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Irvine Housing Blog

Irvine Housing Blog

Link to Irvine Housing Blog

IHB News 12-4-2010

Posted: 04 Dec 2010 02:30 AM PST

Anyone want to buy a burned out shell of an old house?

Irvine Home Address ... 4072 LOMA St Irvine, CA 92604
Resale Home Price ...... $349,000

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Fri Dec 3 2010 domain name squashed, but you can still view it by IP address:
Pending Home Sales Up but Trend is Still Down (
Case-Schiller Index underlines new US housing trend - Down (
New housing crash trend and obvious severe risks (
Distressed US Houses Sell at Biggest Discount Since 2005 as Demand Slumps (
Without Tax Credit, Housing Market Isn't 'Pretty' (
The Committee to Reinflate the Bubble (
Reasons why California will have tougher time recovering than the nation (
Chicago's River West condo project mulls more price cuts (
4 in 10 Broward, FL house sales this summer involved a foreclosure (
Foreclosures made up 25 percent of national house sales in third quarter (
Foreclosures still plague housing market (
Foreclosure Houses Account for 25 Percent of All Residential Sales (
BofA Disowns Its Own Lawyer's Argument in Fumbled Mortgage Case (
'Uncertainty' isn't the real reason they're not hiring (
Meet The 35 Foreign Banks That Got Bailed Out By The Fed (
Mortgage rates higher on signs economy mending (
Nine economic thoughts. #1 The housing crisis ain't over. (
Pacific Heights Socialites Charged With Insider-Trading (horrid clickthrough ad -

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Thu Dec 2 2010
Orange County house prices still triple US costs (
North Texas housing prices slip 2.6% (
Walk Away: The Rise and Fall of the House-Ownership Myth (
India figures out that teaser loans are a bad idea (
Fed's Tarullo: Housing Bubble 'Hangover' Still Very Much With Us (
Federal Reserve made $9 trillion in emergency loans (
Fed data reveal wide scope of loan action during financial crisis (
Money For Nothing: Wall Street Borrowed From Fed At 0.0078 Percent (
House prices: Double dip (
The Danger of a Global Double Dip Recession Is Real (
The Big Economic Story, and Why Obama Isn't Telling It (
Judgment against Bank of America: you must own the note (
The mortgage foreclosure legislation Congress won't touch (
Joseph Stiglitz on American banks (
Amazon Drops WikiLeaks (But is still running!) (Mish)
New advice book: "Underwater Home" (

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Wed Dec 1 2010
Portland's Housing Bubble Continues To Deflate (
New negative trend in Phoenix housing market (
Chicago house prices continue their downward spiral (
Miami house prices decline (
House prices falling faster in most metro areas (
It's Confirmed, The Housing Double Dip Is Here (
Real House Prices, Q3 2010 (
House Buyers Avoid Foreclosure Properties (
No Mortgage Payment In 32 Months And Hasn't Been Kicked Out Yet (
As housing problems linger in US and Ireland, so do fears (
True power in our societies resides with the banks (
WikiLeaks' Next Target: Bank of America? (
An Interview With WikiLeaks' Founder Julian Assange
Interpol issues arrest warrant for WikiLeaks' Founder for "sex crimes" (
Finding a Post-Crash Economic Model (
The Showdown On Tax Cuts for the Rich (
Free advertising for real estate lawyers (
Hard to collect on mobile home unpaid property taxes (

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Tue Nov 30 2010
Foreclosure Comes to East Lake Shore Drive (
Million dollar foreclosures grow in Southern California elite housing markets (
Sheryl Crow Hit by Real Estate Crash; House Auctioned (
Dykstra house is sold at auction (
The housing problem in 3 pictures (
Ireland Is Not Iceland (
If Ireland Doesn't Take The Bailout... (
Bank of Spain Calls on Country's Lenders to Disclose Real-Estate Holdings (
India Property prices may crash as loan scam hits funding (
Defaults on US Commercial Mortgages Held by Banks Rose in Third Quarter (
BankAtlantic guilty of misleading investors about real estate loan portfolio (
WikiLeaks plans to release a U.S. bank's documents (
"Shadow inventory" of 2.1 million houses may loom in U.S. market (
Why Pay the Mortgage or Rent when you can have 16 Months of Free Shelter? (Mish)
Foreclosure Process Often Abused by Owners in Debt (
Foreclosure Freeze Chills House Buying (
Foreclosure "robo-signing" scandal impact: Sales dry up (
Foreclosure fraud Hitler parody (
Warning signs of a meth house (

Thank You Daryl S. ($15), Jim V. ($25), Tim C. ($20), Kiran S. ($11), and Damon S. ($20) for your kind donations.

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Mon Nov 29 2010
Realtors attempt to deny first amendment protection (
Couple finds lower bid accepted instead of theirs; Realtors face ethics case (
Half the houses in Richmond's 94801 zip code in foreclosure, or getting there (
US Foreclosures at all Time Highs, 640% Above Historical Averages and Rising (
Some Arizona houseowners still owe after short sale (
Twin Cities metro area experiencing largest house sales slump in nation (
Washington area housing costs eat up burdensome share of resident budgets (
New house sales: Down 80% from the bubble (
People aren't buying houses - period (
Why the housing bulls are wrong (
Rich Americans Ditch House Ownership For Renting (
Irish workers forced to pay off Irish bankers' gambling debt to global banks (theautomaticearth)
Should the Irish be debt-peons in EU's corporate Uberstate? (scroll down for content -
Ireland should default and let foolish bond buyers F themselves (
China, Russia quit dollar (
China property prices set to drop 20% next year as lending tightens (
Fairly taxing the rich would cause them no harm (
Switzerland Votes on Nationwide Minimum Tax Rate for Wealthy (
Inside the Wealth Conspiracy (
What To Do When FBI Raids Your Hedge Fund: Short it! (

Would you spend your fire insurance settlement to fix an underwater house?

When you take out a loan, the lender makes the borrower carry homeowners insurance including protection against loss from a fire. According to the description, today's featured property was damaged by fire and only partially reconstructed.

I am not an expert on fire insurance claims, but if it is like other forms of insurance, the claim is paid to the policy owner -- the underwater loan owner. If you were hundreds of thousands of dollars underwater, and if your house burned to the ground and you received an insurance claim, would you repay the bank or bother to rebuild? After a fire seems like a good time to quit paying the mortgage.

  • This property was purchased for $489,000 on 11/25/2003. The owner used a $391,200 first mortgage, a $97,200 second mortgage, and a $0 down payment. I don't see many of the 100% financing deals anymore. I think most of those loan owners walked in 2007 and 2008.
  • On 1/4/2005 the loan owner felt the house needed to give him some free spending money, so he refinanced the first mortgage for $495,500 and obtained $6,500.
  • The kool aid must have tasted good because he obtained a $125,000 HELOC on 2/9/2005.
  • On 8/30/2005 he refinanced with a $544,000 first mortgage and a $136,000 stand-alone second.
  • Total property debt was $680,000.
  • Total mortgage equity withdrawal is $191,000. Not a bad take for two years of ownership and no money down.
  • He quit paying in late 2009, and the foreclosure went quickly.

Foreclosure Record
Recording Date: 06/10/2010
Document Type: Notice of Sale

Foreclosure Record
Recording Date: 03/09/2010
Document Type: Notice of Default

The lender hoped someone would take this headache off their hands, so they only bid $382,757 at auction. There we no takers. US Bank National Association is now the proud owner of this shell of a house.

Irvine Home Address ... 4072 LOMA St Irvine, CA 92604     

Resale Home Price ... $349,000

Home Purchase Price … $382,757
Home Purchase Date .... 6/8/2010

Net Gain (Loss) .......... $(54,697)
Percent Change .......... -14.3%
Annual Appreciation … -18.3%

Cost of Ownership
$349,000 .......... Asking Price
$12,215 .......... 3.5% Down FHA Financing
4.55% ............... Mortgage Interest Rate
$336,785 .......... 30-Year Mortgage
$68,608 .......... Income Requirement

$1,716 .......... Monthly Mortgage Payment

$302 .......... Property Tax
$0 .......... Special Taxes and Levies (Mello Roos)
$58 .......... Homeowners Insurance
$187 .......... Homeowners Association Fees
$2,264 .......... Monthly Cash Outlays

-$276 .......... Tax Savings (% of Interest and Property Tax)
-$439 .......... Equity Hidden in Payment
$21 .......... Lost Income to Down Payment (net of taxes)
$44 .......... Maintenance and Replacement Reserves
$1,613 .......... Monthly Cost of Ownership

Cash Acquisition Demands
$3,490 .......... Furnishing and Move In @1%
$3,490 .......... Closing Costs @1%
$3,368 ............ Interest Points @1% of Loan
$12,215 .......... Down Payment
$22,563 .......... Total Cash Costs
$24,700 ............ Emergency Cash Reserves
$47,263 .......... Total Savings Needed

Property Details for 4072 LOMA St Irvine, CA 92604
Beds: : 3
Baths: : 2
Sq. Ft.: : 1448
Lot Size: : 5,467 Sq. Ft.
Property Type:: Residential, Single Family
Style:: One Level, Other
Year Built: : 1972
Community: : El Camino Real
County: : Orange
MLS#: : P760231
On Redfin: : 2 days

real estate home sales


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