Bank Owned and Pre-Foreclosure Home Inventory in OC Falls
Posted by Leslie Eskildsen on Monday, December 29th, 2008 at 3:11pm.Sales of distressed homes in Orange County currently represents about 50% of all transactions, but the distressed inventory (homes on the market) has been slowly dropping for several months.
The Orange County Register quotes Steve Thomas of Altera Real Estate in his latest market report that
"The distressed inventory peaked in July at 5,950 homes, 41% of the active inventory. Since then, the number of distressed properties hit a plateau and have slowly diminished in recent weeks. Currently there are 5,379 distressed properties on the market, dropping 7.1% in the past month and representing 46% of the active inventory."
Of course, this also means that TOTAL inventory has also dropped, but that's a good sign too. Another positive indicator is that sales prices for bank owned properties are averaging 101% of asking price, and expected market time for bank owned homes is only 1.54 months, compared to almost 6 months for the OC real estate market as a whole. The bottom line is that many REO or foreclosure properties are being sold quickly, above asking price, and often with multiple offers!
Check out our Bank Owned Home Search page to see what deals are currently on the market.
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