Case-Shiller: Home Price Double-Dip Warning Signs Mount

Let’s check in on the S&P/Case-Shiller Home Price Indices (HPI). Here’s a summary of the latest data for the Los Angeles area, which includes LA and Orange Counties:

Since Case-Shiller lumps LA and Orange Counties together, I won’t repeat everything I wrote on the LA Sweet Digs blog. For more analysis and some graphs of the LA Case-Shiller data, check out my post over there: Case-Shiller: Home Price Double-Dip Warning Signs Mount

Case-Shiller: OC Home Prices Showing Early Signs of a Double-Dip?

Let’s check in on the S&P/Case-Shiller Home Price Indices (HPI). Here’s a summary of the latest data for the Los Angeles area, which includes LA and Orange Counties:

Since Case-Shiller lumps LA and Orange Counties together, I won’t repeat everything I wrote on the LA Sweet Digs blog. For more analysis and some graphs of the LA Case-Shiller data, check out my post over there: Case-Shiller: LA Home Prices Showing Early Signs of a Double-Dip?

Come out to Redfin Dana Point Home Buying Class on August 4th!

Redfin’s Orange County Team is hosting a free home buying class at the Double Tree Doheny Beach hotel in Dana Point on August 4th from 6 p.m. to 9 p.m. Our Market Manager, Mark Bennett, local agent Angela Creech and the rest of her team will be on hand to give you the latest stats on what's going on in the market, guidance for picking the right mortgage loan, navigating the offer and closing process, and what it's like to work with Redfin.

The class is free and so is the food and drinks! You can sign up here:

RSVP for our free home buying class

If you’d like to meet with one of our agents before the class, just get in touch.

Hope to see you there!

Case-Shiller: Tax Credit Pre-Expiration Rush Boosts Prices in May

Let’s check in on the S&P/Case-Shiller Home Price Indices (HPI). Here’s a summary of the latest data for the Los Angeles area, which includes LA and Orange Counties:

Since Case-Shiller lumps LA and Orange Counties together, I won’t repeat everything I wrote on the LA Sweet Digs blog. For more analysis and some graphs of the LA Case-Shiller data, check out my post over there: Case-Shiller: Tax Credit Pre-Expiration Rush Boosts Prices in May

Case-Shiller: Low Tier Home Values Boosted by Expiring Tax Credit

Let’s check in on the S&P/Case-Shiller Home Price Indices (HPI). Here’s a summary of the latest data for the Los Angeles area, which includes LA and Orange Counties:

Since Case-Shiller lumps LA and Orange Counties together, I won’t repeat everything I wrote on the LA Sweet Digs blog. For more analysis and some graphs of the LA Case-Shiller data, check out my post over there: Case-Shiller: Low Tier Home Values Boosted by Expiring Tax Credit

New: Redfin Now Tours You Twice Before Pre-Approval

Good news, southern California: We no longer require you to get pre-approved before your first home tour — or your second! You can now take two home tours with Redfin before submitting a pre-approval letter.

We hope this makes it even easier to find the perfect home with Redfin.

Close by June 30th to Claim the Federal Tax Credit

If you’re closing on your home this June, you may be eligible for the federal home buyer tax credit.

June 30^th is the closing deadline for this tax credit, so there will be a lot of people trying to close on their homes. That means some serious volume at your local lender, with underwriters who are struggling to keep up with all the loan approvals.

Long story short: there might be some unlucky home buyers who try to close in time for the tax credit, but end up slipping into July. You don’t want to be one of those people.

We put together a list of tips for our clients who are trying to close in time to qualify for the tax credit. Here’s what we came up with:

1. Have all of your mortgage approval documentation ready. Put them in an easy-to-transfer electronic format, such as PDF. Keep these files ready on your desktop, a zip drive, or uploaded to an email account.  This documentation includes: pay stubs, W9s, tax returns, bank statements, employment letters, stock positions, ID, and any other information required by your lender.
2. Make sure your bank has ordered and processed your appraisal. Also, be sure that your loan file is in process with underwriting.  An appraisal can take anywhere from a few days to over a week and no loan is ready to close until it has been approved by your lender.
3. Contact your loan officer daily. Be a “squeaky wheel” to get your loan closed. The squeaky wheel gets the grease, and in this case the grease happens to be worth several thousand dollars.
4. Keep your agent in the loop. It’s your agent’s job to keep the process moving and to look out for your best interests. If your agent is napping on the job, nag them. Nicely. But nag them.
5. Move your money around now, and do not take out any new lines of credit.  No new loans, no new cars, no new credit cards, and no new major purchases. New credit = changes to your credit score. Changes to your credit score = your lender’s underwriter starting all over again. The underwriter starting all over again = bad.
6. Schedule your closing as soon as possible. You won’t be able to schedule closing until you get the final underwriter approval from your lender. Your lender should tell your agent as soon as this happens, but don’t take any chances — call your agent to make sure the info went through. Once you have underwriting approval on your loan, work to get your closing date set as early as possible. You want to have at least a two-day buffer before June 30^th, but a week is even better.
7. Perform your final walk through at least 2-3 days before closing. Make sure everything that was supposed to be fixed post-inspection was actually fixed. Also, make sure no new damage popped up in the meantime. This is especially critical with FHA loans, which can be rejected unless the FHA’s standards of livability are met. For example, we’ve had clients who needed to paint a set of stairs or replace rotted wood before their FHA loans were approved. Not the sort of thing you want to be doing on June 29^th.
8. Stay calm and collected. With a little planning, attention to detail, and teamwork with your agent, you should have no problem closing in time to claim the tax credit.

New! Redfin Helps You Tour Short Sales in Orange County

Hey Orange County! We just made it easier to tour and buy short sales!

You can now tour short sales with your Orange County Redfin agent. If you find that perfect short sale and you want to make an offer, we’ll connect you to a short sale partner agent who specializes in the short sale process.

We know you want the flexibility to tour short sales with your Redfin agent, and to make offers if you find the right home, short sale or not. It’s true that the process of buying a short sale can be a bit of a grind, but we’re hoping that the federal government’s new program to streamline the short sale process will help speed things along.

To tour a short sale property, just click the “Go See This Home” button in the top right corner of the home’s listing details page.

Thanks everyone! We’re looking forward to helping you find that perfect home, whether it’s a short sale, a bank-owned property, or a traditional home purchase.

-Mark Bennett, Redfin’s Orange County market manager

Case-Shiller: Home Prices around OC Mostly Flat in March

Let’s check in on the S&P/Case-Shiller Home Price Indices (HPI). Here’s a summary of the latest data for the Los Angeles area, which includes LA and Orange Counties:

Since Case-Shiller lumps LA and Orange Counties together, I won’t repeat everything I wrote on the LA Sweet Digs blog. For more analysis and some graphs of the LA Case-Shiller data, check out my post over there: Case-Shiller: Home Prices around LA Mostly Flat in March

Case-Shiller: Middle Tier Home Prices Fall Fastest in February

Let’s check in on the S&P/Case-Shiller Home Price Indices (HPI). Here’s a summary of the latest data for the Los Angeles area, which includes LA and Orange Counties:

Since Case-Shiller lumps LA and Orange Counties together, I won’t repeat everything I wrote on the LA Sweet Digs blog. For more analysis and some graphs of the LA Case-Shiller data, check out my post over there: Case-Shiller: Middle Tier Home Prices Fall Fastest in February