OC Housing Inventory: 40% Distressed


Inquiring minds are shaking their heads as the percentage of distressed homes to the sales inventory climbs ever higher…now to almost 40 percent:

…the lastest report from Steve Thomas at Altera Real Estate, who does a biweekly analysis of local real estate.

He says:

As of Dec. 9, there were 748 foreclosures and 3,316 short sales on the market in Orange County.
Last year at this time, there were 2,509 distressed homes on the market, 1,555 fewer than today.
The expected market time for foreclosures is 1.77 months, an exceptionally hot seller’s market.
The expected market time for short sales, where a homeowner tries to sell a home for less than what is owed, if the lender approves, is 3.88 months. The county’s overall market time, or how long is would take to sell every listed home at the rate of pending sales, is 4.42 months.

Please click on the link to see the cities’ shares of distressed homes on the market.

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2 Responses

  1. The time that these houses are on the market seem to be very short. These numbers are below the national average. How are borrowers able to get a mortgage in this market? Credit is still tight.

  2. I was just at a meeting where stats were disclosed for the State of California.

    All Cash offers are at an all-time high

    30-day escrows are, pretty much, a thing of the past. Loans are taking between 30-45 days. See next answer.

    Percent of escrows canceling:
    2008 – 33%
    2009 – 37%
    2010 – 44%

    I am working on an article (probably this weekend) that will detail pretty specifically where the CA real estate market is and where it is going over the next 6-12 months.

    I am laughing at both sides from what I am reading on blogs. Neither are we begining a recovery nor are we about to see the “end of the world as we know it” either.

    Thanks for commenting.

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