32% of O.C. distressed homes in Santa Ana, Anaheim
January 28th, 2008, 12:01 am · 6 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 4,141 last week, up 303 vs. two weeks earlier or a plus-7.9% change.
As a percent of all listed homes for sale, distressed properties were 27.16% of the market last week vs. 25.68% two weeks earlier. It’s worth noting that 32% of the distressed homes for resale are in Santa Ana or Anaheim. (For an overall view of home inventory, 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 | 6,422 | 2,861 | 45% |
| • O.C. $500k-$750k | 4,612 | 1,079 | 23% |
| • O.C. $750k-$1m | 1,775 | 172 | 10% |
| • O.C. $1m-$1.5m | 1,155 | 69 | 6% |
| • O.C. $1.5m-$2m | 623 | 22 | 4% |
| • O.C. $2m-4m | 703 | 7 | 1% |
| • O.C. $4m+ | 238 | 0 | 0% |
| All O.C. | 15,245 | 4,141 | 27% |
| • Attached | 5,872 | 1,753 | 30% |
| • Detached | 9,373 | 2,388 | 25% |
| County high share … | |||
| • Santa Ana | 1,523 | 748 | 49% |
| • Anaheim | 1,235 | 589 | 48% |
| • Lake Forest | 359 | 162 | 45% |
| County low share … | |||
| • Seal Beach | 172 | 2 | 1% |
| • Laguna Woods | 380 | 5 | 1% |
| • Newport Coast | 146 | 2 | 1% |
January 28th, 2008 at 7:09 am
We are about a year away from the problems showing up in the prime areas such as seal beach and newport coast. As the deflating bubble got started all we heard was this would not effect orange county, now we hear that it is a problem for the lower class areas.
It is just a matter of time before we here about beach city home owners defaulting on loans they took out to buy toys and granite counter tops. The popular press portrays the real estate bubble as a sub prime problem, but it is far larger than that……………………
January 28th, 2008 at 8:32 am
this sound about right in my neighborhood too.
January 28th, 2008 at 9:10 am
27%… geez talk about ugly and getting worse
January 28th, 2008 at 9:26 am
What a joke, I guess its time for all those BMW”s to go back!
Divorce rate should skyrocket……lmfao!!!!!
January 28th, 2008 at 1:54 pm
I’m just pissed that my car loan lasts for another 2 years. But then again, that’s probably perfect timing when values will be much more reasonable. So hopefully this time around I’ll be able to buy, I’m just not stupid enough to do it now like everyone who purchased in January. Even if you’re only upgrading from a small home to a larger one, you will benefit more by waiting. Large homes will ultimately loose a larger % of their value when this crash is done. I’m not talking about beachfront properties. I’m talking about the rest of OC.
January 28th, 2008 at 10:49 pm
Unbelievable. Over 400 times more distressed mortgages at the sub-$500k level than at the $2m+ level! And yet the permabears still insist that the spillover to the coastal cities is just around the corner. It’s just not going to happen.