From the Orange County Register
Orange County broker Steve Thomas publishes every two weeks a report on the supply of local homes for sale and the share of that inventory that’s distressed properties — foreclosures and short sales. His latest report — as of October 13 — says …
- 3,544 distressed Orange County properties were listed for sale — 35% of the 10,044 listed overall.
- 1,509 new escrows were opened to buy distressed Orange County properties in the past 30 days. That is 52% of the 2,899 new pending sales countywide.
- Thomas calculated “market time” — a cross of supply and new escrows showing how long, theorhetically, it would take to sell inventory. Using that “market time” math, there’s 2.35 months worth of distressed properties on the market vs. 4.68 months worth of non-distrssed homes. So, distressed homes currently sell 2.0 times faster than non-distressed homes.
- 20% of the distressed listings were foreclosures being sold by banks.
- 80% of the distressed listings were short sales, homes sold by owners who owe more than the projected sales price.
- 48% of the distressed listings were attached homes; 52% of the distressed listings were detached homes.
- 81 of the listed distressed homes were price above $1 million — 2% of all distressed listings.
- 2,760 of the listed distressed homes were price$500,00 or less — 78% of all distressed listings.
- Chart summarizes trends in Thomas’ report, distressed counts and share of all listings (plus, pending sales and market time — demand divided by inventory.)
Thomas writes: “Since mid-July, the distressed inventory has dropped by 6%. For the remainder of the year, expect the distressed inventory to not change much.”