Foreclosures Total 4% of houses for sale in the OC.

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Foreclosures total 4% of houses for sale

The number of O.C. distressed properties (homes listed by agents as foreclosures or short sales) was 2,346 last week, -38 vs. two weeks earlier or a -1.6% change.

Also note:

• There are currently 320 foreclosures for sale in all of Orange County, a drop of 14 in the past two weeks.
• Foreclosures only represent 4% of the active listing market. That’s not including foreclosures in escrow or held by banks but not yet listed for sale. As I have posted several times, banks are holding a lot of bad loans on their books.
• Foreclosures are selling for 3% above their asking prices.
• The distressed inventory has dropped 44% from its peak, reached in August of 2008.
• As a percent of all listed homes for sale, distressed properties were 29.6% of the market last week, unchanged from a week earlier.

Here’s a look at various slices of the O.C. market as of last Thursday: total inventory listings; distressed property listings; and the share distressed listings have of total inventory supply on a percentage basis in each niche …

Slice	All inventory	Distressed	Share
By price …
• O.C. $0-$250k	1,117	598	54%
• O.C. $250-$500k	1,942	1,009	52%
• O.C. $500k-$750k	1,571	416	26%
• O.C. $750k-$1m	977	186	19%
• O.C. $1m-$1.5m	813	86	11%
• O.C. $1.5m-$2m	492	28	6%
• O.C. $2m-4m	694	25	4%
• O.C. $4m+	386	4	1%
All O.C.	7,917	2,346	30%
• Attached	2,894	1,121	39%
• Detached	5,007	1,220	24%
County high share
• Anaheim	301	200	66%
• Santa Ana	453	287	63%
• La Habra	109	69	63%
• Foothill Ranch	42	25	60%
• Aliso Viejo	106	63	59%
• Garden Grove	171	101	59%
• Buena Park	104	61	59%
County low share …
• Seal Beach	261	4	2%
• Corona Del Mar	196	7	4%
• Laguna Woods	358	21	6%
• Laguna Beach	375	25	7%
• Newport Coast	156	11	7%

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~ by Brandine Strand on October 5, 2009.