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Irvine Housing Blog

Irvine Housing Blog

Link to Irvine Housing Blog

IHB News 12-18-2010

Posted: 18 Dec 2010 02:20 AM PST

It never rains in Southern California, right?

Irvine Home Address ... 88 CANOPY Irvine, CA 92603
Resale Home Price ...... $799,000

Seems it never rain in Southern California
Seems I've often heard that kind of talk before
It never rains in California
But girl, don't they warn ya
It pours man it pours.

Albert Hammond -- It Never Rains In Southern California

Housing Market News

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Fri Dec 17 2010
House sellers still slashing prices in San Francisco (
Sacramento prices continue to decline (
MLS forbids Redfin from telling true asking price history in Sacramento (
Orange County still largely in a housing bubble (
CA foreclosures ease, but sales sag because prices still too high (
California's house price recovery could be faltering (
US house prices continue to plummet (
Shadow Inventory Dampens Winter Market (
Americans living on financial fault lines (
Where does our money go? The Cost of War (
Mortgage servicing suffers from endemic principal-agent conflict (
WikiLeaks: "Systemic Insolvency Is Now The Problem, Global Bank Bailout Needed" (
Banks Push Fed to Curb Borrowers' Right to Rescind Mortgages (
Mortgage loan foreclosures slowed by robo-signing scandal (
Geithner: National foreclosure moratorium would hurt house prices (
Advantages of house buying explained to you (

Thank You Kenneth M. ($50) for your kind donation.

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Thu Dec 16 2010
Southern California housing market falters in November (
Housing recovery slips -- sellers slashing prices, says report (
Where House Prices Are Falling Dangerously (
House sales slow in November (
Mortgage Applications decline, Mortgage rates rise sharply (
Strategic Foreclosures are Increasing (
Are Mortgage Defaulters Getting a Pass? (
House builders still gloomy, new data show (
Moody's sees more foreclosure delays in 2011 (
Moody's May Cut US Rating on Tax Giveaway To Richest (
Market alarm as US fails to control biggest debt in history (
He's a renter: Facebook billionaire CEO Mark Zuckerberg (
Man Dares Bank To Foreclose Unless They Reverse Bad Fees, Wins (
Ron Paul: "Bernanke Is The Greatest Counterfeiter In The History Of The World" (
Will the Fed be able to survive Ron Paul? (
Greeks upset about being sold into slavery to pay bankers' debts (Mish)
Give Up on the Estate Tax -- Make Inheritance Income (
Does Inequality Cause Financial Crises? (
Mapping US Census Data - very cool! (
Wikileaks To Take On Bank Of America (

Thank You Marten T. ($100) and Remington L. ($30) for your kind donations.

Find home security systems and low cost monitoring from ADT. (Ads by Patrick)

Wed Dec 15 2010
Foreclosures are down but not because housing market is up (
Yahoo to lay off 600-700 (
For Rent: 1/1 at 380 Talbot Ave, Pacifica, CA 94044 (
OC's distressed houses now at 39% of market (
Despite price cuts, sales tough at Evanston project (
Housing-market reports remain mostly bleak (
Pixie Dust Loses Magic as Foreclosures Slam Utopian Disney Town (
Foreclosures Expected To Top 1.2M This Year; 2011 Will Have Even More (
Strategic defaulters opt to continue paying on second liens (
US foreclosure-prevention program fell short (
What's a house worth? Pick a number, any number (Compare it to renting, fools!) (
Bloodbath in Muni Bond Funds; Reasons for the Selloff; Will it Continue? (Mish)
Munis Hit As Market Braces for BABs' End (
Student Riots and Protests in England (
Want To Ruin Your Own Country? Assume Your Banks' Liabilities (
And ANOTHER $900 billion put on federal tab as gift to very rich from middle class (
10 Years of the Dollar vs. the World (
Happiness doesn't increase with growing wealth of nations (

Thank You Patrick A. ($40) for your kind donation.

Find the real worth of property, based on rents (Ads by Patrick)

Tue Dec 14 2010
New Rent vs Buy Calculator (
Calculator discussion (
Time For Real-Estate Watchdogs To Start Howling Again (
Housing Market on Edge as Lenders Get Tougher (
Fewer U.S. Houses Were Under Water -- Because Foreclosures Rose (
Wells Fargo cuts 137 East SF Bay jobs (
Buying a hillside house? Be careful (
NY Brokers Prepare for Wall Street's Bonus Season (
Virginia house sales plunged 41% in November, compared to November 2009 (
US role in housing market makes it harder to predict end of crisis (
Fed Research Paper Concludes Loan Modifications "May Increase Strategic Defaults" (Mish)
Will Obama's tax deal hurt housing prices? (
Mortgage-Bond Slump No Fun for Housing as Rates Increase: Credit Markets (
America's Economic Illness: We've Got a Bad Case of Baumol's Disease (
What's Causing U.S. Personal Spending to Drop: Job Losses, Fear or Both? (
China's Army of Graduates Struggles for Jobs (
Candians worried about clear title to US foreclosures (
Australia is different (
Do people really click on these things? (Ads by Patrick)

Thank You Harry A. ($25) for your kind donation.

Mon Dec 13 2010
Luxury house prices are still heading down (
Jumbo loan market completely evaporated (
House values lose $9 trillion since 2006 peak (
Housing inflation years off, poll says (
Main player in high-end mortgage fraud scheme due in court (
1.6 Million Put Off Retirement (
Markets defy feds bond buying push (
Bond Massacre Hits Treasuries; Is Bond Bull Finally Over? (Mish)
Recession Lasting Until 2018 Worth Exploring (
Commercial real estate company runs on no-mortgage philosophy (
Banks allowed to let foreclosures rot, empty (
A Secretive Banking Elite Rules Trading in Derivatives (
Wells Fargo opposes banks on mortgage-risk rule (
Chanos again warns on China's bubble economy (
Record land price in Shanghai (
Democrats Should Disregard Clinton's Endorsement of Obama's Tax Deal (
Estate Tax Cutoff Draws Special Fire in Congress (
Vast majority of wealth is INHERITED. Only "negligible fraction" is earned. (PDF -
Chase Bank ransacked house of man on his death bed (
Why pay bridge tolls if you have government license plates? (
Find the real worth of property, based on rents (Ads by Patrick)

Got their $100K

The former owners of this property paid $605,000 on 9/19/2003. Within nine months, they had their downpayment back, and by the time they stopped HELOCing this place, they had $712,323 in mortgage debt for a mortgage take of over $100K.

Aren't Irvine houses great?

Irvine Home Address ... 88 CANOPY Irvine, CA 92603  

Resale Home Price ... $799,000

Home Purchase Price … $605,000
Home Purchase Date .... 9/19/2003

Net Gain (Loss) .......... $146,060
Percent Change .......... 24.1%
Annual Appreciation … 3.9%

Cost of Ownership
$799,000 .......... Asking Price
$159,800 .......... 20% Down Conventional
4.87% ............... Mortgage Interest Rate
$639,200 .......... 30-Year Mortgage
$163,001 .......... Income Requirement

$3,381 .......... Monthly Mortgage Payment

$692 .......... Property Tax
$150 .......... Special Taxes and Levies (Mello Roos)
$133 .......... Homeowners Insurance
$247 .......... Homeowners Association Fees
$4,603 .......... Monthly Cash Outlays

-$822 .......... Tax Savings (% of Interest and Property Tax)
-$787 .......... Equity Hidden in Payment
$299 .......... Lost Income to Down Payment (net of taxes)
$100 .......... Maintenance and Replacement Reserves
$3,394 .......... Monthly Cost of Ownership

Cash Acquisition Demands
$7,990 .......... Furnishing and Move In @1%
$7,990 .......... Closing Costs @1%
$6,392 ............ Interest Points @1% of Loan
$159,800 .......... Down Payment
$182,172 .......... Total Cash Costs
$52,000 ............ Emergency Cash Reserves
$234,172 .......... Total Savings Needed

Property Details for 88 CANOPY Irvine, CA 92603
Beds: 4
Baths: 2 full 1 part baths
Home size: 2,100 sq ft
($380 / sq ft)
Lot Size: 4,000 sq ft
Year Built: 2003
Days on Market: 33
Listing Updated: 40527
MLS Number: S639085
Property Type: Condominium, Residential
Community: Quail Hill
Tract: Laur



real estate home sales


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