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Irvine Housing Blog

Irvine Housing Blog

Link to Irvine Housing Blog

IHB News 9-18-2010

Posted: 18 Sep 2010 03:30 AM PDT

I have a sad foreclosure for you today. Something different from the endless stream of Ponzis. 


Irvine Home Address ... 187 ROCKWOOD 64 Irvine, CA 92614
Resale Home Price ...... $395,000

and I got a peaceful, easy feeling
and I know you won't let me down
'cause I'm already standing on the ground 

Eagles -- Peaceful Easy Feeling

IHB News 

The deadline has come and gone for applications to the fund. This marks the end to my push to raise money, now I am focusing on making it. Over the next few weeks, I may take on a few late subscribers if I am under my sophisticated investor limit. The absolute closing date of the fund is the day I close on the first property and there is profit and loss. No subscription funds will be taken after that time. Many subscribers are processing self-directed IRAs and this processing takes a few weeks. There is still time, but don't delay. 

I want to thank everyone who contacted me and requested information. I met with many wonderful people over the last several weeks. One of the unique joys of this hobby is being famous in a circle of people. It's always fun to talk to people that genuinely appreciate the work I do.

Self-Directed IRAs

The most common questions I was asked over the last several weeks concerned self-directed IRAs. For self-directed IRAs, I recommend any of the following:

Entrust Administration

IRA Services

Sterling Trust

I have used all three of them at one time or another. Entrust is a bit more expensive, but they also have a local office where you can go and meet with someone. Both IRA Services and Sterling Trust are very inexpensive.

Housing Bubble News from

Fri Sep 17 2010
Lower Your Expectations for House Prices, Sales (
Housing market won't improve until jobs come back (
Numbers Show House Ownership To Be Horrible Investment (
House "Hunters" Or Freshly Killed Prey? (
SF Bay Area Housing Cool Down (
New Supply Floods U.S. Housing Market (
Banks hold back repos: disagreement on why only fraction of foreclosures are listed (
US houses lost to foreclosure up 25 pct on year (
Hawaii Foreclosures hit all-time high (
U.S. House Seizures Reach Record for Third Time in Five Months (
From Squatting to Renting: Another Solution to Stabilize Housing (
The financial fallout was an 'Inside Job' (
Rep. Frank backs higher subsidies for wealthiest owners (
Canadian Banks "More Prudent" on Mortgage Lending than US Banks. Really? (Mish)
Housing Crisis Threatens Spain's Economic Recovery (
Why China's Housing Bubble Is Unsustainable (Charles Hugh Smith)

Thank You Andrew W. ($3) for your kind donation.

Find cashflow-positive property easily. Free Trial

Thu Sep 16 2010
U.S. House Prices Face 3-Year Drop as Inventory Surge Looms (
Bank Repossession of Houses Sets New Record in August (
House Prices decline 0.6% in July (
House Price Double Dip Begins (
House Prices Drop in 36 States; Prices to Stagnate for a Decade (Mish)
Freddie Mac estimates house sales to fall another 23% in 3Q (
Want to know when prices will rise? Ask the government! (
New plan gives government first dibs on foreclosures (
Foreclosure Rescue Scams Are Going Strong (
Renters have tough time finding Bank's contact before foreclosure on Landlord (
Borrowers Losing Their Houses Are Staying (Rent-Free) in Them Longer (
Registry Might Force Banks To Clean Up Rotting Foreclosures (
Five Key Points on Buying a Short Sale (
25 Most Expensive Houses Reveal US Economy Just Finance (Charles Hugh Smith)
Crisis in China: 64 million empty apartments (
CalPERS must release documents detailing $100M real estate investment loss (
Forced garbage mortgage buy-backs limit new loans (
Fed May Print New Cash For Garbage Loan Purchases in November (
You Can Get a Garbage Mortgage for No Money Down - Again! (
Irish Parliament Gets Testy About Housing Crash (

Find cashflow-positive property easily. Free Trial

Wed Sep 15 2010
FHA Rules Effective October 4th, 2010 will crash housing market (
Maui house prices fall (
Southern California house sales slow down in August (
Southern California House Sales and Median Price Dip in July (
Reno housing market: American nightmare (
House market still shaky (
Jobless claims jump 31% in July (
The persistent and sticky unemployment of the American worker (
How Student Debt Wrecks Marriages, Delays Housing Recovery (Mish)
Student Loan Default Rate Is Continuing to Increase (
BofA May Owe $20 Billion in Mortgage Buybacks (
AIG Plots End to U.S. Aid (
The Great American Stickup (
Business interests in all sectors organized a takeover of political power (
Reich Foresees Phantom Recoveries, Revolt Against Wealthy (
Effects of Possible Tax Increases on the Rich (
Leader Says China Needs to Stabilize Home Prices (
The Least Boomers Can Do (
Legalizing pot would free up police to fight violent crime (

Find cashflow-positive property easily. Free Trial

Tue Sep 14 2010
House Prices Set To Fall Further (
House prices to fall by 10pc (
House Prices and Foreclosures (
Luxury house builder announces plans to shut down (
Real estate investors may be wiped out (
Banks' Key Role in Housing Prices (
Hindsight on Risky Mortgage Products (
JPMorgan analysts bearish on housing recovery (
A Downside of Short Sales (
Economic Docs Find Remedy In Same Old Poison (
The Slump Goes On: Why? (
Rich Americans Save Tax Cuts Instead of Spending (
Lehman and Too Big to Fail (
Ritz-Carlton Kapalua Facing Foreclosure (
One In Five Hotel-Backed Loans Is Now Delinquent (
Canadian housing looks overpriced (
Australian Lenders Learn Nothing from US Housing Bust, Offer 105% Mortgages (Mish)
Australian banks lending into housing bubble (
Beware of Greeks Bearing Bonds (
MERS 101 (

Find cashflow-positive property easily. Free Trial

Mon Sep 13 2010
$8,000 tax credit cost buyers an extra $13,000 in purchase price (
Tax credits for housebuyers: the downside of stimulus (
Housebuyer tax credit: 950,000 must repay (
Bankers Urge Government to Pull Plug on Fannie, Freddie (
Executives with criminal records slip through FHA "crackdown" (
Want to solve the housing slump? Let it be. (
As Dade, Broward market values plummet, tax bills still rise (
Housing crash's small silver lining for some -- no property tax bills (
The Money You "Lost" in Your Price Reduction Wasn't Real (
Prediction of 9% fall in property prices nationwide in 2010 (
Predicting Future Vancouver Housing Prices (
Enabler To Canadas Housing Addiction (
Australian housing bubble fears grow (
Defaulted on mortgage to save my business (
How mortgage market has tightened (
To buy or not to buy? (
Time finally reports on downside of massive mortgage debt... (
...and the builders don't like the Time story one bit (
Tell truth about banks, get sued (Freedom of speech?) (
Improved Rent Estimates ( 

The saddest foreclosure to date

Usually, I don't think much of the foreclosures I have profiled because they are mostly Ponzis. I don't cherry pick those properties, it's just how the people were. They are the rule not the exception. Today's featured property didn't have HELOC abuse. It was a responsible borrower who must have fallen on hard times. The loan modifications failed, and the owner lost the property. This is the elusive hapless victim of circumstance the mainstream media is always looking for. She did nothing wrong, but she is losing the house.

  • This property was purchased for $182,000 on 8/14/1998, close to the bottom last time. The owners used a $172,900 first mortgage and a $9,100 down payment.
  • On 8/9/2005 the remaining owner refinanced the first mortgage for $175,000. That represents very little cash out given what was going on around her.
  • On 10/2/2006 she was granted a $50,000 HELOC, but there is no evidence she used it; although, once she ran into trouble paying the first mortgage, I could see where that HELOC would be a handy Ponzi loan.

Foreclosure Record
Recording Date: 07/07/2010
Document Type: Notice of Sale

Foreclosure Record
Recording Date: 06/07/2010
Document Type: Notice of Sale

Foreclosure Record
Recording Date: 11/12/2009
Document Type: Notice of Default

Foreclosure Record
Recording Date: 11/05/2009
Document Type: Notice of Default

Foreclosure Record
Recording Date: 04/28/2009
Document Type: Notice of Rescission

Foreclosure Record
Recording Date: 04/10/2009
Document Type: Notice of Sale

Foreclosure Record
Recording Date: 01/07/2009
Document Type: Notice of Default

This property sold at auction for $319,000. There is a chance that this owner actually had equity after everyone was paid off. There is no telling how much in fees was charged to her loans while she was delinquent. You have to imagine the bank got it all. 


Irvine Home Address ... 187 ROCKWOOD 64 Irvine, CA 92614

Resale Home Price ... $395,000

Home Purchase Price … $182,000
Home Purchase Date .... 8/14/1998

Net Gain (Loss) .......... $189,300
Percent Change .......... 104.0%
Annual Appreciation … 6.1%

Cost of Ownership
$395,000 .......... Asking Price
$13,825 .......... 3.5% Down FHA Financing
4.52% ............... Mortgage Interest Rate
$381,175 .......... 30-Year Mortgage
$77,378 .......... Income Requirement

$1,936 .......... Monthly Mortgage Payment

$342 .......... Property Tax
$0 .......... Special Taxes and Levies (Mello Roos)
$33 .......... Homeowners Insurance
$330 .......... Homeowners Association Fees
$2,641 .......... Monthly Cash Outlays

-$311 .......... Tax Savings (% of Interest and Property Tax)
-$500 .......... Equity Hidden in Payment
$23 .......... Lost Income to Down Payment (net of taxes)
$49 .......... Maintenance and Replacement Reserves
$1,902 .......... Monthly Cost of Ownership

Cash Acquisition Demands
$3,950 .......... Furnishing and Move In @1%
$3,950 .......... Closing Costs @1%
$3,812 ............ Interest Points @1% of Loan
$13,825 .......... Down Payment
$25,537 .......... Total Cash Costs
$29,100 ............ Emergency Cash Reserves
$54,637 .......... Total Savings Needed

Property Details for 187 ROCKWOOD 64 Irvine, CA 92614
Beds: 3
Baths: 1 full 1 part baths
Home size: 1,260 sq ft
($313 / sq ft)
Lot Size: n/a
Year Built: 1983
Days on Market: 43
Listing Updated: 40437
MLS Number: U10003600
Property Type: Condominium, Townhouse, Residential
Community: Woodbridge
Tract: St
One of the most desirable neighborhoods in Irvine. Don't miss out on this amazing townhome which is the largest model in the tract. Spacious open floorplan with large Living Room with cozy fireplace and seperate eating area. Desirable kitchen with stainless steel appliances and plenty of cabinet space. Near parks, tennis courts and pool & spa. Motivated seller will consider all offers.


real estate home sales


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