Orange County Home Sales:
Number Of Distressed Listings Down
Orange County Home Sales Show Distressed Listings Down 93% From Peak
In a bit of mixed news for Orange County Home Sales, the numbers show a drastic reduction in the availability of "distressed listings" over the last 13 months. Distressed listings are those in foreclosure or "short sales". Such listings in the Orange County area are down 87% from a year ago, and 93% from their peak 13 months ago.
Here's a report from Jonathan Lansner and Jeff Collins in the Orange County register
"Distressed homes made up 12 percent of the market on Dec. 20, Thomas reported. By comparison, they made up 38 percent a year ago and 45 percent at the end of 2008 and start of 2009." … Orange County Register
Orange County Home Sales Numbers Show Mixed Market for Buyers vs Sellers
While it's a healthy sign that these Orange County home sales numbers show a decline in "distressed listings", the news is mixed for Buyers and Sellers. When these numbers were at their peak, distressed listings were often sold at a selling price steeply off the listing price. Buyers were able to find many "deals". Now that the inventory for these types of homes is much smaller, the Orange County home sales market is tougher for the Buyer and the Seller has much more control. The "deals" are fewer and more difficult to find.
Orange County Home Sales.