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

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

Annual Foreclosure Filings Down for the 11th Straight Month…

On an annual basis, foreclosure filings fell last month. As compared to August 2010, last month’s foreclosure filings dropped 33 percent. “Foreclosure filing” is a catch-all term, comprising default notices; scheduled auctions; and bank repossessions. The study was published by foreclosure-tracking firm RealtyTrac and this month’s report reveals a slowing rate of foreclosure within each of the Top 10 most foreclosure-heavy states.

All news is not good, however. On a monthly basis, foreclosure filings spiked, led by a surge in default notices. Default notices made their biggest one-month jump since August 2007 on the way to a 9-month high last month. Default notices are the first step in the foreclosure process so this jump may foreshadow a large number of bank repossessions as foreclosures “ make their way through the process”.

It’s also noteworthy that just 6 states housed half of the nation’s bank repossessions last month.

  • California : 18 percent of bank repossessions (Were #1)
  • Florida : 8 percent of bank repossessions
  • Georgia : 7 percent of bank repossessions
  • Michigan : 6 percent of bank repossessions
  • Texas : 6 percent of bank repossessions
  • Arizona : 6 percent of bank repossessions

As a home buyer in Southern California, foreclosures can save you money. The National Association of REALTORS® reports that distressed homes sell with typical discounts of 20 percent versus comparable, non-distressed homes. However, buying a home from a bank is a different process from buying a home from a “person”. Contract negotiations are different and it can take months to finally close on a foreclosed home.

October 2011 Newsletter, The Sousse Group

JUST LISTED – The Plaza, 8059 Scholarship, $848,000

8059 Scholarship, The Sousse Group, Luxury Irvine Condos

8059 Scholarship, 2 bedroom, 2.5 bath, 1,790 sq ft, $848,000

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

Greece is BROKE!!!!!!!!!! Why can’t the European Union just say it? No one is talking about the elephant in the room. Greece will most likely default on their debt and obligations this weekend. Moody’s downgraded Greek banks by two notches this week siting fragile liquidity and funding issues.

Italy was also downgraded by Standard’s and Poor’s this week as the EU forced a 55 billion austerity plan. Folks, three world is falling.

Except, the United States is looking pretty great!!! Our markets were hammered this week with huge losses in the stock market due to the European Financial Crisis? Why does that affect us? It truly is a global economy. But CEO’s all over the nation has proven we can save cash, cut costs and still produce great dividends in a 1-2% Gross Domestic Product environment. If you look at the value of US companies and the price to earnings ratios on the blue chip stocks, our market is highly undervalued. The stock market is all about perception and people who panic sell quickly. This causes a tumbling effect that reverberates throughout out the markets.

So…..what does that mean to us??? The FED released Operation Twist this week shuffling $400 billion worth of notes. They are selling $400 billion of short term notes and buying $400 billion of long term notes? This move helps to push the 10 year Treasury bill lower driving down long term interest rates to consumers. Hence lower mortgage rates.

The 10 year Treasury bill hit record lows.

The 30 year and 15 year conforming rates are incredible and the 5 and 7 year jumbos are really something. Underwriting times on purchases are still at only 5-6 days for us which is incredible compared to our competition!

As you work today, remember what Ralph Marston said; “What you do today can improve all of your tomorrows”.

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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