Distressed homes 25.7% of O.C. supply
January 14th, 2008, 6:16 am · 4 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 3,838 last week, up 87 vs. two weeks earlier or a 2.3% gain. As a percent of all listed homes for sale, distressed properties were 25.68% of the market vs. 24.18% two weeks earlier. (To see Thomas’ home-supply math, CLICK HERE.)
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 | 6,129 | 2,583 | 42% |
| • O.C. $500k-$750k | 4,677 | 1,053 | 23% |
| • O.C. $750k-$1m | 1,796 | 170 | 9% |
| • O.C. $1m-$1.5m | 1,139 | 62 | 5% |
| • O.C. $1.5m-$2m | 605 | 20 | 3% |
| • O.C. $2m-4m | 664 | 7 | 1% |
| • O.C. $4m+ | 218 | 0 | 0% |
| All O.C. | 14,944 | 3,838 | 26% |
| • Attached | 5,579 | 1,619 | 29% |
| • Detached | 9,187 | 2,230 | 24% |
| County high share … | |||
| • Santa Ana | 1,464 | 673 | 46% |
| • Anaheim | 1,204 | 533 | 44% |
| • Lake Forest | 358 | 155 | 43% |
| County low share … | |||
| • Laguna Woods | 356 | 3 | 1% |
| • Seal Beach | 169 | 2 | 1% |
| • Newport Coast | 129 | 2 | 2% |
January 15th, 2008 at 2:33 am
foreclosures are up. I’m noticing huge raise in our inventory.
January 15th, 2008 at 7:41 am
So according to Thomas, there are only 3,833 real sellers out there. The rest of the inventory is bogus.
When will all the un-motivated sellers take their listings off the market so the rest of us can deal with only the motivated sellers?
It’s such a waste of everyone’s time for sellers to put a listing on the market and not move the price until it sells. If they aren’t willing to sell it at market value, why are they even bothering?
You real estate agents should refuse listings from sellers who refuse to deal with the current market reality. You are only fueling an already excrutiatingly slow meltdown.
January 15th, 2008 at 1:27 pm
Realtors refuse a listing?!?!?! AHHAHAHAHAHHA
That would be as silly as them being honest and telling the public that now is NOT a good time to buy.
February 8th, 2008 at 4:10 am
Marcia,
Your logic is shortsighted. The reported data isn’t going to delay a recovery. This is a self cleaning oven in action, and it has only begun its cycle. Buyers wont appear until fundamentals improve. Dollar is going into the spud locker, and fiscal resp deteriorating. Oil wars will only take us so far, as the flattening of the playing field will distress even the mighty mortgage bastion of Socal. Socal is a great place to live, but mid-low income sectors are going to get killed in this fallout. The reported numbers are least of our problems honey..greeting from Iraq….