Posts Tagged ‘orange county’

Steve Thomas at Altera Real Estate in Aliso Viejo reports that the number of O.C. distressed properties (homes listed by agents as foreclosures or short sales) was 2,616 last week, -150 vs. two weeks earlier or a -5% change. Some more facts:

• As a percent of all listed homes for sale, distressed properties were 29% of the market last week vs. 31% two weeks earlier and 40% one year ago.
• There were just 331 foreclosures on the market, down 11% from two weeks earlier and less than a third of the peak 1,249 foreclosures for sale in early August 2008. Demand, the number of new pending sales within the last month, for foreclosures was 614 last week.
• “The problem right now is that there is tremendous demand for foreclosures, just not enough new foreclosures hitting the market,” Thomas said. He estimates at the current pace of sales it would take just two weeks to sell all the foreclosures for sale, compared to 1.42 months last year.

Here’s a look at various slices of the O.C. market as of last Thursday: total inventory listings; distressed property listings; and the share distressed listings have of total inventory supply on a percentage basis in each niche …

More from this blog…

• Option ARM threat already here?
• Lending still depressed. Bad sign for economy?
• Should loan-broker pay be limited?
• Loan broker pay under fire
• D.A. raids Ladera homes in loan-aid scam probe
• These O.C. homes are about to be repo’d
• Democrats renew push for Consumer Finance Agency
• District Attorney steps up real-estate fraud investigations
• O.C. foreclosure starts climb as inland may be hitting bottom
• Foreclosure flip

Post from: Mortgage Insider