Home market watcher Steve Thomas at Re/Max Real Estate Services in Aliso Viejo reports that the number of O.C. distressed properties (homes listed by agents as foreclosures or short sales) was 3,525 last week, up 201 vs. two weeks earlier or a 6% gain. As a percent of all listed homes for sale, distressed properties were 21% of the market vs. 19.3% two weeks 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-$500k | 6,271 | 2,216 | 35% |
| • O.C. $500k-$750k | 5,654 | 1,134 | 20% |
| • O.C. $750k-$1m | 2,151 | 156 | 7% |
| • O.C. $1m-$1.5m | 1,361 | 62 | 5% |
| • O.C. $1.5m-$2m | 681 | 17 | 2% |
| • O.C. $2m-4m | 758 | 4 | 1% |
| • O.C. $4m+ | 233 | 0 | 0% |
| All O.C. | 16,769 | 3,525 | 21% |
| • Attached | 6,479 | 1,537 | 24% |
| • Detached | 10,295 | 1,991 | 19% |
| County high share … | |||
| • Santa Ana | 1,628 | 619 | 38% |
| • Lake Forest | 398 | 146 | 37% |
| • Anaheim | 1,296 | 469 | 36% |
| County low share … | |||
| • Newport Coast | 148 | 0 | 0% |
| • Laguna Woods | 389 | 1 | 0% |
| • Newport Beach | 517 | 11 | 2% |
the trainwreck that greenspan can not see coming is coming!
This article just reiterates what I’ve been saying on here for a few weeks. This reason alone will make values continue to decrease.
It’s harder than ever to get loans
Residential mortgages were more difficult to get over the past three months than at any time in the 17-year history of the Federal Reserve’s survey of banks. Standards for other types of loans tightened too, while demand fell.
By Rex Nutting, MarketWatch
Major banks made it much tougher for all types of customers to get loans over the past three months, according to the Federal Reserve’s quarterly survey of bank lending officers.
This summer’s credit squeeze prompted an unprecedented tightening in lending standards at major banks. As credit standards toughened, demand for loans also fell, the Fed reported Nov. 5, providing some fresh details on the fallout from the credit crunch.
Residential mortgages were harder to get than at any time in the 17-year history of the Fed’s survey of banks’ senior loan officers, the Fed said. The survey covers 52 domestic banks and 22 foreign banks, which together account for a majority of bank lending in the country.
Credit standards tightened for borrowers with the best credit, with 41% of banks requiring prime borrowers to jump over a higher bar before receiving mortgages. That’s the biggest increase in tightening standards ever recorded. In the July survey, just 15% of banks reported higher standards for prime borrowers.
Even more banks were clamping down on borrowers trying to get nontraditional or subprime loans. For nontraditional loans (often called alt-A), 60% of banks raised their standards, and 55% of the banks that offer subprime loans raised the bar for such mortgages. The vast majority of banks don’t offer subprime loans.
I just can’t understand how so many people can’t afford a measly 500k for a condo!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Wow these real estate brokers dont get it ! Maybe this comment needs to be drilled into their head with a Makita or a Dewalt !
Nobody wants to buy, because these greedy pigs want to make as much money as posible for the least amount of work !!!!!!!!!! Thus pitting themselves between the seller and the buyer at 6% . For what? For doing nothing, but be a chauefer with gucci shoe and rolex!!!!!