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Foreclosures plunge by 21 percent in 30 days, a seller's market is brewing

(EMAILWIRE.COM, December 20, 2010 ) Orange County, CA - International Journalism Review (IJR) turns its focus to Orange County, CA and looks at slowing of foreclosures and the increase in average sales price in their beloved, sought after, real estate market.

Is there still time for those homebuyers in the OC real estate market to reap the rewards of another's loss, which is just another way of saying foreclosure? We turned to a trio of veterans in the Orange county area to ask their opinions.

Robert Toffel, of Real Estate Recommendations (OC Real Estate Concierge Services), told us this, "We haven't seen this type of movement in the drop of foreclosures in years, it is an indication that supply will drop therefore causing prices to increase. Is there still time to secure a great deal, I would estimate maybe another 6 months as some more of the adjustable rate loans come due. However, this is one of the longest "buyers market" stretches I have seen in being around this business for 25 years, I know it is coming to an end."

IJR then spoke to Vince Rinehart, a Sr. Vice President of Firstline Mortgage, Inc and co-owner of www.HouseOnTheCoast.com, he told us, "One thing I have noticed is banks and especially portfolio lending have become more opt to lend money. It's been a few years where I could say this, to me this is an indicator that investor of those banks are feeling more comfortable with the security of the housing market and the homes themselves, this is obviously a good sign for people wanting to secure financing to purchase a home."

Finally, we spoke to Roxana Greenman, the only rocket scientist broker IJR could find and who is also co-owner of House on the Coast, and she broke the foreclosure plunge much like we would expect a PhD aerospace engineer would, "I would say things are getting better, however, seasonally don't get carried away with stats as history shows a decrease in foreclosures in the month of November dating back 50 years. In addition, banks have delayed the foreclosure process by imposing more red tape and obstacles, so these numbers can be inflated but certainly not by 21 percent, there is some good news in that."

"I think there is still time to secure some great deals, my partner Vince Rinehart and I just put a client in a home in Seal Beach that was a short sale, when it was all said and done, he got the house about $175,000 below market and Vince secured him a 4.2% fixed rate for 30 years. Bottom line, if your agent and loan broker know what they're doing, there are still great deals out there and there will continue to be for at least the next year, I would guess. Keep in mind a short sale and buying a foreclosure is a different situation, many times when you buy a short sale, not only are you helping out the owner to get out of having to foreclose their home, your getting your client a great deal in many cases."

IJR reports via experts in the industry that as foreclosures settle to normal levels many things tend to happen. Inventory is reduced and historically values increase but more importantly become solid and less volatile. When this happens the banks and its investors gain confidence to ease strongholds on traditional lending.

IJR does not endorse, support, or receive monetary benefits by those giving contribution to this article but rather investigates and highlights experts who show a history of knowledge, education, and good ethics and business practices in their selective industries. We provide their expertise for your discovery.
Kim Caas, Senior Journalist and Editor
International Journalism Review
InternationalJournalismReview@gmail.com


International Journalism Review
Kim Caas, senior journalist/editor
8058077201
InternationalJournalismReview@Gmail.com


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