Orange County home owners who are underwater are few and far between these days, which is a grand statement compared with the conditions seen here a few years ago. With the home prices steadily rising in Orange County communities, the issue of inventory lacking may soon be a thing of the past as well. According to a new report by CoreLogic, mortgages out on Orange County homes that exceed the home’s current value are down to 3.6 percent of all homes as of the fourth quarter of 2014. This is a great showing especially when comparing to three years prior when 20 percent of homes were underwater.
Throughout the nation, the quarter-over-quarter figures actually showed an increase in the amount of home owners who were underwater on their mortgage, but that’s not uncommon of the time of year.
“The share of homeowners that had negative equity increased slightly in the fourth quarter of 2014, reflecting the typical weakness in home values during the final quarter of the year,” said Frank Nothaft, chief economist for CoreLogic. “Our CoreLogic HPI dipped 0.7 percent from September to December, and the percent of owners ‘underwater’ increased to 10.8 percent. However, from December-to-December, the CoreLogic index was up 4.8 percent, and the negative equity share fell by 2.6 percentage points.”
The best conditions for home owners to get out of being underwater on their mortgage is when a region experiences a strong year-over-year price gain. These such conditions took place in Irvine.
Irvine housing market conditions
Irvine is a community in which a lot of home buyers are vying for a slice of the real estate pie. According to Altos Research, a California-based real estate analytics company, the median single-family home value in Irving increased year-over-year to about $1,213,000 from just more than $1,100,000. As of March 27, the median home value was reported at its highest in the past 12 months.
That’s likely because demand is so high here. Altos uses a unique figure called the Market Action Index to determine whether trends are in favor of home buyers or sellers using a scale that values 30 as neutral. In the week ending March 27, the index was reported at 44.21, which is also the highest reported value in the past 12 months. This figure shows that home sellers are in the driver’s seat as there are more buyers in the market than available homes.
In fact, there are about 191 available homes in Irvine, which are staying on the market for roughly 94 days. The seven-day average is much lower though, at about 72 days. The average days on market recently fell dramatically and in the coming weeks and months this figure is likely to stay low as it’s the most popular time for home buyers to search for a property.
If you’re interested in learning more about Irvine homes, give us a call today. Our experienced team of real estate agents are here to assist you in finding your perfect luxury Irvine home.
Check out these available homes in Irvine between $1.5 million and $2.5 million
$2,038,000 : 27 Seclusion, Irvine5 beds, 5 baths
$1,900,000 : 34 Prairie, Irvine6 beds, 5 baths
$1,775,000 : 3 Garnet, Irvine5 beds, 4 baths
$1,699,900 : 15 Patchwork, Irvine5 beds, 5 baths
$1,779,000 : 26 Exploration, Irvine5 beds, 5 baths
See all City of Irvine Luxury Homes For Sale.
(all data current as of 7/24/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.