A total of 1362 of the 3868 South OC listings on Steve Thomas' latest market time report are either foreclosures or short sales. That means the distressed properties make up about 37% of the total inventory.
Comparing this to the spring, we see the total number of distressed listings hasn't changed much, but the total inventory figure (including non-distressed listings) is down about 22%. This would suggest owners who don't need to sell are not putting their homes up for sale. What we're left with are banks and motivated sellers.
South OC areas where more than 50% of listings are distressed:
- Aliso Viejo (54.8%)
- Ladera Ranch (53%)
- Lake Forest (68.4%)
- Portola Hills (62.5%)
- RSM (66.7%)
- Laguna Woods (3.2%)
- Laguna Beach (7.5%)
- Dove Canyon (12%)
6 comments:
AV is more than 50%?
Holy jeebus!
With the way prices are holding up out there, one would have never guessed.
Chuck
Jeebus! Great Simpsons/Frank Zappa ref...
People are insane with the prices. I have been out looking and it is very funny. What is sad is that people will hold on to an obsurd price until it is too late.
Here is some basic advice: If you bought a home for 1,000,000 dollars and the one next door sells for 600,000 you now own a 600,000 home. Simple math. Do not try and sell it for 1,100,000. Knife catchers might be insane but we are not that stupid.
absurd... my mistake
I'm trying to understand the lowest % figures. Laguna Woods (conservative seniors) and Laguna Beach (plenty of $$$) make sense to me, but I can't quite put my finger on Dove Canyon. We live in DC - I guess my neighbors are more responsible than I thought!
Woo-hoo Lake Forest! Way to go!
That is a lot of distress sales, great time to be a buyer these days.
Gerard Hagan - Edmonton Homes
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