For Santa Ana, California $536,400 is the house worth median. 8.9 percent is how much the value of homes has increased in the last year. There is a prediction made that 17.1 percent is the amount that homes will increase in the following year.
Per square foot, the Santa Ana, CA list cost median is $384. The metro area of Los Angeles-Long Beach-Anaheim has a higher per square foot list cost median of $433.
$539,000 is the presently listed house cost median in Santa Ana, CA. $483,200 is the cost median of houses that have sold.
$2,100 is the rent cost median in the city of Santa Ana. The metro area of Los Angeles-Long Beach-Anaheim has a much higher rent cost median of $3,200.
An economic factor that figures into the real estate economy and the economy of the United States as a whole is the foreclosure rate. The lower the foreclosure rate for a particular location, the higher the value of realty for that particular location.
If there is a high foreclosure rate in much of the nation, then there can be a large negative impact on the national economy. This was true of the 2008 recession in which there were massive numbers of foreclosures.
In Santa Ana, CA, for every 10,000 houses, 1.1 homes go through foreclosure. The Los Angeles-Long Beach-Anaheim Metro Area has a lower foreclosure rate of 0.9. The United States has a foreclosure rate of 1.6.
There is a first thing that happens in the process of foreclosure. It is called mortgage delinquency. Mortgage delinquency is the condition in which homeowner has failed to make good on one or more mortgage payments.
Bankers get uncomfortable with mortgage delinquencies because they know it’s quite possible that the home owner is having difficulty paying bills. And then it’s possible that they will miss making more mortgage payments and end up foreclosing on their property.
Foreclosures mean that banks take a financial loss. When banks have a very high enough number of foreclosures they could go out of business.
Credit bureaus penalize customers who have mortgage delinquencies. They can also penalize customers who are late on their mortgage.
As a customer it’s best to do whatever you can to avoid having a mortgage delinquency. Be creative. Sell some things. Get another job.
In Santa Ana, CA, 1.0 percent of homeowners are delinquent on their mortgages. The United States has a higher mortgage delinquency rate of 1.6 percent.
The recession of 2008 had a devastating effect on the real estate economy in the United States and the economy as a whole in the United States. One of the consequences of the 2008 recession is that the value of homes in the United States dropped more than 20 percent. And also as a result of the 2008 recession, there are many home owners who are under water regarding their mortgages.
What does being underwater on a mortgage mean. It’s the unhappy state of owing more on the house than the house is worth.
In the city of Santa Ana, 6.7 percent of home owners are currently underwater regarding their mortgages. The metro area of Los Angeles-Long Beach-Anaheim has a lower underwater rate of 5.6 percent.
It can be a very negative experience to be underwater on a mortgage. Many home owners cannot sell their home because of being underwater on their mortgage. This is because it could cost them many thousands of dollars to sell their home.
Let’s say for example a home owner is underwater $20,000 on their home. They owe $220,000 on their mortgage, but the value of their home is $200,000. But, to sell their home, it’s going to cost them $15,000 in realty fees, title fees, legal fees, etc.
This means that they are going to have to pay the bank $35,000 to sell their home if they get full price for their home. What if they don’t have $35,000 to be able to sell their home? It could mean that they are stuck in their home for a long long time.
How can someone avoid buying a home and not being underwater on it? If someone pays cash for a home, they will not experience being underwater on it. Also, if they put down a very large down payment, they are much less likely to become underwater on their mortgage.
Another thing a home buyer could do is try their best to avoid buying a home at the top of the market. For example, if real estate prices have doubled in the last 15 years, and you purchase a home, you might be near or at the top of the real estate market.
On the other hand you don’t know. Real estate prices could continue to go up. But your chances of doing better on your investment are greater if you get in the market when real estate prices have dropped 50%. But it is possible that real estate prices could keep dropping. One thing for sure, build your savings and investments – a gateway to more freedom and less stress.
The median annual household income in Santa Ana, CA is $61,895.
Apartment Loan Store is proud to serve the entire Greater Santa Ana area:
- Tustin Foothills
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