the inventory at the current sales pace – also fell to a nine-year low: 1.11 months, or 33 days. The average is four months and 13 days.

1415 scholarship Just Listed $355,000

1415 Scholarship, The Sousse Group, Luxury Irvine Condos

Beautiful Residence One A Loft Collection at Avenue One! One bedroom, one bathroom with approximately 846 Sq. Ft plus a Loft. Home includes custom paint throughout, granite slab counter tops and designer European style cabinetry in kitchen and bathrooms, stainless steel appliances, sterling high/low double basin sink, dual glazed energy-efficient windows. Experience the latest in luxury urban living with a bounty of resort-caliber amenities such as planned group activities, business center, conference room, pool, spa, fitness center, indoor basket ball court, BBQ with picnic areas, club house with plasma screen and media lounge, putting green, billard room & tot lot. Walking distance to San Joaquin Nature Preserve.

Financial Update by Maurice

Rates spiked today as the unemployment numbers were lower than expected shooting the stock market up 143 points to a record high closing and a temporary run at over 15,000. That sent a jolt to the treasury markets in which the 10 year T-Bill jumped to 1.73 at the closing bell. This pushed interest rates up a .125% and on some programs a .25% within 90 minutes of the report. Yes…in 90 minutes traders panic and pushed rates up so they don’t get caught with bonds they can’t sell. We’ll see how this all settles next week.

The quote of the week from John Wooden is “If you are not making mistakes, then you are not doing anything. I’m positive that a doer makes mistakes”. Go out on a limb this weekend and try something new and exciting. The worst you can do is make a mistake.

Based in Orange County, California, The Soussé Group is ranked number one in total sales in Irvine, California, 92612. Topped $140 million in sales in 2012, 2011, 2010, 2009, 2008, 2007 alone with 438 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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