Home > Avid Law Center, Foreclosure > OC Foreclosure inventory at 20-month low

OC Foreclosure inventory at 20-month low

According to the Orange County Register’s Jonathan Lansner, 34% of Orange County homes for sale were distressed properties – foreclosures and short sales.

Lansners reports from Steve Thomas’s ReportsOnHousing.com that states that foreclosure inventory is its lowest since June 2010 and the short sale inventory is its lowest since December 2009.

Lansner’s highlights from Thomas’s report includes:

  • Thomas calculated “market time” — cross of supply and new escrows showing how long, theoretically, it would take to sell inventory. Using that “market time” math, there’s 1.79 months worth of distressed properties on the market vs. 4.07 months worth of non-distressed homes. So, distressed homes currently sell 2.3 times faster than non-distressed homes.
  • 14% of the distressed listings were foreclosures being sold by banks.
  • 86% of the distressed listings were short sales.
  • 53% of the distressed listings were detached homes.
  • 86 of the listed distressed homes were price above $1 million — 3% of all distressed listings.
  • 2,104 of the listed distressed homes were priced $500,000 or less — 78% of all distressed listings.

Also, on the riding low trend: OC home prices. Median selling price for all Orange County residences was $390,000 —4.0% less than a year ago and the lowest since April 2009. The $390,000 median selling price is 40% below June 2007′s peak of $645,000.

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