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.
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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