Distressed homes 24% of O.C. homes for sale
December 31st, 2007, 12:06 am · 10 Comments · posted by Jon Lansner/ocregister.com
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 3,751 last week, up 54 vs. two weeks earlier, or a 1.5% gain. As a percent of all listed homes for sale, distressed properties were 24.18% of the market vs. 22.92% 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 | 6,158 | 2,468 | 40% |
| • O.C. $500k-$750k | 4,986 | 1,083 | 22% |
| • O.C. $750k-$1m | 1,924 | 169 | 9% |
| • O.C. $1m-$1.5m | 1,201 | 60 | 5% |
| • O.C. $1.5m-$2m | 640 | 21 | 3% |
| • O.C. $2m-4m | 683 | 4 | 1% |
| • O.C. $4m+ | 221 | 0 | 0% |
| All O.C. | 15,515 | 3,751 | 24% |
| • Attached | 5,949 | 1,581 | 27% |
| • Detached | 9,565 | 2,171 | 23% |
| County high share … | |||
| • Santa Ana | 1,514 | 650 | 43% |
| • Lake Forest | 382 | 160 | 42% |
| • Anaheim | 1,285 | 533 | 41% |
| County low share … | |||
| • Laguna Woods | 365 | 0 | 0% |
| • Seal Beach | 178 | 2 | 1% |
| • Corona Del Mar | 126 | 2 | 2% |
December 31st, 2007 at 8:52 am
big surprise…
December 31st, 2007 at 9:54 am
Very ominous figures. It would be interesting to know the breakdown between those that are offered subject to short sale approval, and those that are actually lender owned. It would indicate how many have already been foreclosed upon, and what the trend is looking like for potential future REO inventory should those short sales not be materialized. My guess is that right now in the OC there is a lot more trying to work a short sale then lender owned- for now.
December 31st, 2007 at 9:56 am
To our Wizard of blogging Matthew Padilla
Great info here on this chart
GREAT JOB
December 31st, 2007 at 10:00 am
The only surprise was that Laguna Woods was at zero. Surely one unit must of had its homeowner pass away and the heirs (kids) can’t afford to keep it. Also, do the math regarding the price range statistics above….they only add up to 80%. What price range is the other 20% in, below “0″ or above $4m+, which I assume you can’t go above +.
December 31st, 2007 at 10:23 am
Not suprising at all! Just check out the MLS listings and you will find short sales galore! As economist Davidowitz mentioned… We’re just finishing up the appetizer, 2008 is time for the main course. This whole mess is going to end in total disaster and denial is not going to stop the inevitable. Extreme stupidity and recklessness of the last 5 years are coming to roost and it is going to end up in equally extreme disaster as well.
It is estimated that at a 10% decline $3 trillion worth of housing wealth will be lost in 2008 alone, what is that going to do the economy and consumer sentiment? Well, use your imagination!!!
December 31st, 2007 at 11:28 am
Simmer down! It is not afeecting the entire residential market.
Look at the high % in the below 500k category. The puking is coming out where the supply is : cheap houses, 1st time home buyers that were likely highly levered. The 40% number is halved from $500 to 750k then halved again from $750 to 1mm. >1mm is only 5%.
>$2mm is 1%.
This should be broken down by condo v. single family as well.
As the homebuilders chuck their overbuilt inventory
December 31st, 2007 at 12:35 pm
Only because subprime failed first.
Next up = alt A!
December 31st, 2007 at 12:41 pm
One more consideration:
My home in 92867 was worth $650K in May of 2006.
Today it is worth about $450K if the neighborhood comps and listings are any indication.
A whole class of housing stock has moved down a notch once it crossed $500K. I remember in the very near past you were hard pressed to find any SFR under $500K. Keep that in mind as the market reprices itself and proves that like football or basketball or golf, fundamentals matter.
December 31st, 2007 at 1:40 pm
No Vas makes an intresting point. Some of those bottom 2 rungs used to be a rung higher. Still, the top rungs are looking pretty solid so far.
January 1st, 2008 at 11:09 am
As a point of comparison, does anyone know what the distressed sale percentages were during the last big downturn in SD?