Orange County Market Update

The market continues to be busy in the lower end of the price range, and bank-owned and short sales are making up about 61% of all closed sales in Orange County.

Today, there are a total of 11,577 homes for sale in Orange County. Of those, 4783 (42%) are labeled as either bank owned or short sales. Of the 4363 that are currently in escrow, 2925 (68%) are distressed. In the last 30 days, 1018 (61%), of the 1653 closings were distressed.

Buyers are looking for the best values that they can find, and the best priced homes are usually bank owned. Short sales are closing more often than in the past, but it is still frustrating for a buyer to make an offer, then have to wait weeks or months to get an answer from the lender. It will be interesting to see what effect, if any, the President's new stimulus plan will have.

The latest foreclosure listings are now posted on my other blog for selected cities or areas in South Orange County. If you are looking in an area that I haven't included, please let me know and I'll run the list just for you!