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 5,898 last week, down 7 vs. two weeks ago. It’s the first such drop in 2008. (Shoppers are buying at a pace not seen in 33 months. CLICK HERE to read more.)
Distressed properties, as a percent of all listed homes for sale, were 39.6% of the market last week vs. 39% two weeks earlier. Since Dec. 27, the number of distressed homes on the market has grown 2,147 while the non-distressed supply is 2,782 lower.
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 | 6,875 | 4,572 | 67% |
| • O.C. $500k-$750k | 4,167 | 942 | 23% |
| • O.C. $750k-$1m | 1,750 | 269 | 15% |
| • O.C. $1m-$1.5m | 1,184 | 126 | 11% |
| • O.C. $1.5m-$2m | 654 | 34 | 5% |
| • O.C. $2m-4m | 761 | 17 | 2% |
| • O.C. $4m+ | 253 | 2 | 1% |
| All O.C. | 14,880 | 5,898 | 40% |
| • Attached | 5,522 | 2,506 | 45% |
| • Detached | 9,363 | 3,393 | 36% |
| County high share … | |||
| • Santa Ana | 1,595 | 1,201 | 75% |
| • Anaheim | 1,169 | 778 | 67% |
| • Garden Grove | 594 | 389 | 65% |
| County low share … | |||
| • Corona Del Mar | 173 | 3 | 2% |
| • Laguna Woods | 421 | 11 | 3% |
| • Seal Beach | 201 | 9 | 4% |
Related news:
- O.C. foreclosures rose in May, but totals differ in two reports
- O.C. mortgage rates spike to highest this year
- Look who’s making subprime loans now
- Former Countrywide No. 2 sees opportunities in troubled mortgages
- O.C. mortgage delinquency rate climbs faster than state, nation
- Is this it for mortgage rates?
- Good credit, good job but still need mortgage aid? Maybe…
- Unlikely voice against mortgage bailouts
- Senate leaders reach deal on mortgage bailout
- Banks take possession of record number of O.C. homes
If the data is solid, there must be some good deals out there for this to happen. I anticipated this kind of news several months from now.
As far as a bottom in market as some may surmise from this news, it’s too early to call, but it shows that there are buyers who are watchful, waiting, and prepared to buy.
Anything from the realtors, brokers must be taken with a grain of salt. Their credibility is shot. Remember David Lareah, Gary Watts,… anyone! The new names now are Lawrence Yun and Steve Thomas.
“The OC housing market will bottom sometimes in the June-July time frame and be rising by the end of 08.”
The % of the market that is distressed goes up .6% in two weeks, but the overall total goes down by a grand total of 7 listings, and you’re reporting a “drop” as headline?
A more obvious explanation the end of the spring season is going to push down transactions of all types…but as long as the % distressed keeps going up the market gets sicker.
I can’t believe you are quoting Steve Thomas. The article states that LISTINGS decreased. Big deal. NOD’s, NTS’s and foreclosures are all up, which means these properties are BUILDING.
Please, we all know that everything that comes out of a realtor’s mouth is garbage.As of June 2nd there were 910 properties for sale in Irvine, and 701 properties that were in some stage of foreclosure. Only 11(yes, elven, that’s not a typo) REO’s were listed on MLS.
I appreciate Steve Thomas posting this sort of report. The quality of it indicates he’s not qualified to pick up after my dog before the gardener gets here, much less mow my lawn.
Snarky, but true.
If this is so then why is every property I call on distressed, or bank owned?
One more question; Why are properties that have sold srecently sale’s price not posted?
lendingmaestro
Those numbers are amazing! How does one find this information about homes for sale not listed on the mls?
REOs are not being listed and those sneaky relitters have discovered that in this market describing a property as short sale is a kiss of death. Just because fewer are listed as short has no bearing on how many are subject to lender approval.
The floodgates are about to open. Banks are withholding a WHOLE LOTTA inventory on the hopes that “something is going to change”, they most likely believe they can unload it off to the government for a premium instead of selling off as REOs. Whatever the reason, we are going to see some flooding of REO inventory over the next 12 months (unless the government does step in to buy it from the lenders).
Not too unusual- Is that 7 homes? -Rather insignificant really.
The interesting thing is that distressed properties are now 67% of listings up to $500,000. My impression is that this is a huge increase from a few months ago. Am I wrong?
What exactly is meant by housing bottom? If it’s a stop to YOY sales numbers dropping then I agree, after 32 months it has to stop some time and most likely sooner than later. If your talking about prices going up then don’t hold your breath.