I want to wish all of you a happy Thanksgiving holiday.

Irvine Home Address ... 8 LA PALOMA Dr Irvine, CA 92620
Resale Home Price ...... $250,000

5 little turkeys standing by door,
One waddled off, and then there were 4.
4 little turkeys under a treee,
One waddled off, and then there were 3.
3 little turkeys with nothing to do,
One waddled off, and then there were 2.
2 little turkeys in the noon day sun,
One waddled off, and then there was 1.
One little turkey better run away,
For soon will come Thanksgiving day.

Unknown -- Five Little Turkeys

Jumbo loan limits remain the same in 2011

by CHRISTINE RICCIARDI -- Friday, November 19th, 2010, 2:05 pm

The loan limits on jumbo conforming loans will remain unchanged for the first nine months of 2011 the Federal Housing Finance Administration said Friday. The agency recently enacted a congressional continuing resolution to maintain the limits.

The maximum jumbo loan limit is generally $417,000, but can go as high as $729,750. Loan limits vary by county and are the greatest in "high-cost" areas, meaning the top 20 major metropolitan areas across the U.S.

President and founder of Total Mortgage Services John Walsh told HousingWire in a recent interview he believes that the loan limit should extended to its fullest in every city.

"My thought is you should expand that increased conforming loan limit countrywide because a lot of people fall between $417,000 and $729,750," Walsh said. "It would put a lot more people in the purchase market that wouldn't necessarily qualify under the jumbo program."

A full list of conforming jumbo loan limits can be found here.

We had a recent discussion of A Plan to Transfer Losses on Jumbo Toxic Mortgages to Taxpayers. Raising the conforming limit is a bad idea.

Hope dies slowly

Many Californians believe in appreciating price with more faith than they have in their god or religion. When confronted with the reality their home values are declining, they hope that prices will come back and give them more of the HELOC money they are entitled to. Hope and denial are evident in the on-again off-again listing with its vacillating price levels.

The owner of this property paid $580,000 on 3/15/2006. She put $136,000 of her own money into it which is why the prices have danced for over two years. She started with an asking price in May that would have made her whole. She has since dropped her asking price by over 60%! As her foreclosure draws near, the desperation becomes obvious. She really wants an offer.

Foreclosure Record
Recording Date: 09/13/2010
Document Type: Notice of Sale

Foreclosure Record
Recording Date: 06/04/2010
Document Type: Notice of Default

Irvine may be special, but so far, no knife catcher has stepped up to grab this one. It is falling fast.

Irvine Home Address ... 8 LA PALOMA Dr Irvine, CA 92620  

Resale Home Price ... $250,000

Home Purchase Price … $580,000
Home Purchase Date .... 3/15/2006

Net Gain (Loss) .......... $(345,000)
Percent Change .......... -59.5%
Annual Appreciation … -17.6%

Cost of Ownership
-------------------------------------------------
$250,000 .......... Asking Price
$8,750 .......... 3.5% Down FHA Financing
4.55% ............... Mortgage Interest Rate
$241,250 .......... 30-Year Mortgage
$49,146 .......... Income Requirement

$1,230 .......... Monthly Mortgage Payment

$217 .......... Property Tax
$0 .......... Special Taxes and Levies (Mello Roos)
$42 .......... Homeowners Insurance
$285 .......... Homeowners Association Fees
============================================
$1,773 .......... Monthly Cash Outlays

-$113 .......... Tax Savings (% of Interest and Property Tax)
-$315 .......... Equity Hidden in Payment
$15 .......... Lost Income to Down Payment (net of taxes)
$31 .......... Maintenance and Replacement Reserves
============================================
$1,391 .......... Monthly Cost of Ownership

Cash Acquisition Demands
------------------------------------------------------------------------------
$2,500 .......... Furnishing and Move In @1%
$2,500 .......... Closing Costs @1%
$2,413 ............ Interest Points @1% of Loan
$8,750 .......... Down Payment
============================================
$16,163 .......... Total Cash Costs
$21,300 ............ Emergency Cash Reserves
============================================
$37,463 .......... Total Savings Needed

Property Details for 8 LA PALOMA Dr Irvine, CA 92620
------------------------------------------------------------------------------
Beds: 3
Baths: 2 baths
Home size: 1,391 sq ft
($180 / sq ft)
Lot Size: 3,301 sq ft
Year Built: 1978
Days on Market: 191
Listing Updated: 40500
MLS Number: S617151
Property Type: Single Family, Residential
Community: Northwood
Tract: Sd
------------------------------------------------------------------------------
According to the listing agent, this listing may be a pre-foreclosure or short sale.

THIS CONDOMINIUM IS SINGLE STORY UNIT. NOBODY IS ABOVE OR BELOW YOU. THIS IS A WONDERFUL OPPORTUNITY TO ACQUIRE A NICE PROPERTY IN A SAFETY AREA IN AN EXCELLENT SCHOOL DISTRICT. 3 BEDROOM 2 BATHROOMS WITH A GARAGE FOR 2 CARS. THIS IS AN END UNIT. ATTACHED ONLY FROM ONE SIDE. IT HAS BEAUTIFUL GRANITE AND WOOD FLOORS. NICE KITCHEN, HIGH CEILING. PATIO ATTACHED TO THE MASTER BEDROOM. IT HAS SOME COSMETIC DETAILS LIKE A BROKEN A MIRROR IN THE MASTER BEDROOM AND BROKEN COVERS AND 2 MISSING DRAWERS.IN THE KITCHEN. IN A QUITE AREA WITH SWIMMING POOL AND SPA. IN A VERY CONVENIENT LOCATION.ONLY BLOCKS FROM 5 FREEWAY, SHOPING CENTERS AND SCHOOLS.

A QUITE AREA? SHOPING?

ALL CAPS?

Happy Turnkey Day from the IHB