According to CoreLogic, a real estate research firm, the number of people with underwater mortgages has declined from 11.3 million at the beginning of the year to 10.8 million at the end of September. and this is actually a good sign (even though the interest rate has gone back up). The complete article can be found at: http://www.realtor.org/RMODaily.nsf/pages/News2010121404?OpenDocument
As for market trends for single family houses and condominiums in Irvine and Tustin, the market has turned into a ‘neutral’ market. We already passed the bottom of the market. The market is starting to stabilize itself and the number of equity sales is increasing as well.
It’s 12 more days until Christmas and the neighborhood in Tustin is really excited! Many of the houses are decorated with lights and Christmas songs.
People are gathering around to take pictures and enjoying the Christmas spirit. It is absolutely gorgeous! you should come by and see it yourself.
Here’s a collection of pictures:
If you remember a band named “Sugar Ray” in 1990s is one of my favorite band. Anyway, the singer of Sugar Ray, Mark McGrath just sold his house in Hollywood for 1.25 Million!!
The house was a 1931 country English-style house that has a step-down living room with vaulted ceiling and fold-away glass doors that open to a patio with city views. The house was listed at $1,990,000 and obviously the house was sold more than the listing price.
Moreover, the more amazing thing is, he bought that property in 1995 for ONLY $365,000. When I read this news in LA Times, I was like “WOW!!! REALLY?!?!”
The complete story can be found at: http://www.latimes.com/classified/realestate/news/la-hm-hotprop-mark-mcgrath-20101211,0,5186527.story?track=rss
The moral of this story is that house is a good investment especially in this market where house prices are still considered ‘low’ (even though we already passed the bottom). Even in the market like this, many houses still have equity.
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