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Foreclosures and REO Homes are Moving Like Hotcakes
Posted by Leslie Eskildsen on Saturday, September 20th, 2008 at 1:11pm.Prices are Down and Orange County Homes are Starting to Move
Orange County home prices are down, but volume is starting to pick up, Distressed properties like short sales and bank owned homes are a big part of the action, but just how big? Let's take a closer look at some real estate activity over the last few days.Five Days of South Orange County Action
| Type of Sale | Homes Listed | Sold the Same Week |
| Short Sale | 120 | 53 |
| Bank Owned | 102 | 57 |
| Non-Distressed | 250 | 35 |
Yes, that's right - more than half the homes listed as REOs sold the same week, with an average of only 4 days on the market! The clear message from the data is that although the housing market is in turmoil, smart investors have recognized that this is a rare opportunity to acquire real estate in Orange County at bargain basement prices.
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