Weekly Wednesday Orange County Foreclosures And Short Sales Market Update November 2, 2010

Here’s a look at the inventory in Costa Mesa, Newport Beach, Huntington Beach, and Laguna Beach.

Below is a look at the number of homes identified in the MLS as being ‘in the foreclosure process,’ ‘short sale offer submitted,’ ’short sale/subject to lender approval,’ ‘notice of default,’ ‘REO/Lender-owned,’ or ‘REO Offer(s) submitted.’  These homes are currently either active listings, accepting backup offers or pending sales. 

Credit jscreationzs

 Costa Mesa:

161 total homes listed as in the above categories 

Huntington Beach:

367 total homes listed as in the above categories

Newport Beach:

141 total homes listed as in the above categories

Laguna Beach:

57 total homes listed as in the above categories

Please note that these numbers only reflect what is reported in the SoCal Multiple Listing Service. We will continue to follow the numbers and share the changes in the local Orange County real estate market. Please comment or email us at shortsales@torellirealty.com if you’d like additional information.

See some of our short sale listings here.

About Torelli Realty: Torelli Realty  has been servicing the Orange County real estate market for over 25 years. The company is located in Mesa Verde Costa Mesa and has 100% success with short sales. Feel free to contact Torelli Realty for a consultation and for all your Orange County real estate needs.

WEBSITE
SHORT SALE WEBSITE
ORANGE COUNTY SHORT SALES INFORMATION ON FACEBOOK –  TWITTER  – FACEBOOK – COMPANY BLOG – 365 THINGS TO DO IN COSTA MESA FACEBOOK PAGE

Company License #: 00878443 – Valerie Torelli License #: 00668297

Weekly Wednesday Orange County Foreclosures And Short Sales Market Update September 29, 2010

Here’s a look at the inventory in Costa Mesa, Newport Beach, Huntington Beach, and Laguna Beach.

Below is a look at the number of homes identified in the MLS as being ‘in the foreclosure process,’ ‘short sale offer submitted,’ ’short sale/subject to lender approval,’ ‘notice of default,’ ‘REO/Lender-owned,’ or ‘REO Offer(s) submitted.’  These homes are currently either active listings, accepting backup offers or pending sales. 

Credit jscreationzs

 Costa Mesa:

161 total homes listed as in the above categories 

Huntington Beach:

352 total homes listed as in the above categories

Newport Beach:

130 total homes listed as in the above categories

Laguna Beach:

59 total homes listed as in the above categories

Please note that these numbers only reflect what is reported in the SoCal Multiple Listing Service. We will continue to follow the numbers and share the changes in the local Orange County real estate market. Please comment or email us at shortsales@torellirealty.com if you’d like additional information.

See some of our short sale listings here.

About Torelli Realty: Torelli Realty  has been servicing the Orange County real estate market for over 25 years. The company is located in Mesa Verde Costa Mesa and has 100% success with short sales. Feel free to contact Torelli Realty for a consultation and for all your Orange County real estate needs.

WEBSITE
SHORT SALE WEBSITE
ORANGE COUNTY SHORT SALES INFORMATION ON FACEBOOK –  TWITTER  – FACEBOOK – COMPANY BLOG – 365 THINGS TO DO IN COSTA MESA FACEBOOK PAGE

Company License #: 00878443 – Valerie Torelli License #: 00668297

What Percent of OC Mortgages Are 90 Days Late?

Today, Jon Lansner posted that 8.4% of OC mortgages are 90 days late. That’s up 2.6 percentage points over a year ago. Get the scoop & see the data here.

Some homeowners who are late on their mortgage may want to consider a short sale as a way to avoid the pitfalls of foreclosure if they are unable to make their mortgage payments. There are many benefits for short sales. Find out more about Orange County short sales here.

About Torelli Realty: Torelli Realty  has been servicing Costa Mesa, California almost exclusively for over 25 years and knows Costa Mesa real estate and works with the most Costa Mesa homes for sale. The company has 100% success with short sales. Feel free to contact Torelli Realty for a consultation and for all your real estate needs – we know Costa Mesa houses.

WEBSITE
SHORT SALE WEBSITE
TWITTER  – FACEBOOK – COMPANY BLOG

When Short Sales Stall

With so many short sales in Costa Mesa, California and throughout the nation, many sellers are wondering how to deal with lowball offers, which can halt the short sale transaction. Prior to 2010 the big problem was that the banks were not responding to the offers in a timely manner, forcing many short sales into long sales, or no sale at all.

Fortunately, the government stepped in and added regulations to the short sale process. For instance with our Costa Mesa short sales, we are seeing faster feedback from the lenders. Overall, lenders are working harder to make a deal (and our agents are really persistent!)

The next challenging issue is what to do if the offer is rejected by the lender. A recent Inman News article said (and we agree!) that the first thing an agent should do is find out as much a possible from the lender about why the offer was rejected. This may not be possible in all cases so the selling agent needs to take further action. For one thing, selling agents should ask the buyers to put in a higher offer. The listing agent should also go after higher offers from other prospective buyers.

About Torelli Realty: Torelli Realty is proud to offer home improvement and home staging tips to help your home’s value throughout Costa Mesa and in Mesa Verde. The company has been servicing Costa Mesa, CA almost exclusively for over 25 years and knows Costa Mesa real estate. The company has 100% success with short sales. Feel free to contact Torelli Realty for a consultation and for all your real estate needs.

WEBSITE
SHORT SALE WEBSITE
TWITTER  – FACEBOOK – COMPANY BLOG

California Homeowner Defaults and Foreclosures Down 40%

California real estate defaults and foreclosures are down 40% over Quarter 1 of 2009 according to real estate research firm DataQuick. Still over 80,000 lenders filed notices of default in California during this past quarter.

Last year entry-level homebuyers were hit hardest with default notices, which is the first step toward foreclosure. While lower priced homes are still defaulting in high numbers, there was significant improvement. Interestingly, pricier areas didn’t fare so well. This suggests that the worst could be over for the less expensive homes and the more expensive homes may be in for more trouble as far as defaulting on loans, and eventual foreclosures.

The good news is that over the past several months, many lenders have been considering alternatives to foreclosure. For example, lenders are open to the government HAMP program, modifying loans, or short sales.

Costa Mesa short sales are one option for homeowners in default in Costa Mesa, CA to avoid foreclosure if eligible.

About Torelli Realty

Torelli Realty is a Costa Mesa real estate agency that specializes in Costa Mesa real estate, Mesa Verde real estate, and Orange County real estate.  Since 1984 the company has served the community and consistently been #1 in selling Costa Mesa homes for sale. Torelli Realty specializes in Costa Mesa short sales, Mesa Verde short sales, and Orange County short sales. The company has 100% success rate with short sales. 

Torelli Realty

(714) 540-7355

BLOG: http://torellirealty.wordpress.com/
FACEBOOK: http://www.facebook.com/torellirealty
TWITTER: http://twitter.com/TorelliRealty

California Foreclosures Sales & Short Sales Report From Foreclosure Radar – March 2010

According to Foreclosure Radar, California foreclosures sales in March 2010 jumped over 92% over March 2009. Why so much? At this time in March 2009, many lenders chose to delay the foreclosure process in anticipation of the government’s Home Affordable Modifications Program (HAMP). HAMP gives some distressed homeowners a chance to modify their loan in hopes of saving their home. 

A HUGE thing to note is that the amount of foreclosures cancellations hit record levels. Why so many cancellations? This can most likely be attributed to short sales and loan modifications. 

The report also mentioned the increase in the length of time involved in the foreclosure process.  The time to file a Notice of Trustee Sale has gone up by over 40 days.  This will lengthen the foreclosure process.

An extended foreclosure does provide more time for distressed homeowners to try to negotiate a short sale or see if they qualify for loan modification. 

About Torelli Realty

Torelli Realty is a Costa Mesa real estate agency that specializes in Costa Mesa real estate, Mesa Verde real estate, and Orange County real estate.  Since 1984 the company has served the community and consistently been #1 in selling Costa Mesa homes. Torelli Realty specializes in Costa Mesa short sales, Mesa Verde short sales, and Orange County short sales. The company has 100% success rate with short sales.

Torelli Realty

(714) 540-7355

BLOG: http://torellirealty.wordpress.com/
FACEBOOK: http://www.facebook.com/torellirealty
TWITTER: http://twitter.com/TorelliRealty