Mission Viejo NamedAmerica's Safest City!
A recent national study named Mission Viejo as the safest city in the United States. The city has been in the top 10 list since the Safest City awards began 14 years ago. Following Mission Viejo among Orange County cities was Lake Forest, ranked as 10th, and Irvine, ranked as 11th.
The annual "City Crime Rankings: Crime in Metropolitan America" was released recently and looked at nearly 400 cities in the U.S. with at least 75,000 people. The study was based on per capita rates for homicide, rape, robbery, aggravated assault, burglary and auto theft.
"It's a great honor and accomplishment" said Orange County Sheriff's Lt. Steve Bernardi, chief of police services in Mission Viejo. "The most important thing is that the people who live here, the business owners and people who work in Mission Viejo are safe. That's the big story, that's most important."
Mission Viejo has a population of 98,000. It has more than 41 parks and five recreation centers. The city logo boasts the "California Promise" focusing on athleticism, community and youth sports. The city hosted the cycling road race for the 1984 Olympics.
December 2007 Real Estate Market Summary
The California Association of Realtors released its closed sales figures for October– down 40.2% from one year ago. Based on this what can we expect the real estate market to look like in 2008?
To understand this devastating change in numbers for October, we must first go back to August 2, 2007. This was the first day that the total damage assessment of faulty lending practices by subprime lenders was revealed to the world. For the next several weeks, this is what topped the financial headlines. The effect this news had on the real estate market was similar to the effect that was felt after 9-11. For two months after 9-11, real estate sales came to a virtual standstill. By the end of 2001, real estate sales were active once again. Most Realtors® will tell you that real estate activity has picked up in the last 30 days. In fact, pending sales of existing homes rose modestly in October, according to the most recent Wall Street report, causing many analysts to project a more optimistic 2008. Many of the buyers who were on the sidelines a couple of months ago are slowly coming back into the market. So, what can we expect in the coming year? The consensus among economists seems to be predicting an improved real estate market for 2008. Before we get too excited, however, most of the predictions have this happening more in the second half of 2008.
Buyers may not want to wait too long before getting into the market, or their competition for the “good deals” will increase. Also, there is no guarantee that the current low interest rates will stay as appealing. Although there will likely be more buyers in 2008, especially in the third and fourth quarters, prices are unlikely to appreciate until at least 2009. Sellers will still need to price their homes aggressively, stage them properly, and, of course, seek the professional services of a Realtor®.
The Federal Reserve lowered interest rates today for the third straight meeting of the FOMC. What does this mean? Well, if you're looking to capture the best home loan rates, you need to act now. For those with an application already in process, you should probably lock your rate as soon as possible. And, for anyone who has yet to begin a loan application, what are you waiting for?
Rate Hikes on the HorizonDespite this latest cut from the Fed, rates for many borrowers could actually increase soon. Why? Because Fannie Mae and Freddie Mac have recently announced 2008 Loan Level Price Adjustments (LLPAs) that are already starting to show up on lenders' rate sheets. LLPAs are automatic “penalties” based on credit scores, which tack on costs in the form of points or higher rates for most anyone with a FICO less than 720. Call me, and I will give you all the details.
Back to The FedBut, let's get back to the good news. The Fed cut the Federal Funds Rate, an overnight lending rate that banks charge each other and which influences the amount of interest consumers pay for various types of debt, such as credit cards, home equity lines of credit, and auto loans.
Since September 18th, the Federal Funds Rate has gone down 100 basis points. If you have a loan that is tied to the Prime Rate, this means your rates have been lowered a full point. But, for those seeking to obtain new financing, you must act now to take advantage.
No Time to WaitFollowing each of the last two interest rate cuts by the Fed, home loan rates jumped higher a couple of weeks later. Remember, lower short-term rates are inflationary by nature, and cause consumers to spend more money. Because of this, long-term rates tend to increase as bond holders hate inflation and command higher rates as a result in order to protect their investments.
Because of these pressures and the upcoming Loan Level Price Adjustments, interest rates are going to rise. You need to call me now in order to secure the best deal you may see for some time. You'll be glad that you did.
Find A Home! | Smart Buyer Program | Smart Seller Program | Who Is Margo Murray | City Links | 27 Tips for Top $ | 9 Step System to Sell Fast | Rancho Santa Margarita City | Mission Viejo City | Lake Forest City | Laguna Hills | Laguna Niguel City | Foreclosures | Property Taxes | Samlarc Assoc. | Real Estate Stats and Charts | WhyDidYourHomeNotSell | Home | Heart of the Matter | 9 Steps to Ownership | How to Sell Your Home | Buying Foreclosures/REO's | My Blog
Copyright © 2008 Regency Real Estate BrokersPortions Copyright © 2008 a la mode, inc.Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site MapAll rate, payment, and area information are estimates and approximations only.
